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Evaluation of Disclosure Controls and Procedures
−Removed: The management of the Company, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of March 29, 2020 .
−Removed: Based on such evaluations, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 29, 2020 , the disclosure controls and procedures of the Company were effective at a reasonable assurance level in (1) recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and (2) ensuring that information required to be disclosed by the Company in such reports is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
+Added: The management of the Company, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of June 28, 2020.
+Added: Based on such evaluations, the Chief Executive Officer and Chief Financial Officer concluded that, as of June 28, 2020, the disclosure controls and procedures of the Company were effective at a reasonable assurance level in (1) recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and (2) ensuring that information required to be disclosed by the Company in such reports is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
−Removed: There were no changes in the internal control over financial reporting of the Company during the first quarter of 2020 that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
−Removed: As previously announced, the Company is realigning and reinvesting resources in its IT organization and partnering with a third-party global IT consultant.
−Removed: The Company continues to evaluate the impact of this initiative on its internal control over financial reporting.
−Removed: As the transition of certain IT services is completed during the second quarter of 2020, the Company will evaluate the impact of changes to the control environment and update and implement controls as appropriate.
+Added: There were no changes in the internal control over financial reporting of the Company during the second quarter of 2020 that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
+Added: As previously announced, the Company has realigned and reinvested resources in its IT organization and partnered with a third-party global IT consultant.
+Added: The Company completed the transition of certain IT services to the consultant in the second quarter of 2020, and, currently, the control environment has not changed, as the consultant is adhering to the Company’s control procedures.
+Added: The Company will continue to periodically evaluate the impact of this initiative on its internal control over financial reporting, including evaluating potential changes to the control environment as the consultant provides services to the Company in accordance with contractual requirements.
Inherent Limitations on Effectiveness of Controls
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• the impact of competition, including from outside the quick-service restaurant industry;
−Removed: changes in consumer tastes and preferences and discretionary consumer spending;
+Added: • changes in consumer tastes and preferences, unemployment and discretionary consumer spending;
• prevailing conditions and disruptions in the national and global economies, including areas with a high concentration of Wendy’s restaurants;
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• the effects of disease outbreaks, epidemics or pandemics;
−Removed: the effects of negative publicity that can occur from increased use of social media;
+Added: • the effects of negative publicity that can occur from socially relevant issues or from increased use of social media;
• risks associated with our international operations, including our ability to achieve our international growth strategy;
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• our dependence on computer systems and information technology, including risks associated with the failure, interruption or breach of our systems or technology or other cyber incidents or deficiencies;
−Removed: risks associated with our plan to realign and reinvest resources in our IT organization to accelerate growth;
+Added: • risks associated with the realignment and reinvestment of resources in our IT organization to accelerate growth;
• our ability to effectively manage the acquisition and disposition of restaurants or successfully implement other strategic initiatives;
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In addition to the factors described above, there are risks associated with our predominantly franchised business model that could impact our results, performance and achievements.
−Removed: Such risks include our ability to identify, attract and retain experienced and qualified franchisees, the business and financial health of franchisees, the ability of franchisees to meet their royalty, advertising, development, reimaging and other commitments, participation by franchisees in brand strategies and the fact that franchisees are independent third parties that own, operate and are responsible for overseeing the operations of their restaurants.
+Added: Such risks include our ability to identify, attract and retain experienced and qualified franchisees and effectively manage the transfer of restaurants between and among franchisees, the business and financial health of franchisees, the ability of franchisees to meet their royalty, advertising, development, reimaging and other commitments, participation by franchisees in brand strategies and the fact that franchisees are independent third parties that own, operate and are responsible for overseeing the operations of their restaurants.
Our predominantly franchised business model may also impact the ability of the Wendy’s system to effectively respond and adapt to market changes.
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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.