1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: As of the end of the period covered by this Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive
−Removed: Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures.
−Removed: In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and
−Removed: procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply judgment in evaluating its controls and procedures.
−Removed: Based on this
−Removed: evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or
−Removed: the Exchange Act) were effective as of the end of the period covered by this Form 10-Q.
+Added: As of the end of the period covered by this Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief
+Added: Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures.
+Added: In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no
+Added: matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply judgment in evaluating its controls and procedures.
+Added: Based on this evaluation, the
+Added: Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange
+Added: Act) were effective as of the end of the period covered by this Form 10-Q.
Internal Control over Financial Reporting
−Removed: There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three
−Removed: months ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting, except as noted below.
−Removed: Beginning January 1, 2023, the Company adopted ASU No.
−Removed: 2016-13, Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.
−Removed: The Company implemented changes to the policies, processes, and controls over the estimation of the allowance for credit losses to
−Removed: support the adoption of ASU 2016-13.
−Removed: Many controls under this new standard mirror controls under the prior GAAP methodology.
−Removed: New controls were established over the review of the reasonable and supportable assumptions used for the economic
−Removed: forecast and qualitative adjustment risks.
−Removed: In addition, controls were modified to require final approval of the allowance for credit losses estimate to a chartered committee within the Company.
−Removed: Finally, there were new controls established over
−Removed: the Company’s loan scorecard process.
+Added: There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended
+Added: September 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
OTHER INFORMATION
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.