●  CARMAX INC · FY 2025 

Controls & Procedures

Internal control over financial reporting at CARMAX remains stable and effective as of February 28, 2025. Management concluded that all necessary disclosure controls were operating effectively during the period under review. Notably, no material weaknesses or significant deficiencies in internal control were identified or reported by the company.

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Carmax Inc Controls & Procedures Synthesis

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

Management's Conclusions on Effectiveness

The company maintains disclosure controls and procedures designed to ensure that all required information is accurately recorded, processed, summarized, reported within specified timeframes, and communicated timely to management (including the CEO and CFO) for decision-making regarding disclosures.

Assessment of Disclosure Controls
  • Strength: Management concluded that the disclosure controls were effective as of February 28, 2025. This conclusion was reached following an evaluation performed under the supervision and participation of both the CEO and CFO.
    • Evidence: "Based upon that evaluation, the CEO and CFO concluded that our disclosure controls were effective as of the end of the period."

Internal Control Status and Changes

Material Weaknesses and Significant Deficiencies
  • No material weaknesses or significant deficiencies in internal control over financial reporting were identified or disclosed within this section of the filing.
Changes to Controls During the Reporting Period
  • Noteworthy Observation (Stability): There were no changes to the company's internal control over financial reporting that occurred during the quarter ended February 28, 2025, which materially affected or was reasonably likely to materially affect ICFR.
    • Evidence: "There was no change in our internal control over financial reporting that occurred during the quarter ended February 28, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting."
Remediation and New Procedures
  • No remediation efforts were required as no deficiencies were identified.
  • No new controls or procedures were introduced during the reporting period that were flagged as noteworthy in this disclosure.

Balanced Assessment

The company demonstrates a strong commitment to maintaining effective ICFR, evidenced by the CEO and CFO's conclusion of effectiveness for the period ending February 28, 2025. The stability of the control environment is also noted, as no material changes were reported during the quarter. However, based solely on this excerpt, there is a lack of detail regarding the specific nature or scope of the controls (e.g., which processes are covered) and no information provided concerning any risk areas that management may be monitoring proactively.