AUDITOR'S
OPINION
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October 13, 2000
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
as of June 30, 2000 and the related statements of changes in fund
balances and current fund revenues, expenditures and other changes
for the year then ended. The 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 generally accepted auditing
standards 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
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, 2000, and the changes in fund
balances and current fund revenues, expenditures and other changes
for the year then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued
our report dated October 13, 2000, on our consideration of the University's
internal control over financial reporting and 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.
Walter J.Kucharski
AUDITOR
OF PUBLIC ACCOUNTS |
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