October 15, 2001
The Honorable James S. Gilmore, III
Governor of Virginia
The Honorable Vincent F. Callahan, Jr.
Chairman, Joint Legislative Audit
and Review Commission
The Board of Visitors
University of Virginia
INDEPENDENT AUDITOR'S REPORT
ON THE FINANCIAL STATEMENTS
We have audited the balance sheet of the University of Virginia,
a component unit of the Commonwealth of Virginia, as of June 30,
2001, and the related statements of changes in fund balances and
current fund revenues, expenditures, and other changes for the year
then ended. These financial statements are the responsibility of
the University's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in the United States of America and the standards applicable
to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the University
of Virginia as of June 30, 2001, and the changes in fund balances
and current fund revenues, expenditures, and other changes for the
year then ended, in conformity with accounting principles generally
accepted in the United States of America.
In accordance with Government Auditing Standards, we have
also issued our report dated October 15, 2001, on our consideration
of the University's internal control over financial reporting
and on our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants. That report is an integral part
of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report
in considering the results of our audit.
AUDITOR OF PUBLIC ACCOUNTS