Item 4. Controls and Procedures
Item 4. Controls and Procedures
Under
the
supervision
and
with
the
participation
of
our
management,
including
our
executive
chairman
and
our
group
chief
financial officer, we conducted
an evaluation of our disclosure controls and procedures, as such term is defined
under Rule 13a-15(e)
promulgated under the Securities Exchange Act of 1934, as amended, as of
September 30, 2024.
We previously identified and disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the
year ended June 30, 2024,
material weaknesses in our internal control over financial reporting
related to: (1) information technology general controls (“ITGCs”),
specifically
insufficient
risk
assessment,
design
and
implementation,
monitoring
activities
and
training
of
individuals
to
operate
controls
in the
areas of
user access
and
program-change
management
for
certain
information
technology
systems
that support
our
financial reporting processes and (2) insufficient design and implementation of controls and associated policies
and procedures in our
annual goodwill impairment assessment. A material weakness is a deficiency,
or combination of deficiencies, in internal control
over
financial reporting such
that there
is a
reasonable possibility that
a material misstatement
of our annual
or interim
consolidated financial
statements will not be prevented or detected on a timely basis.
As a result
of insufficient time to
design and implement procedures
to remediate the
material weaknesses discussed in
our Annual
Report on Form
10-K for
our fiscal
year ended June
30, 2024 (as
described above), the
executive chairman and
the group chief
financial
officer concluded that our disclosure controls and procedures were
not effective as of September 30, 2024.
Notwithstanding
the
previously
identified
material
weaknesses,
management
believes
the
condensed
consolidated
financial
statements included
in this Quarterly
Report on
Form 10-Q fairly
present, in
all material respects,
our financial
condition, results
of
operations and cash flows as of and for the periods presented in accordance with
GAAP.
Changes in Internal Control over Financial Reporting
We have commenced
with the design and implementation of the remediation plan during the three months ended
September 30,
2024 which includes:
-
the
review
of
ITGCs
and
implementation
of
changes
to
certain
controls
to
address
the
issues
related
to
the
material
weaknesses identified above; and
-
the review and implementation of changes to the design of the controls related
to the goodwill impairment assessment.
The remediation plan
may be adjusted
as is appropriate,
as we continue
to evaluate and
enhance our internal
control over financial
reporting. Other than the
design and implementation of
the remediation plan, there
have not been any changes
in our internal control
over financial reporting during
the fiscal quarter ended
September 30, 2024, that have
materially affected, or are
reasonably likely to
materially affect, our internal control over financial reporting.
55
Part II. Other Information
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.