Virginia Community College System for the year ended June 30, 2024

Applicable Fiscal Year:

2024

Report Category:

Internal Control and Compliance

Secretariat:

Education

Organization:

Virginia Community College System

Summary

   

AUDIT SUMMARY

 

We have audited the basic financial statements of The Virginia Community College System (System) as of and for the year ended June 30, 2024, and issued our report thereon, dated August 24, 2026.  Our report, included in the System’s basic financial statements, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the University’s website at www.vccs.edu.  Our audit found:

 

• • the financial statements are presented fairly, in all material respects;

 

• • one deficiency related to financial reporting that we consider to be a material weakness in internal control;

 

• • eight matters involving internal control and its operation requiring management’s attention that also represent instances of noncompliance with applicable laws and regulations that are required to be reported under Government Auditing Standards; however, we do not consider the matters to be material weaknesses;

 

• • four additional internal control findings requiring management’s attention; however, we do not consider them to be material weaknesses; and

 

• • adequate corrective action with respect to the prior audit findings and recommendations identified as complete in the Status of Prior Findings included in the Appendix.

 

We perform our audit of the System’s financial statements in a manner that aligns with risk and ensures comprehensive coverage over material financial statement line items and related amounts disclosed in the notes to the financial statements.  In addition, we perform a separate review using an Internal Control Questionnaire (ICQ) process for System colleges with less risk and financial activity.  Moving forward, prior findings for colleges subject to the ICQ process will not be included in the Schedule of Findings as we will conduct follow-up procedures on those findings as part of the ICQ process and will issue a separate report.  Likewise, we began issuing individual reports at the System colleges in fiscal year 2024 over testing of the Student Financial Assistance federal program in support of the fifth-year interim report and 10-year reaffirmation of accreditation.

 

We performed an audit over the Student Financial Assistance Programs Cluster for the Commonwealth’s Single Audit, as described in the U.S. Office of Management and Budget Compliance Supplement, at Northern Virginia Community College.  In relation to this testing, we found nine internal control findings requiring management’s attention and instances of noncompliance in relation to Student Financial Assistance.  The internal control and compliance findings and recommendations are not included in this report but can be found in the Student Financial Assistance Programs Cluster Report on Audit for the Year Ended June 30, 2024.