●  GENERAL ELECTRIC CO · FY 2021 

Controls & Procedures

Management has affirmed that its internal control over financial reporting was effective as of December 31, 2021, along with its disclosure controls and procedures. This evaluation indicates that the company maintains a robust framework designed to safeguard assets and ensure the reliability of financial records. Furthermore, no material weaknesses or significant deficiencies were identified during the reporting period.

GE L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

General Electric Co Controls & Procedures Synthesis

Internal Controls and Procedures Assessment Summary

Based solely on the provided excerpt from General Electric Co.'s SEC filing, this report summarizes management's conclusions regarding Disclosure Controls and Internal Control over Financial Reporting (ICFR) as of December 31, 2021.

Management Conclusions on Effectiveness

Management has concluded that both sets of controls are operating effectively. This represents the primary strength identified in the disclosure.

Disclosure Controls
  • Conclusion: The Company evaluated its disclosure controls and procedures and concluded they were effective as of December 31, 2021.
  • Evidence: "Under the direction of our Chief Executive Officer and Chief Financial Officer, we evaluated our disclosure controls and procedures and internal control over financial reporting and concluded that our disclosure controls and procedures were effective as of December 31, 2021."
Internal Control Over Financial Reporting (ICFR)
  • Conclusion: Management determined that its ICFR was effective as of December 31, 2021.
  • Evidence: "Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, 2021."

Identified Deficiencies and Weaknesses

No material weaknesses or significant deficiencies in the Company's ICFR were identified or disclosed within the provided text. The report indicates a strong compliance posture regarding control effectiveness during this period.

Changes and Remediation Efforts

The reporting period was characterized by stability concerning internal controls, which is noteworthy for maintaining consistent operational integrity.

Changes to Internal Controls
  • Status: There were no material changes identified in the ICFR during the quarter ended December 31, 2021.
  • Evidence: "There have been no changes in the Company's internal control over financial reporting during the quarter ended December 31, 2021, that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting."
Remediation Efforts and New Controls
  • No specific remediation efforts were required as no weaknesses were identified.
  • The provided text does not detail any noteworthy new controls or procedures introduced during the reporting period.

Overview of Control Strengths

The Company maintains a robust framework for its internal control systems, supported by several key structural elements:

System Design and Oversight
  • Control Mechanisms: The company designs and maintains accounting and internal control systems to ensure assets are safeguarded against unauthorized loss and that financial records are reliable. These systems are enhanced by policies, procedures, organizational division of responsibilities, personnel training, and an internal audit program.
  • Governance Structure: Oversight is provided by the Board of Directors' Audit Committee (composed entirely of independent directors), which meets periodically with management, internal auditors, and external auditors to discuss financial reporting and controls.
  • External Assurance: The Company engaged Deloitte and Touche LLP, an independent registered public accounting firm, to audit both the consolidated financial statements and the ICFR in accordance with PCAOB standards.