●  APA Corp · FY 2023 

Controls & Procedures

The robustness of a corporation's internal controls signals confidence in its financial narrative and operational stability. For APA Corp, senior management concluded that disclosure controls and procedures were effective as of December 31, 2023. This assessment confirmed the absence of any material weaknesses or significant deficiencies in the company’s control systems during the reporting period.

APA L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Apa Corp Controls & Procedures Synthesis

Summary of Disclosure and Internal Controls Over Financial Reporting (ICFR)

Management's Assessment of Control Effectiveness

Conclusion on Disclosure Controls and Procedures

Management concluded that APA Corp’s disclosure controls and procedures were effective as of December 31, 2023. This conclusion was reached by the Chief Executive Officer and the President and Chief Financial Officer. The system is deemed effective in ensuring that required information is properly recorded, processed, summarized, and reported within specified timeframes, allowing management to make timely decisions regarding disclosure.

Internal Control Over Financial Reporting (ICFR) Status

The company incorporates both its Management Report on ICFR (Item 308(a)) and the Independent Registered Public Accounting Firm’s Attestation Report (Item 308(b)) by reference, indicating adherence to required regulatory reporting structures.

Identified Deficiencies and Remediation Efforts

Material Weaknesses or Significant Deficiencies

The provided text does not identify any material weaknesses or significant deficiencies in the company's controls as of December 31, 2023. Management maintains a process where it reviews its controls periodically and may take corrective action if such deficiencies are identified during those reviews.

Remediation Efforts

Since no specific issues were reported, there is no detailed information regarding remediation efforts for weaknesses in this excerpt. The company's general procedure allows for modifications to improve the design and effectiveness of its disclosure controls when needed.

Changes and Noteworthy Procedures

Changes to Internal Controls Over Financial Reporting (ICFR)

Noteworthy Finding: There was no change in internal controls over financial reporting during the quarter ended December 31, 2023, that materially affected or is reasonably likely to materially affect the ICFR.

New or Modified Controls

The document does not specify any noteworthy new controls or procedures introduced during the reporting period. The company maintains a standard practice of periodically reviewing the design and effectiveness of its disclosure controls, including compliance with laws both inside and outside the United States.

Balanced Assessment: APA Corp reports strong control efficacy, concluding that its disclosure controls are effective and that there were no material changes to ICFR during the reporting period. The strength lies in the formal periodic review process and the positive conclusion from senior management. However, the excerpt is limited; while it confirms effectiveness, it does not provide granular detail on the specific design or operational components of the internal controls themselves.