Controls & Procedures

Compliance Review Summary: Disclosure Controls and Internal Controls Over Financial Reporting (ICFR)

1. Management's Conclusions on Effectiveness:

Disclosure Controls and Procedures: Management concluded that, as of October 28, 2023, the disclosure controls and procedures were effective to provide reasonable assurance that required information is recorded, processed, summarized, and reported in a timely manner.
ICFR: Management concluded that, as of October 28, 2023, the internal control over financial reporting was effective, based on the COSO framework (2013).

2. Material Weaknesses or Significant Deficiencies:

No material weaknesses or significant deficiencies were identified or reported in the provided text.

3. Changes to Internal Controls:

Noteworthy Finding: The company reported that there were no changes in Synopsys' internal control over financial reporting during the fiscal quarter ended October 28, 2023, that materially affected, or are reasonably likely to materially affect, the internal control.

4. Remediation Efforts and New/Changed Controls:

No specific remediation efforts for identified issues were detailed, as no deficiencies were reported.
No noteworthy new controls or procedures were introduced or highlighted in the reporting period.

Summary Assessment:
The company affirms the effectiveness of both its disclosure controls and its ICFR as of the reporting date. The most noteworthy finding is the confirmation of no material changes to the internal control framework during the reporting period.

Item 9A. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures. As of October 28, 2023, Synopsys carried out an evaluation under the supervision and with the participation of Synopsys' management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of Synopsys' disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable, not absolute, assurance of achieving their control objectives. Our Chief Executive Officer and Chief Financial Officer have concluded that, as of October 28, 2023, Synopsys' disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports Synopsys files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required, and that such information is accumulated and communicated to Synopsys' management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding its required disclosure.

(b)Management's Report on Internal Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) for Synopsys.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of October 28, 2023. In assessing the effectiveness of our internal control over financial reporting, our management used the framework established in Internal Control Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Our management has concluded that, as of October 28, 2023, our internal control over financial reporting was effective based on these criteria. Our independent registered public accounting firm, KPMG LLP, has issued an auditors' report on the effectiveness of our internal control over financial reporting, which is included herein.

(c)Changes in Internal Control Over Financial Reporting. There were no changes in Synopsys' internal control over financial reporting during the fiscal quarter ended October 28, 2023 that have materially affected, or are reasonably likely to materially affect, Synopsys' internal control over financial reporting.

Synopsys Inc Controls & Procedures Analysis

Controls & Procedures