What is ARMICS?
Agency Risk Management and Internal Control Standards (ARMICS), is a mandate of the Commonwealth of Virginia, which requires State Agencies to implement internal control standards and “best practices.”
An effective system of internal control standards and best practices:
- Provides accountability for meeting Agency objectives;
- Promotes operational efficiency;
- Improves the reliability of financial statements;
- Strengthens compliance with laws and regulations;
- Reduces the risk of financial or other asset losses due to fraud, waste, or abuse.
What is the Objective of ARMICS?
The Objective of ARMICS is to ensure fiscal accountability and safeguard the university and Commonwealth assets. Each State Agency must proactively plan systematic measures to
- Develop, implement, and maintain adequate and cost-effective internal controls
- Periodically assess internal controls to ensure adequacy and identify needed improvements
- Take corresponding preventative and corrective actions
- Report annually on internal control to the Office of the Comptroller
Who is Responsible for ARMICS?
Each state employee has personal internal control responsibility, however, the agency head has the ultimate responsibility and ownership for Agency internal controls.
University executives, chief financial officers, fiscal officers and managers have oversight and policy enforcement roles over fiscal matters. These individuals must support the universities internal control philosophy, promote compliance, perform ARMICS monitoring activities and maintain control within their areas of responsibility.
Internal auditors are responsible for assessing, testing, and reporting on internal controls. However, internal auditors cannot relieve agency management from its internal control
Commonwealth’s Vision Statement
We have a responsibility to be the best-managed state in the country. To do so, we
must have a focused vision, and a fiscally responsible system that provides clear,
measurable objectives, outcomes and accountability, and that attracts, motivates,
rewards, and retains an outstanding state workforce.
Peaches Nicholls – Internal Controls Accountant
PH: (703) 993-5206
Diane Saunders – Director of Internal Controls
PH: (703) 993-7010