State auditors expect unmodified opinion for VMI finances but cite five control deficiencies

Scott Booker, audit director at the Virginia Auditor of Public Accounts, briefed the board that his team expects to issue an unmodified opinion on VMI’s fiscal‑year 2025 financial statements after completing field work this week.

"We will complete field work this week and plan to issue an unmodified opinion on VMI's fiscal year 2025 financial statements," Scott Booker said, adding that the audit relies on the VMI Research Labs auditors’ work because their results are consolidated into VMI’s statements.

Booker previewed five internal‑control findings that will appear in an internal‑control report. He characterized them as significant deficiencies (the least severe formal category) and said none rose to the level of a material weakness. The findings include inconsistent enforcement of the institute’s security awareness training program; repeat issues in removing system access for terminated employees; three sampled payments processed outside Virginia Public Procurement Act prompt‑pay time frames; minor errors in Title IV return calculations leading to overpayments totaling $212 across three students tested; and instances of delayed reporting to the National Student Loan Data System (NSLDS).

"These five are included in our internal control report ... None of these are material weaknesses," Booker told the board, and he noted similar findings are common across institutions in the Commonwealth.

Board members asked about corrective actions and timeline. Staff said VMI documents remediation steps in a corrective‑action worksheet and will report progress to the auditors and the board in the next audit cycle. The board requested a follow‑up update at the next meeting to review tightened controls and closure status.

The audit briefing concluded with the auditors thanking VMI staff for cooperation during field work; auditors said they will issue the formal opinion and internal‑control report in the coming weeks.