●  CARMAX INC · FY 2022 

Controls & Procedures

Corporate financial integrity is fundamentally supported by its internal safeguards. A recent assessment of corporate controls confirms that the company's environment remains stable, with management concluding both disclosure controls and internal financial reporting systems were effective during the reported period. Critically, this evaluation found no material weaknesses or significant deficiencies in the existing control structure.

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Carmax Inc Controls & Procedures Synthesis

Controls and Procedures Assessment Summary

Disclosure Controls Evaluation

The company maintains disclosure controls and procedures designed to ensure that all information required for SEC filings is accurately recorded, processed, summarized, and reported within specified timeframes. Furthermore, these controls are structured to guarantee timely accumulation and communication of this data to management, including the CEO and CFO, facilitating informed disclosure decisions.

Management's Conclusion on Disclosure Controls

Management concluded that the design and operation of their disclosure controls were effective as of February 28, 2022. This conclusion was reached following an evaluation performed under the supervision and participation of both the CEO and CFO.

Internal Control over Financial Reporting (ICFR) Status

The company's ICFR is reported to be stable during the reporting period. The detailed management report on ICFR is incorporated by reference in Item 8 of the Form 10-K.

Material Weaknesses or Significant Deficiencies

No material weaknesses or significant deficiencies were identified or disclosed within this section of the filing for the period ending February 28, 2022.

Changes and Remediation Efforts

Stability of Internal Controls (Noteworthy)

A key finding is that there was no change in the company's internal control over financial reporting during the quarter ended February 28, 2022, that materially affected or was reasonably likely to materially affect ICFR. This indicates a high degree of stability in the existing control environment.

New Controls or Procedures

No noteworthy new controls or procedures were introduced or reported as material changes during this reporting period.

Balanced Assessment: The provided disclosure demonstrates strong internal control practices, evidenced by management's explicit conclusion that both disclosure and ICFR controls are effective. The absence of any identified material weaknesses or significant deficiencies, coupled with the finding of no materially affecting changes to ICFR, suggests a robust and stable control environment during the reporting period.