Reconciliations of all University accounts are required to maintain the integrity of the University's accounting records and to protect the interests of the University. Reconciliations are essential for an effective internal control environment so that:
-The information transmitted to, contained in, and reported from the University's financial systems is accurate, complete, and recorded in a timely manner;
University of Virginia, the University of Virginia Medical Center, and the College at Wise are committed to maintaining a strong system of internal control as a business best-practice. This policy assists in complying with the Commonwealth of Virginia Agency Risk Management and Internal Control Standards (ARMICS) and is consistent with the internal control integrated framework promulgated by the Committee of Sponsoring Organizations of the Treadwell Commission (COSO)
