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As a result of the material weakness in our internal control over financial reporting described in Item 9A.
−Removed: Controls and Procedures in our Annual Report on Form 10-K for the year ended December 30, 2023 filed with the SEC, our management, including our CEO and CFO, concluded that our disclosure controls and procedures were not effective as of March 30, 2024 to provide reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
+Added: Controls and Procedures in our Annual Report on Form 10-K for the year ended December 30, 2023 filed with the SEC, our management, including our CEO and CFO, concluded that our disclosure controls and procedures were not effective as of June 29, 2024 to provide reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
Changes in Internal Control over Financial Reporting
−Removed: There was no change in our internal controls during the fiscal quarter ended March 30, 2024 that materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting, with the exception of ongoing remediation efforts of the aforementioned material weakness.
−Removed: We are currently in the process of designing and implementing appropriate controls for the remediation plan specific to the inventory valuation process.
−Removed: Our remediation efforts are ongoing and include the following:
−Removed: • Evaluating and reassessing the design of our inventory valuation methods, including key assumptions used in the determination of the net realizable value of our inventory;
−Removed: • Refining the critical assumptions to be used in the inventory valuation assessment, including demand forecast information, historical results, market conditions, and aging of inventory;
−Removed: • Formalizing management's review and assessment of information used in the inventory valuation assessment;
−Removed: • Designing and implementing enhanced controls and documentation requirements over the completeness and accuracy of data used in the inventory valuation assessment.
+Added: There was no change in our internal controls during the fiscal quarter ended June 29, 2024 that materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting, with the exception of ongoing remediation efforts of the aforementioned material weakness.
+Added: We have taken and are currently taking certain measures to remediate the aforementioned material weakness, including the following:
+Added: • Evaluated and reassessed the design of our inventory valuation methods, including key assumptions used in the determination of the net realizable value of our inventory;
+Added: • Designed and implemented enhanced controls and documentation requirements during the quarter ended June 29, 2024 that support the completeness and accuracy of data used in the inventory valuation assessment;
+Added: • Formalized management’s review and assessment of information used in the inventory valuation assessment;
+Added: • Refined and continuing to refine the critical assumptions to be used in the inventory valuation assessment, including demand forecast information, historical results, market conditions, and aging of inventory.
Management believes that the outlined plans will effectively address the deficiency constituting the material weakness, with the remediation efforts, including necessary testing, anticipated to conclude by the end of 2024.
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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.