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 March 29, 2024.
−Removed: 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 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 June 28, 2024.
+Added: Based on such evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of June 28, 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.
The material weakness was identified and discussed in Part II, "Item 9A.
5 unchanged sentences
Remediation Efforts to Address the Material Weakness
−Removed: The Company has implemented a plan to address the material weakness.
−Removed: Management has and will continue to enhance the risk assessment process and design of ICFR at this subsidiary.
−Removed: This includes enhancement and revision of the design of existing information technology general controls over user access, applications and procedures at this subsidiary.
−Removed: 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.
−Removed: We expect that the remediation of this material weakness will be completed prior to end of fiscal year 2024.
+Added: Management continues to improve controls at the Company in order to remediate the material weakness in internal control over financial reporting.
+Added: During the first six months of 2024, several actions were implemented at Vertex including increasing the number of individuals responsible for implementing and monitoring controls;
+Added: training individuals responsible for designing, executing, testing and monitoring controls;
+Added: and enhancing documentation that evidences that controls are performed.
+Added: These actions are ongoing and will continue during the remainder of 2024.
+Added: During the second quarter of 2024, the Company also began testing the design and operating effectiveness of process-level and information technology controls to ensure efficacy of remediation efforts.
+Added: Such controls must be in place and operating effectively for a sufficient period of time in order to validate the full remediation of the material weakness.
+Added: We expect that the remediation of this material weakness will be completed as of December 31, 2024.
Changes in Internal Control over Financial Reporting
2 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.