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ARMICS

Agency Risk Management & Internal Controls Standards

 

BACKGROUND

Financial Administration is currently coordinating efforts to implement ARMICS University-wide. Please email any questions regarding the ARMICS implementation to .

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:

  1. Strategic: support for “being recognized as the best-managed state in the nation” through internal control best practice
  2. Operational: effective and efficient use of fiscal resources and other assets
  3. Reporting: integrity and reliability of financial reporting
  4. Compliance: compliance with applicable laws and regulations
  5. Stewardship: protection and conservation of assets
Simply stated, the primary purpose of ARMICS is to ensure fiscal accountability and safeguard the Commonwealth’s assets.