The Board of Visitors’ Audit, Compliance and Risk Committee convened Friday morning to formally approve the framework for an internal, two-year audit into the academic and medical divisions’ legal and regulatory compliance.
David Rasnic, director of higher education programs for the Virginia Auditor of Public Accounts, also briefed Committee members and University leaders on what to expect from the Commonwealth’s annual audit into the University’s financial statements. The Committee also received written reports that detailed a number of control errors within U.Va. Health as a result of audits completed since the Committee last convened in April.
The Audit, Compliance and Risk Committee is responsible for overseeing audits to University divisions to mitigate reputational, financial, operational and strategic risks. The Committee also reviews the University’s governance framework for assessing and addressing such risks…