To support ARMICS submission, two levels of assessment need to be completed:
- Stage 1 – Agency Level Risk Assessment on the COSO Framework
- Stage 1 consists of a questionnaire on five COSO internal controls components and is completed by both management and staff members. The individuals who are asked to contribute to this questionnaire may vary from year to year depending on the requested review items for the ARMICS filing. The questionnaire is conducted every three years at a minimum and can be completed sooner when certain criteria are met. The deadline for the filing process is September 30th and if your assistance is requested for Stage 1, you can expected to be contacted within the months leading up to the deadline.
- Following the completion of the questionnaire and the ARMICS filing, a detailed analysis of the questionnaire responses is completed and a report is provided to senior leadership for review.
- Stage 2 – Process or Transaction Level Control Assessment
- Stage 2 consists of the identification of fiscal processes and significant fiscal processes. A risk assessment of each significant fiscal process is completed to test the effectiveness of the control activities and the results of the assessment are documented.