A recent financial audit of Virginia University of Lynchburg found weaknesses in the school’s management and accounting practices as well as alack of internal controls. The school submitted its 2012 audit to its accrediting body about 10 months after the due date. Last month, the Transnational Association of Christian Colleges placed VUL on probation after growing concern came to light regarding the school’s financial stability. According to media outlets, in the report, auditors noted the possibility of fraud. VUL is now required to submit monthly financial statements–And next fall, the commission will revisit the issue to determine if the probation can be lifted or continued, or if accreditation may need to be revoked.