April 8, 2025, 4:45 pm: The T&E Card Change Request form is failing intermittently. We are working with ITS to address the issue. In the meantime, please send us an email with the information the form requests to askfinance@virginia.edu
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To support ARMICS submission, two levels of assessment need to be completed:
The Commonwealth of Virginia has designed ARMICS to achieve the following objectives:
The goal of ARMICS is to provide reasonable assurance of the integrity of all fiscal processes related to:
Submission of transactions to the Commonwealth's general ledger Submission of deliverables required by financial statement directives Compliance with laws and regulations Stewardship over and safeguarding the Commonwealth's assets.
As defined in ARMICS, an effective system of internal control:
- provides accountability for meeting program objectives;
- promotes operational efficiency;
- improves the reliability of financial statements;
- strengthens compliance with laws and regulations;
- and, reduces the risk of financial or other asset losses due to fraud, waste, or abuse.
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:
The Restructured Higher Education and Administrative Operations Act (Restructuring Act) granted public colleges and universities greater financial and administrative autonomy in exchange for their commitment to meet specific statewide goals. However, in many important ways the University remains the same, including that it remains a state agency and employees remain state employees.
Everyone has a role in maintaining strong internal controls—but the ultimate responsibility lies with the agency head. They are accountable for the overall internal control environment and must take ownership of the ARMICS process.
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.