●  CARMAX INC · FY 2023 

Controls & Procedures

Management has certified that its internal controls over financial reporting are operating effectively, maintaining a stable framework designed to ensure required information is accurately recorded and reported within specified SEC timeframes. Critically, the company concluded there were no material weaknesses or significant deficiencies in these disclosure controls during the period under review.

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Carmax Inc Controls & Procedures Synthesis

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

Management's Assessment of Control Effectiveness

Based on the provided filing excerpt for CARMAX INC as of February 28, 2023, management has concluded that its controls are operating effectively. The company maintains disclosure controls designed to ensure that required information is accurately recorded, processed, summarized, and reported within specified SEC timeframes, and that this data is communicated timely to senior management (CEO and CFO).

Strengths Identified
  • Effective Design and Operation: Management explicitly concluded that the design and operation of its disclosure controls were effective as of the end of the reporting period.
    • Evidence: "Based upon that evaluation, the CEO and CFO concluded that our disclosure controls were effective as of the end of the period."
Weaknesses or Deficiencies Identified
  • None Reported: The filing excerpt does not identify any material weaknesses or significant deficiencies in internal control over financial reporting.

Internal Control Over Financial Reporting (ICFR) Status

The company reported a stable state regarding its ICFR during the reporting period, with no changes that required disclosure.

Changes to Controls During the Period
  • No Material Changes: There were no changes to the internal controls over financial reporting that occurred during the quarter ended February 28, 2023, which materially affected or are reasonably likely to materially affect ICFR.
    • Noteworthy: The absence of material change is a key finding for this period.
Remediation and New Procedures
  • No Remediation Efforts: Since no deficiencies were identified in the scope of this excerpt, there are no reported remediation efforts.
  • New Controls Introduced: No noteworthy new controls or procedures were introduced during the reporting period as detailed in this section.

Note: The full details regarding management's annual report on ICFR are incorporated by reference into Item 8 of the Form 10-K.