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Evaluation of Disclosure Controls and Procedures
−Removed: Our management, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our controls and procedures related to our reporting and disclosure obligations (as defined by Rules 13a-15(e) and 15d-15(e) within the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2020, which is the end of the period covered by this Quarterly Report on Form 10-Q.
−Removed: Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that, as of September 30, 2020, the disclosure controls and procedures were effective to ensure that information required to be disclosed by us, including our consolidated subsidiaries, in the reports we file or submit under the Exchange Act, is recorded, processed, summarized and reported, as applicable, within the time periods specified in the rules and forms of the Securities and Exchange Commission, and are designed to ensure that information required to be disclosed by us in the reports that we file or submit is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.
+Added: Our management, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our controls and procedures related to our reporting and disclosure obligations (as defined by Rules 13a-15(e) and 15d-15(e) within the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of March 31, 2021, which is the end of the period covered by this Quarterly Report on Form 10-Q.
+Added: Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that, as of March 31, 2021, the disclosure controls and procedures were effective to ensure that information required to be disclosed by us, including our consolidated subsidiaries, in the reports we file or submit under the Exchange Act, is recorded, processed, summarized and reported, as applicable, within the time periods specified in the rules and forms of the Securities and Exchange Commission, and are designed to ensure that information required to be disclosed by us in the reports that we file or submit is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
−Removed: On August 1, 2019, our Board of Directors approved a restructuring plan to change our operating model and improve our cost structure by reducing our headcount and transitioning functions, including certain technology and accounting areas, to existing Company facilities and third-party providers.
−Removed: Accordingly, we have experienced and may continue to experience significant turnover in these functions during the duration of these transition activities.
−Removed: Management believes it is taking the necessary steps to monitor and maintain appropriate internal control over financial reporting during this period of change.
+Added: During the first quarter of 2021, we transitioned a majority of our money transfer settlement processes to our new global platform, and in future periods, we will transition the remaining processes, primarily including money transfers sent from the United States and Canada.
+Added: As a result of this transition, certain changes to our processes and procedures resulted in changes to our internal controls over financial reporting.
+Added: While we expect the new platform will strengthen our internal financial controls by standardizing settlement processes across our organization and providing functional enhancements, management will continue to evaluate and monitor our internal controls as additional phases of the transformation are implemented.
+Added: For further discussion of the risks associated with interruptions in our systems, see risk factor, “ Interruptions in our systems, including as a result of cyber attacks, or disruptions in our workforce may have a significant adverse effect on our business” in Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020.
There were no other changes that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Results of Review of Interim Financial Statements
−Removed: We have reviewed the condensed consolidated balance sheet of The Western Union Company (the Company) as of September 30, 2020, the related condensed consolidated statements of income, comprehensive income, and stockholders’ equity/(deficit) for the three-month and nine-month periods ended September 30, 2020 and 2019, the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2020 and 2019, and the related notes (collectively referred to as the “condensed consolidated interim financial statements”).
+Added: We have reviewed the condensed consolidated balance sheet of The Western Union Company (the Company) as of March 31, 2021, the related condensed consolidated statements of income, comprehensive income, cash flows, and stockholders’ equity/(deficit) for the three-month periods ended March 31, 2021 and 2020, and the related notes (collectively referred to as the “condensed consolidated interim financial statements”).
Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S.
generally accepted accounting principles.
−Removed: We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2019, the related consolidated statements of income/(loss), comprehensive income/(loss), cash flows, and stockholders’ equity/(deficit) for the year then ended, and the related notes and schedule (not presented herein);
+Added: We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2020, the related consolidated statements of income, comprehensive income, cash flows, and stockholders’ equity/(deficit) for the year then ended, and the related notes and schedule (not presented herein);
and in our report dated February 19, 2021, we expressed an unqualified audit opinion on those consolidated financial statements.
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Denver, Colorado
−Removed: October 29, 2020
OTHER INFORMATION
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The information required by this Item 1 is incorporated herein by reference to the discussion in Part I, Item 1, Financial Statements , Note 7, Commitments and Contingencies.
+Added: There have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2020.
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.