In November 2006, the Department of Accounts issued Agency Risk Management and Internal Control Standards (ARMICS) and Comptroller’s Directive 1-08. ARMICS is the Commonwealth’s version of the Sarbanes-Oxley Act of 2002 and provides guidance for establishing and assessing agency internal controls in order to more effectively manage risk and maintain accountability.
ARMICS is an ongoing process to design and provide reasonable assurance that UMW has:
- Effective and efficient operations
- Reliable financial reporting
- Compliance with applicable laws and regulations
- Safeguarding of assets
In summary the objective of ARMICS is to ensure fiscal accountability and to safeguard the Commonwealth’s assets. Please take a moment to view the ARMICS Summary.