Agency Risk Management and Internal Control Standards (ARMICS) mandates the use of internal control standards and best practices that directly support the Commonwealth's vision and long-term objectives. This directive by the state comptroller requires the implementation and yearly assessment of agency internal control systems in order to ensure the integrity of fiscal processes related to the submission of -- transactions to the Commonwealth's general ledger, financial statements, compliance with laws and regulations and protection of the Commonwealth's assets.
NOVA plans and takes systematic and proactive measures to:
- Develop, implement and maintain adequate and cost-effective internal control over the recording of financial transactions, compliance with financial reporting requirements, compliance with laws and regulations and protection of assets;
- Periodically assess the adequacy of internal control and identify needed improvements;
- Take corresponding preventative and corrective actions;
- Report annually on internal control to the Office of the Comptroller and
- Take action to rectify any deficiency noted by the Department of Accounts or Auditor of Public Accounts.
The Compliance and Risk Management team helps annually by verifying and testing NOVA’s internal controls within each significant fiscal process. ARMICS is designed to help NOVA and other state agencies analyze risks associated with its processes. Completing ARMICS gives NOVA a chance to identify risk and significantly reduce the threat of unacceptable risk of error and fraud.