UVAFinance recently hosted 21 people representing 13 in-state schools to discuss internal control standards and best practices that directly support the vision and objectives of the Commonwealth of Virginia.
Specifically, the meeting was a practical forum to network and discuss state Agency Risk Management and Internal Control Standards (ARMICS).
In 2006, the Commonwealth mandated through ARMICS the annual assessment of internal controls systems. Each state agency is required to provide reasonable assurance of the integrity of all fiscal processes related to the submission of accounting information and financial statements to the Department of Accounts, compliance with laws and regulations, and stewardship over the Commonwealth's assets.
The Finance Outreach and Compliance team led the meeting of peer in-state schools in informal workgroup style, sharing experiences, lessons learned, and discussing common questions and approaches.
"ARMICS was essentially the Commonwealth of Virginia's response to the federal Sarbanes-Oxley Act, a bill that was enacted in response to a number of major corporate and accounting scandals, such as Enron," says FOC Senior Compliance Analyst Lynn Galasso.
"This meeting was a great opportunity for all of us to discuss ARMICS objectives."