Internal Audit Committee - 1/14/2026

The Internal Audit Committee of VBSchools convened on January 14, 2026, to review several audit reports and discuss procurement compliance, particularly focusing on sole source procurements. The committee received a clean audit report for the fiscal year ended June 30, 2025, with no material weaknesses or fraud identified. A significant portion of the meeting was dedicated to an internal audit of sole source procurements from September 2023 to April 2025, which found that while most procurements met requirements, 28 out of 60 lacked supporting documentation such as quotes or requisitions. Additionally, three payments did not follow procurement policies, including one direct payment exceeding exemption limits. The committee discussed the need for improved documentation and controls, noting that the current procurement director has implemented corrective measures. Members requested a follow-up audit to ensure continued compliance and to investigate potential purchase splitting to circumvent procurement thresholds. Other audits presented included school activity funds and annual cash disbursements, both showing general compliance with minor exceptions. The committee also reviewed and approved the proposed 2026 audit work plan, which includes a contracts audit expected to address procurement concerns further. The meeting concluded with a closed session to discuss personnel matters and ongoing investigations.