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Agency Risk Management and Internal Control Standards

ARMICS – Internal Control
Agency Risk Management and Internal Control Standards is a directive issued by the State Comptroller in November 2006 and applies to all state agencies and institutions within the Commonwealth of Virginia. Its purpose is to implement internal control standards and “best practices” that directly support the mission of the Commonwealth and of the University. It is part of the Commonwealth Accounting Policies and Procedures (CAPP) manual and is an ongoing process that provides reasonable assurance of the integrity of fiscal processes and that all assets are safeguarded. 

What are Internal Controls? 
Methods and procedures adopted by the University to promote fiscal responsibility and safeguard resources (cash, equipment, buildings, etc.)

Commonwealth 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."

Internal Control Objectives: 

  • Effective and efficient operations
  • Reliable financial reporting
  • Compliance with laws and regulations
  • Safeguarding assets

Who is responsible for Internal Controls?

  • Chief Executive Officer (agency head)
  • Everyone


If you have any questions regarding internal controls, please call (757) 823-8275.