Agency Risk Management & Internal Controls

ARMICS

Agency Risk Management and Internal Control Standards (ARMICS) is an initiative of the Department of Accounts (DOA) for all state agencies within the Commonwealth of Virginia. The purpose of ARMICS is to implement internal control standards and "best-practices" that directly support the Commonwealth's vision and long-term objectives.

ARMICS defines an effective system of internal control as:

• providing accountability for meeting program objectives;
• promoting operational efficiency;
• improving the reliability of financial statements;
• strengthening compliance with laws and regulations;
• reducing the risk of financial or other asset losses due to fraud, waste, or abuse.

ARMICS standards were designed to achieve five objectives:

• Strategic: support for "being recognized as the best-managed state in the nation" through internal control best practices
• Operational: effective and efficient use of fiscal resources and other assets
• Reporting: integrity and reliability of financial reporting
• Compliance: compliance with applicable laws and regulations
• Stewardship: protection and conservation of assets

Internal Controls

All employees of the University are responsible for performing their duties in compliance with proper internal controls. Those responsibilities include:

• safeguard and properly account for assets,
• verify the accuracy and reliability of financial data,
• safeguard personal financial information,
• promote operational efficiency,
• adhere to University, state and federal policies, regulations and laws,
• document departmental business operations.