1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 29, 2023.
−Removed: Based on such evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of September 29, 2023, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in reports the Company files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) accumulated and communicated to management to allow timely decisions regarding required disclosure.
−Removed: Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
+Added: The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 29, 2024.
+Added: Based on such evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 29, 2024, the Company’s disclosure controls and procedures were not effective due to the existence of a previously reported material weakness in internal control over financial reporting (ICFR) related to a subsidiary within Vertex Aerospace Services Holdings Corp (Vertex) which was acquired on July 5, 2022.
+Added: The material weakness was identified and discussed in Part II, "Item 9A.
+Added: Controls and Procedures” of our Annual Report on Form 10-K for the year ended December 31, 2023.
+Added: Notwithstanding the identified material weakness, management, including our CEO (principal executive officer) and CFO (principal financial officer), believes the consolidated financial statements included in this Form 10-Q fairly represent in all material respects our financial condition, results of operations and cash flows at and for the periods presented in accordance with GAAP.
+Added: Limitations on Effectiveness of Controls and Procedures
+Added: In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
+Added: In addition, the design of disclosure controls and procedures must reflect the fact that there may be resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
+Added: Remediation Efforts to Address the Material Weakness
+Added: The Company has implemented a plan to address the material weakness.
+Added: Management has and will continue to enhance the risk assessment process and design of ICFR at this subsidiary.
+Added: This includes enhancement and revision of the design of existing information technology general controls over user access, applications and procedures at this subsidiary.
+Added: The material weakness 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: We expect that the remediation of this material weakness will be completed prior to end of fiscal year 2024.
Changes in Internal Control over Financial Reporting
−Removed: As discussed in Note 3, Merger in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, the Company completed the Merger with Vertex on July 5, 2022.
−Removed: Since the date of Merger, Vertex's financial results are included in the Company's Consolidated Financial Statements.
−Removed: As part of the post-closing integration activities, the Company is engaged in assessing the internal controls.
−Removed: The Company has been integrating policies, processes, people, technology and operations for the post-acquisition combined company, and it will continue to evaluate the impact of any related changes to internal control over financial reporting (ICFR).
−Removed: Other than the items discussed above, there were no changes in the Company's ICFR that occurred during the nine months ended September 29, 2023, that materially affected, or are reasonably likely to materially affect, its ICFR.
+Added: Other than with respect to the matter described above, there were no changes in our ICFR during the most recently completed fiscal quarter that materially affected or are reasonably likely to materially affect, our ICFR.
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.