●  MARSH & MCLENNAN COMPANIES, INC. · FY 2021 

Controls & Procedures

The integrity of financial reporting at Marsh & McLennan Companies remains robust, as management concluded that its disclosure and internal controls were effective through December 31, 2021. This assessment was externally validated, with auditors confirming the company maintained effective internal control over financial reporting in all material respects. Furthermore, the filing indicates no significant deficiencies or material weaknesses were identified during the period.

MRSH L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Marsh & Mclennan Companies, Inc Controls & Procedures Synthesis

Internal Controls and Procedures Assessment Report

This report synthesizes the key components of Marsh & McLennan Companies, Inc.'s disclosure controls and internal controls over financial reporting (ICFR) based on the provided 10-K filing excerpt for the period ending December 31, 2021.

Management's Conclusions on Control Effectiveness

Strength: Overall Effective Controls Confirmed
Management concluded that both its disclosure controls and procedures, as well as its internal control over financial reporting (ICFR), were effective as of December 31, 2021. This conclusion was supported by the independent audit opinion.

  • Disclosure Controls: The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective.
  • Internal Control over Financial Reporting (ICFR): Management determined that the Company maintained effective internal control over financial reporting as of December 31, 2021, utilizing the COSO Internal Control-Integrated Framework (2013).
  • External Validation: Deloitte & Touche LLP, the independent registered public accounting firm, issued an opinion stating that the Company maintained, in all material respects, effective internal control over financial reporting.

Material Weaknesses and Significant Deficiencies

Strength: No Material Weaknesses Identified
The filing indicates a strong level of control integrity, as no material weaknesses or significant deficiencies were reported during the period.

  • Prior Period Review: The Company specifically reviewed the revision of its Consolidated Statements of Cash Flows for 2020 and 2019 to comply with ASC 230 guidance and concluded that this revision does not represent a material weakness in ICFR.
  • Scope Definition: Management's internal control framework is designed to provide reasonable assurance regarding the reliability of financial reporting, including policies for accurate record maintenance, proper authorization of receipts/expenditures, and prevention or timely detection of unauthorized asset use.

Changes and Remediation Efforts

Stability: No Material Control Changes Reported
The Company reported a stable internal control environment during the reporting period.

  • Changes: There were no changes in the Company's internal control over financial reporting identified during the quarter ended December 31, 2021, that materially affected or are reasonably likely to materially affect ICFR.
  • Remediation: While no specific remediation efforts for weaknesses were required (as none were found), the review of prior period financial statement revisions served as a control check ensuring compliance with accounting standards.

Noteworthy Procedures and Controls

Noteworthiness: Focus on Compliance and Scope
The filing highlights adherence to rigorous external auditing standards and comprehensive internal procedures.

  • Framework Adherence: The evaluation was conducted using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework issued in 2013.
  • Inherent Limitations Acknowledged: Management explicitly noted the inherent limitations of ICFR, stating that it "may not prevent or detect misstatements" and is subject to risks from changes in conditions or deterioration of compliance.