●  APA Corp · FY 2021 

Controls & Procedures

APA Corp concluded that its disclosure controls and procedures were effective as of December 31, 2021, confirming that established mechanisms are in place to ensure required financial information is properly recorded and reported. Furthermore, the company disclosed no material changes to its internal controls over financial reporting during the period, nor did it identify any significant weaknesses within these systems. This indicates a maintained state of compliance and stability regarding corporate financial governance.

APA L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Apa Corp Controls & Procedures Synthesis

Summary of Internal Controls and Procedures Disclosure

This report synthesizes APA Corp’s disclosures regarding its internal controls over financial reporting (ICFR) and disclosure controls and procedures (DCP) as presented in the 10-K filing for the period ending December 31, 2021. The assessment is based solely on the provided text.

Management's Conclusions on Disclosure Controls and Procedures (DCP)

The company concluded that its DCP were effective as of December 31, 2021.

Strengths Identified
  • Effectiveness Conclusion: Both the Chief Executive Officer (John J. Christmann IV) and the Chief Financial Officer (Stephen J. Riney) evaluated and concluded that the Company's disclosure controls and procedures were effective. This conclusion indicates that the company has established mechanisms to ensure required information is properly recorded, processed, summarized, and reported in a timely manner.
Noteworthy Procedures
  • Periodic Review: The Company maintains an ongoing process of periodically reviewing the design and effectiveness of its DCP, including compliance with applicable laws both domestically and internationally.

Internal Control Over Financial Reporting (ICFR) Assessment

The filing addresses changes to ICFR during the reporting period, as well as management's general approach to control maintenance.

Changes in Controls During the Period
  • Status: There were no material changes identified. The company explicitly stated that there was no change in its internal controls over financial reporting during the quarter ending December 31, 2021, that materially affected or is reasonably likely to materially affect those controls.
Material Weaknesses and Significant Deficiencies
  • Status: No material weaknesses or significant deficiencies were identified within this excerpt of the filing. The text references the "Report of Management on Internal Control Over Financial Reporting" (Page F-1) for detailed ICFR reporting, but does not detail any specific control failures in this section.
Remediation and Ongoing Improvement
  • Process: The company maintains a proactive stance regarding deficiencies. It states that if its reviews identify weaknesses or deficiencies in its controls, the Company "makes modifications to improve the design and effectiveness of our disclosure controls" and may take other corrective action. This demonstrates an established framework for continuous improvement.
Noteworthy New Controls
  • Status: No specific new controls or procedures introduced during the reporting period were detailed in this excerpt. The company’s control maintenance relies on its existing periodic review process to identify and implement necessary modifications.