Per the CAPP Manual, each Agency Head (e.g., UVA President) is responsible for having agency management document the agency's assessment of internal control to include:
- Strengths, weaknesses, and risks over the recording of financial transactions in the General Ledger;
- Compliance with the agency's financial reporting requirements;
- Compliance with laws and regulations;
- and,Stewardship over the Commonwealth's assets.
The assessment of internal controls and documentation must be conducted in accordance with ARMICS.