5 unchanged sentences
(b) Changes in internal controls over financial reporting.
−Removed: Valley’s CEO and CFO have also concluded that there have not been any changes in Valley’s internal control over financial reporting in the quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, Valley’s internal control over financial reporting.
−Removed: Valley has not experienced any material impact to its internal controls over financial reporting due to the fact that most of Valley’s employees responsible for financial reporting are working remotely during the COVID-19 pandemic.
+Added: During the third quarter 2021, we completed the implementation of our SAP S/4HANA general ledger and enterprise resource planning system.
+Added: The new system was subject to various testing and review procedures before, during and after implementation.
+Added: As a result of this implementation, we have experienced certain changes to our processes and procedures which, in turn, resulted in changes to our internal control over financial reporting.
+Added: Valley’s CEO and CFO have concluded that except for those changes there were no changes in Valley’s internal control over financial reporting in the quarter ended September 30, 2021 that have materially affected, or are reasonably likely to materially affect, Valley’s internal control over financial reporting.
+Added: Valley has not experienced any material impact to its internal controls over financial reporting due to the fact that most of Valley’s employees responsible for financial reporting are working remotely during the COVID-19
Valley is continually monitoring and assessing the impact of the COVID-19 pandemic on Valley’s internal controls over financial reporting to minimize the impact to their design and operating effectiveness.
Valley’s management, including the CEO and CFO, does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all errors and all fraud.
−Removed: A system of internal control, no
−Removed: matter how well conceived and operated, provides reasonable, not absolute, assurance that the objectives of the system of internal control are met.
+Added: A system of internal control, no matter how well conceived and operated, provides reasonable, not absolute, assurance that the objectives of the system of internal control are met.
The design of a system of internal control reflects resource constraints and the benefits of controls must be considered relative to their costs.
11 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.