University Controller's Office
Financial Reporting

Agency Risk Management & Internal Control Standards ARMICS

Agency Risk Management and Internal Control Standards, a directive issued by the State Comptroller, mandates the use of internal control standards and "best practices" that directly support the Commonwealth's vision and long term objectives. This directive requires the implementation and annual assessment of agency internal control systems in order to provide reasonable assurance of the integrity of fiscal processes related to the submission of the transactions to the Commonwealth's general ledger, submission of financial statement directive materials, compliance with laws and regulations, and stewardship over the Commonwealth's assets.

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."

Key Steps in the ARMICS Process

  • Enterprise Risk Management (ERM)-an organization wide approach to risk management that integrates risk management with strategic planning.
  • Transaction Level Testing
  • Central Unit & Departmental Certification-signed by:
    • departments/schools/VPs
    • central support units
  • VCU Certification to Virginia Department of Accounts-signed by:
    • President
    • VP Finance & Administration