2 unchanged sentences
Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and to ensure that such information required to be disclosed is accumulated and communicated to management, including our principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.
−Removed: The Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO"), with assistance from other members of management, have evaluated the effectiveness of our disclosure controls and procedures as of January 1, 2021, and based on their evaluation, the CEO and CFO have concluded that the disclosure controls and procedures were not effective as of such date 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 October 2, 2020 and continue to exist as of January 1, 2021.
+Added: The Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO"), with assistance from other members of management, have evaluated the effectiveness of our disclosure controls and procedures as of April 2, 2021, and based on their evaluation, the CEO and CFO have concluded that the disclosure controls and procedures were not effective as of such date 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 October 2, 2020 and continue to exist as of April 2, 2021.
Changes in Internal Control Over Financial Reporting
−Removed: During the quarter ended January 1, 2021, we continue to devote substantial effort to remediating the identified material weaknesses and have made the following changes to our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting:
−Removed: • Re-designed and enhanced control activities related to inventory and cost of revenue, including verification of inventory at third party vendor locations and the presentation and disclosure of inventory classification.
−Removed: • Enhanced the design of existing controls and implemented new control activities related to the completeness, accuracy and elimination of intercompany balances and ensuring appropriate segregation of duties as it relates to the preparation and review of journal entries.
−Removed: • Developed a comprehensive internal finance training program to ensure the team has the requisite knowledge to create and maintain the proper environment for effective internal control over financial reporting.
+Added: During the quarter ended April 2, 2021, we continue to devote substantial effort to remediating the identified material weaknesses.
+Added: Other than the implementation of the remediation measures described below, there were no other changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Remediation of Previously Identified Material Weaknesses
3 unchanged sentences
We continue to invest significantly in the quality of our accounting talent including management, technical, process improvement and financial system roles.
−Removed: Specifically, during the first quarter of fiscal year 2021, we continued addressing deficiencies identified in our Control Environment by hiring a Director of Internal Audit and developing a comprehensive internal finance training program to ensure that the team has the requisite knowledge to create and maintain the proper environment for effective internal control over financial reporting.
+Added: Specifically, during the second quarter of fiscal year 2021, we continued addressing deficiencies identified in our Control Environment by developing a comprehensive internal finance training program to ensure that the team has the requisite knowledge to create and maintain the proper environment for effective internal control over financial reporting.
While significant progress has been made in response to the material weakness, additional time is needed to demonstrate sustainability as it relates to our internal control over financial reporting and improvements made to our complement of resources.
9 unchanged sentences
As such, as we continue to evaluate and work to improve our internal control over financial reporting, our management may decide to take additional measures to address the material weaknesses or modify the remediation steps already underway.
−Removed: Although significant progress has been made, the previously identified material weaknesses continue to exist as of January 1, 2021, and 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
+Added: Although significant progress has been made, the previously identified material weaknesses continue to exist as of April 2, 2021, and 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.
OTHER INFORMATION
1 unchanged sentence
We are subject to various claims, complaints and legal actions in the normal course of business from time to time.
−Removed: We do not believe we have any currently pending litigation for which the outcome could have a material adverse effect on our operations or financial position.
+Added: We are not aware of any currently pending litigation for which the outcome could have a material adverse effect on our operations or financial position.
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.