●  COSTCO WHOLESALE CORP /NEW · FY 2024 

Controls & Procedures

Management has concluded that its disclosure and internal controls over financial reporting remain effective as of September 1, 2024. This assessment confirms that the company's systems are designed to provide reasonable assurance regarding the reliability of financial statements prepared for external purposes. Furthermore, the report noted no material weaknesses or significant deficiencies in these internal control mechanisms during the reporting period.

COST L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Costco Wholesale Corp /new Controls & Procedures Synthesis

Summary of Disclosure and Internal Controls Over Financial Reporting

Management's Conclusions on Control Effectiveness

Management has concluded that both the company’s disclosure controls and internal controls over financial reporting (ICFR) were effective as of September 1, 2024.

Disclosure Controls and Procedures
  • Conclusion: The Chief Executive Officer and the Chief Financial Officer concluded that disclosure controls and procedures were effective as of September 1, 2024.
  • Design Objective: These controls are designed to ensure that required information is "recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC" and is communicated to management for timely disclosure decisions.
Internal Control Over Financial Reporting (ICFR)
  • Conclusion: Management concluded that ICFR was effective as of September 1, 2024.
  • Framework: The assessment utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013).
  • Design Objective: ICFR is designed to provide "reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP."

Identified Deficiencies and Weaknesses

The provided documentation does not identify any material weaknesses or significant deficiencies in the company's internal controls.

  • Inherent Limitation: The report does note a standard caveat regarding the inherent limitations of ICFR, stating that controls "may not prevent or detect misstatements" due to the nature of internal control.

Changes and Remediation Efforts

The company reported no material changes to its ICFR during the reporting period.

  • Changes: There were "no changes in our internal control over financial reporting... that occurred during the fourth quarter of 2024 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting."
  • Remediation/New Controls: No specific remediation efforts or noteworthy new controls were introduced during the reporting period.