●  Taylor Morrison Home Corp · FY 2021 

Controls & Procedures

Corporate financial integrity hinges on effective internal oversight, and Taylor Morrison Home Corp. affirmed that its controls over both financial reporting and disclosures were effective as of December 31, 2021. This conclusion was independently corroborated by auditors, who issued an unqualified opinion confirming that the company maintained effective internal control over financial reporting in all material respects.

TMHC L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Taylor Morrison Home Corp Controls & Procedures Synthesis

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

Management's Conclusions on Control Effectiveness

Management has concluded that both its disclosure controls and internal controls over financial reporting were effective as of December 31, 2021. This conclusion is supported by both management’s self-assessment and the independent auditor’s opinion.

Disclosure Controls and Procedures (DCP)
  • Conclusion: Effective.
  • Evidence: The principal executive officer, principal financial officer, and principal accounting officer concluded that DCP were effective in "alerting them in a timely manner to material information required to be disclosed in our periodic reports filed with the SEC."
Internal Control over Financial Reporting (ICFR)
  • Conclusion: Effective.
  • Evidence: Management assessed ICFR based on the COSO 2013 Framework and concluded that the Company's internal control was effective as of December 31, 2021. This finding was corroborated by Deloitte & Touche LLP, which issued an unqualified opinion stating the Company maintained "in all material respects, effective internal control over financial reporting."

Identification of Deficiencies and Weaknesses

Material Weaknesses or Significant Deficiencies
  • Finding: None identified. The provided text does not mention any material weaknesses or significant deficiencies in the company's controls.
Inherent Limitations (Noteworthy Caveat)
  • Observation: Management acknowledges inherent limitations in all internal control systems.
  • Evidence: The report notes that effective ICFR "can provide only reasonable assurance with respect to financial statement preparation," and because of these limitations, the system "may not prevent or detect misstatements."

Changes and Remediation Efforts

Changes to Internal Controls (Noteworthy)
  • Finding: No material changes were reported.
  • Evidence: Management stated that there was "no change in our internal control over financial reporting during the quarter ended December 31, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting."
Remediation Efforts and New Controls
  • Finding: No specific remediation efforts or noteworthy new controls were detailed in this excerpt. The text indicates routine assessment was conducted ("management regularly assesses such controls") but does not elaborate on any recent enhancements beyond the standard maintenance of existing procedures.