Agency Risk Management & Internal Control Standards
Agency Risk Management & 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.
ARMICS defines an effective system of internal control:
- provides accountability for meeting program objectives;
- promotes operational efficiency;
- improves reliability of financial statements;
- strengthens compliance with laws and regulations;
- reduces the risk of financial or other asset losses due to fraud, waste, or abuse.
The ARMICS standards were designed to achieve five objectives:
1. Strategic – support for “being recognized as the best-managed state in the nation” through internal control best practices
2. Operational – effective and efficient use of fiscal resources and other assets
3. Reporting – integrity and reliability of financial reporting
4. Compliance – compliance with applicable laws and regulations
5. Stewardship – protection and conservation of assets