3 unchanged sentences
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
−Removed: Based upon this evaluation, our chief executive officer and our chief financial officer concluded the disclosure controls and procedures were not effective as of March 31, 2023, the end of the period covered by this Quarterly Report on Form 10-Q, due to the material weaknesses in internal control over financial reporting that were disclosed in our Annual Report on Form 10-K for the fiscal year ended December 30, 2022.
+Added: Based upon this evaluation, our chief executive officer and our chief financial officer concluded the disclosure controls and procedures were not effective as of June 30, 2023, the end of the period covered by this Quarterly Report on Form 10-Q, due to the material weaknesses in internal control over financial reporting that were disclosed in our Annual Report on Form 10-K for the fiscal year ended December 30, 2022.
Previously Identified Material Weaknesses in Internal Control Over Financial Reporting
4 unchanged sentences
Remediation Plan
−Removed: Management has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material weaknesses are remediated, such that these controls are designed, implemented, and operating effectively.
−Removed: These remediation actions are ongoing and include or are expected to include:
+Added: Management has been executing and remains committed to implementing measures designed to ensure that control deficiencies contributing to the material weaknesses are remediated, such that these controls are designed, implemented, and operating effectively.
+Added: The following remediation actions are currently being implemented and are in progress:
Reviewing all ITGCs to identify opportunities to expand and/or automate controls to address the design and operation of ITGCs on systems supporting our financial processes.
3 unchanged sentences
Enhancing regular reporting on the remediation measures to the Audit Committee of the Board of Directors.
−Removed: As we continue to evaluate and work to improve our internal control over financial reporting, we may decide to take additional measures to address control deficiencies or modify the remediation plans described above.
−Removed: We believe that these actions will remediate the material weaknesses, however the weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.
−Removed: Management believes the foregoing plans will effectively remediate the deficiencies constituting the material weaknesses and intends the remediation of these material weaknesses to be completed prior to the end of fiscal 2023.
−Removed: However, there is no assurance as to when such remediation will be completed.
−Removed: As the remediation plans continue to be implemented, management may take additional measures or modify the plan elements described above.
+Added: As we continue to evaluate and work to improve our internal controls over financial reporting, we may decide to take additional measures to address control deficiencies or modify the remediation plans described above.
+Added: We believe that these actions will remediate the material weaknesses, however the material weaknesses will not be considered remediated until the applicable controls have operated for a period of time in order to have sufficient samples to test.
+Added: Management must conduct testing to conclude that these controls are operating effectively.
+Added: While Management believes that the aforementioned plans will effectively remediate the material weaknesses prior to the end of fiscal 2023, there is no absolute assurance on the exact timing of the completion of the remediation.
+Added: As the remediation plans continue to be implemented, management may be required to take additional measures or modify the plan elements described above due to the auditor’s review.
Changes in Internal Control Over Financial Reporting
−Removed: Except for the remediation efforts discussed above under “Remediation Plan”, there were no changes in internal control over financial reporting during the fiscal first quarter ended March 31, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: Except for the remediation efforts discussed above under “Remediation Plan”, there were no changes in internal control over financial reporting during the fiscal second quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, our 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.