All employees of the University are responsible for performing their duties in compliance with proper internal controls. Internal controls must reasonably assure that financial information is timely and accurate, that assets are safeguarded and properly accounted for, and that the University complies with all prevailing laws and administrative regulations of the Commonwealth of Virginia and the Federal government.
More information can be found in University Policy FIN-021: Internal Controls.
Responsibilities:
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Safeguard assets
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Verify the accuracy and reliability of financial data
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Safeguard personal financial information
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Review projects and reconcile accounts periodically
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Promote operational efficiency
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Adhere to University policies and procedures
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Comply with the monitoring of internal controls by the Audit department
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Document departmental business operations
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Maintain internal controls
Agency Risk Management & Internal Controls Standards (ARMICS)
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.
Internal Controls Questionnaire (ICQ)
The State Comptroller requires the University to certify annually that adequate internal accounting controls are in place or disclose areas where deficiencies in internal controls have been noted. Internal controls must reasonably assure that financial information is timely and accurate, that assets are safeguarded and properly accounted for, and that the University complies with all prevailing laws and administrative regulations of the Commonwealth and Federal government.
Units operating within the University Academic Division, the University's College at Wise, and the Southwest Virginia Higher Education Center must complete the Internal Controls Questionnaire (ICQ). The University Medical Center conducts a separate review of internal controls.
Red Flags Program
Identity Theft Prevention at the University:
In accordance with the Fair and Accurate Credit Transaction Act (FACTA) of 2003 and the subsequent Federal Trade Commission (FTC) “Red Flags Rule” of 2007, the University has established a comprehensive, coordinated, and university-wide approach for facilitating the detection, prevention, and mitigation of identity theft.