Agency Risk Management and Internal Control Standards (ARMICS) is 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.
Central Units, Departments and Schools are responsible for identifying all significant fiscal processes. For each significant fiscal process, the unit must perform the following in the VCU ARMICS Database:
This process supports the Annual ARMICS certification to the Controller’s office and to the Commonwealth.