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Comprehensive Standards 3.10.3 Financial Audits of Financial Aid Programs Required by Federal Law

Judgment of Compliance: Compliance

Narrative:

The Commonwealth of Virginia’s Auditor of Public Accounts conducts annual VCCS wide audits. These audits include appropriate federal reviews performed in accordance with federal standards. Consolidated Audits for fiscal years 2001, 2002 and 2003 are available for review. The most recent audit of SVCC’s financial aid program was conducted by VCCS Auditors in fall 2004. This audit is not yet official and released to the public. SVCC is held to accountability standards as defined by the Commonwealth of Virginia Auditor of Public Accounts.

Supporting Documentation

Documents	Source Location for Further Information
Commonwealth of Virginia Auditor of Public Accounts Virginia Community College System Audit Report for year ending June 30, 2003 Reference pages for SVCC: Capital Assets Reporting -p. 4 Statement of Net Assets -p.9 Affiliated Organizations –p.28 College Presidents p.41 SVCC Response p. 45	Commonwealth of Virginia Auditor of Public Accounts Website