What are Internal Controls?
Internal Controls are the body of policies, procedures, and processes that allow an organization to achieve its objectives. The Virginia Department of Accounts (DOA) has created the Agency Risk Management and Internal Control Standards (ARMICS) as a framework to support all agencies in ensuring fiscal accountability and safeguarding Commonwealth assets.
The key Components of internal controls are:
- Control Environment
- Risk Assessment
- Control Activities
- Information & Communication
- Monitoring Activities