Agency Risk Management & Internal Control Standards ARMICS

Agency Risk Management and Internal Control Standards (ARMICS) is a directive issued by the State Comptroller in November 2006. It applies to all state agencies and institutions 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.

There are three stages for the implementation of ARMICS:

• Stage 1: Agency-Level Internal Control Assessments - Due September 30, 2007
• Stage 2: Process-Transaction Level Internal Control Assessments - Due March 31, 2008
• Stage 3: Corrective Action Plan - Due June 30, 2008

The Controller's Office is coordinating efforts to implement ARMICS University-wide.