Internal Controls

Internal controls are used to mitigate risk, or anything that could negatively impact UVA’s ability to meet business objectives and realize our mission. Specifically, internal controls are implemented to:

Safeguard assets
Verify the accuracy and reliability of accounting data and other management information
Promote operational efficiency
Adhere to prescribed policies and compliance with federal and state regulations

Significant Fiscal Process

To test the effectiveness of control activities and document the results, a risk assessment is completed for each significant fiscal process. A fiscal process may be considered significant if it is associated with programs or activities that:

Consume a proportionally large share of agency resources
Have a high degree of public visibility
Represent areas of concern and high risk to mission-critical business processes for agency managers and stakeholders
Have a significant effect on general ledger account balances or the financial reporting process.

ARMICS & Internal Controls

Internal Controls Assessment: Internal Controls Assessment at the Business Level.
ARMICS: Internal Controls Certification on the State Level

Read more about ARMICS here.

Internal Controls Assessment

Committee of Sponsoring Organizations of the Treadway Commission (COSO) Framework

The COSO framework is the most broadly accepted standard for internal control in the United States and has been adopted by both federal and Commonwealth of Virginia agencies. The framework was established by a joint initiative of five private sector organizations and can be used to evaluate internal control systems. Please visit the Committee of Sponsoring Organizations (COSO) website for more information on the COSO Framework.