KPMG has completed VHFA's A-133 audit, and the Agency passed with flying colors.
KPMG's report on compliance for VHFA's major programs was "unqualified" — a positive reflection on the Agency — and it found no material weaknesses or deficiencies in VHFA's internal controls.
Furthermore, there were no findings or questioned costs related to VHFA's federal awards.
This A-133 audit was more intensive than those the Agency has seen in the past, because of the multiple federal awards — TCAP, HUD Section 8, NSP-HARP — VHFA received in fiscal year 2010.
The A-133 requirement is part of the Single Audit Act that requires entities receiving federal awards to have a single or combined audit for all its federal programs.
"KPMG’s work was rigorous and thorough and created significant demands on Agency staff across various departments," says Controller Tim Gutchell. "The audit results are further testimony to the quality of work done by Agency staff."
KPMG also performed the Agency's annual independent financial audit for fiscal year 2010 and issued an unqualified opinion on the June 30, 2010, Agency-wide financial statements.