●  Macy's, Inc. · FY 2022 

Controls & Procedures

Internal controls over financial reporting have been confirmed as robust and effective, backed by an unqualified opinion from KPMG LLP. This dual confirmation provides strong assurance regarding the reliability of the company's disclosed information. Furthermore, the absence of identified material weaknesses or significant deficiencies highlights a stable and consistent control environment throughout the reporting period.

M L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Macy's, Inc Controls & Procedures Synthesis

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

Management Conclusions on Control Effectiveness

The Company has concluded that its internal control environment is robust and effective across both disclosure processes and financial reporting, as of January 29, 2022.

Disclosure Controls and Procedures (DCP)
  • Conclusion: The CEO and CFO concluded that the DCP were effective.
  • Evidence/Strength: This effectiveness provides reasonable assurance that all required information is properly recorded, processed, summarized, and reported within specified SEC timeframes, and that necessary information is communicated to management for timely disclosure decisions.
Internal Control Over Financial Reporting (ICFR)
  • Conclusion: Management concluded that the ICFR was effective.
  • Evidence/Strength: The assessment utilized the COSO Integrated Framework (2013). Furthermore, this conclusion was externally validated by KPMG LLP, which issued an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

Identified Weaknesses and Changes in Controls

Material Weaknesses or Significant Deficiencies
  • No material weaknesses or significant deficiencies were identified or disclosed within the provided text. The management assessment concluded that controls were effective, supported by an unqualified external audit opinion.
Changes to Internal Controls During Reporting Period
  • Observation: There were no changes in the Company's internal control over financial reporting during the most recently completed quarter that materially affected, or are reasonably likely to materially affect, the ICFR. This indicates stability in the control environment for the recent period.

Noteworthy Procedures and Remediation Efforts

New Controls or Procedures
  • No noteworthy new controls or procedures were introduced or mentioned during this reporting period.
Remediation Efforts
  • Since no material weaknesses or significant deficiencies were identified, there are no corresponding remediation efforts reported in this section of the filing.

Balanced Assessment

The Company demonstrates a high level of control maturity and effectiveness. The primary strength lies in the dual confirmation: management concluded controls were effective, and this conclusion was independently verified by KPMG LLP through an unqualified opinion. This provides strong assurance regarding the reliability of financial reporting. The stability noted—specifically the lack of material changes to ICFR during the recent quarter—further reinforces the consistency of the control environment.