ARMICS

Agency Risk Management and Internal Control Standards (ARMICS)

ARMICS has been a requirement for all Commonwealth of Virginia agencies since 2006, supporting accountability and good stewardship across state government.

At its core, ARMICS is about internal controls—the policies, procedures, and processes we use to make sure our resources are used effectively, our reporting is accurate, and we comply with laws and regulations. It’s a shared responsibility, and everyone has a role to play.

What is ARMICS?

ARMICS is a comprehensive, agency-wide internal control framework designed to:

• Support strategic goals, including Virginia’s commitment to being recognized as the best-managed state in the nation
• Ensure operational efficiency, helping us use our fiscal resources wisely
• Promote accurate financial reporting, maintaining integrity and reliability in the numbers we share
• Ensure compliance with laws and regulations that govern our work
• Protect and conserve assets, reinforcing our commitment to good stewardship

The Commonwealth Accounting Policies and Procedures (CAPP) Manual documents the policies and procedures associated with the Commonwealth's centralized accounting and financial systems. Topic No. 10305 Internal Control provides guidelines to assist state agencies and institutions in implementing internal control programs under the authority of Code of Virginia §§ 2.2-800 and 2.2-803 and identifies the Agency Risk Management and Internal Controls Standards (ARMICS) as the definitive source for internal control in the Commonwealth.

The ARMICS Process at UVA

Our process includes several key components that help us assess risk, evaluate controls, and continuously improve:

• Internal Control Questionnaire (ICQ): Gauges how internal controls are perceived and implemented across the University—from leadership to individual departments.
• Annual Departmental Certification: Departments within the scope of ARMICS review their internal procedures each year and report any changes to Financial Compliance.
• Assessment and Testing: We review significant fiscal processes, identify potential risks, and test the controls in place to address them.
• Agency Certification: UVA files a certification with the Virginia Department of Accounts each year confirming compliance with ARMICS requirements.

We’re Here to Help

The ARMICS process isn't about pointing fingers—it’s about partnership. Our Financial Compliance team is here to collaborate with departments to strengthen processes, reduce risk, and enhance how we manage our resources. Together, we can build a stronger internal control environment and uphold the trust placed in us.

Contact us at askfinance@virginia.edu