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The effectiveness of our internal controls over financial reporting as of December 31, 2024 has been audited by Deloitte & Touche, LLP, an independent registered public accounting firm and their opinion is stated in their report which is included in Part II, Item 8 of this Annual Report on Form 10-K.
−Removed: Remediation of Material Weaknesses
−Removed: As reported in the Company’s form 10-Q for the quarter ended September 30, 2023 and Annual Report on Form 10-K dated March 31, 2023 for the year ended December 31, 2022, we previously identified material weaknesses in our internal control over financial reporting due to design deficiencies involving (i) entity-level controls impacting the control environment and the effective monitoring of controls to prevent or detect material misstatements to the consolidated financial statements (ii) revenue recognition accounting policies and documentation of management review controls over transactions and analysis supporting revenue recognition and the allowance for bad debt (iii) complete and timely preparation and review of technical accounting documentation relating to significant unusual transactions (iv) timeliness of balance sheet account reconciliations and (v.i) User access and segregation of duties related to systems that track employee related costs and (v.ii) evidence of managements review over completeness and accuracy of underlying data used in the operation of certain internal controls that support employee related costs and internally developed software.
−Removed: Management has completed the execution of its remediation plans and remediated the material weaknesses in internal control over financial reporting that were reported as of December 31, 2022.
−Removed: We began the year ended December 31, 2023 with the appropriate level of resources and technical expertise in accounting, finance, financial reporting and tax departments compared to the year ended December 31, 2022.
−Removed: Our resource levels remained intact throughout the current year.
−Removed: Management deployed additional employee trainings and workshops to strengthen awareness of financial controls and held personnel accountable through frequent and recurring meetings to assess remediation plan status.
−Removed: We expanded the use of Blackline’s Modern Accounting Playbook software, implemented during the fourth quarter of 2022, to bolster our internal controls over balance sheet account reconciliations and the tracking of the financial statement close process.
−Removed: We implemented policies in our revenue processes and increased the depth and precision of our monthly revenue reconciliations.
−Removed: Further, we implemented new management review controls over analysis, schedules and reports that support revenue recognition, bad debt reserve and financial reporting processes to minimize the risk of reporting errors.
−Removed: We expanded the use of our financial reporting team’s SEC expertise to ensure technical accounting memos and related documentation were prepared and reviewed timely with regard to significant unusual transactions, if any.
−Removed: Lastly, we implemented new internal controls to properly address the segregation of duties and select system user access findings previously identified and improved the consistency of our evidence of management review over internally developed software.
−Removed: We believe the foregoing efforts have effectively remediated the material weaknesses as of December 31, 2023, as the procedures have been implemented for a sufficient period of time and we have completed our testing of the operating effectiveness of the implemented controls and found them to be effective as of December 31, 2023.
Changes in Internal Control Over Financial Reporting
−Removed: Other than in respect of the remediation activities described above, there have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the fourth quarter of our fiscal year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the fourth quarter of our fiscal year ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Other Information
82 unchanged sentences
Consensus Cloud Solutions, Inc.
−Removed: I nsider Trading Policy
+Added: Insider Trading Policy
21.1* List of subsidiaries of Consensus Cloud Solutions, Inc.
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97.1* Consensus Cloud Solutions, Inc.
−Removed: Compensation Cla wback Policy
+Added: Compensation Clawback Policy
101* The following financial information from Consensus Cloud Solutions, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in XBRL (eXtensible Business Reporting Language):
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Signature Title
−Removed: SCOTT TURICCHI Chief Executive Officer and a Director
+Added: SCOTT TURICCHI Chief Executive Officer and Director
Scott Turicchi
22 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.