●  Macy's, Inc. · FY 2023 

Controls & Procedures

The effectiveness of a corporation's financial reporting structure was formally validated through an unqualified opinion issued by KPMG LLP regarding internal control over financial reporting. This finding confirms that, as of January 28, 2023, management concluded both disclosure controls and ICFR were effective. Furthermore, the company reported no material weaknesses or significant deficiencies in its systems during the review period.

M L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Macy's, Inc Controls & Procedures Synthesis

Internal Controls and Procedures Assessment Summary

This report synthesizes Macy's Inc.'s disclosures regarding its Disclosure Controls and Procedures (D&C) and Internal Control over Financial Reporting (ICFR), based solely on the 10-K filing excerpt.

Management Conclusions on Effectiveness

Disclosure Controls and Procedures

Management concluded that, as of January 28, 2023, the Company's disclosure controls and procedures were effective. These controls provide reasonable assurance that required information is accurately recorded, processed, summarized, reported within specified time periods, and communicated to management for timely decision-making regarding disclosures.

Internal Control over Financial Reporting (ICFR)

Management concluded that ICFR was effective as of January 28, 2023. This assessment utilized the framework established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). A significant strength noted is that KPMG LLP, the independent registered public accounting firm, issued an unqualified opinion on the effectiveness of ICFR as of January 28, 2023.

Identified Deficiencies and Changes

Material Weaknesses or Significant Deficiencies

The provided documentation does not identify any material weaknesses or significant deficiencies in the Company's disclosure controls or internal controls over financial reporting.

Changes to Internal Controls During Reporting Period

Management reviewed its ICFR following triggers such as new accounting pronouncements and major organizational restructuring. The filing explicitly states that 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 controls.

Noteworthy Controls and Remediation Efforts

New or Changed Procedures

The excerpt does not detail any noteworthy new controls or procedures introduced during the reporting period. Furthermore, since no issues were identified, there is no mention of specific remediation efforts.

Balanced Assessment

Strengths:

  • Effectiveness Confirmation: Both D&C and ICFR were formally concluded to be effective by management as of January 28, 2023.
  • External Validation: The effectiveness of the Company's ICFR was validated by an unqualified opinion from KPMG LLP.
  • Proactive Review: Controls are subject to periodic review in response to major corporate events (restructuring) and regulatory changes (new accounting pronouncements).

Weaknesses:

  • Based solely on this filing, no weaknesses or deficiencies were identified; however, the lack of detail regarding specific control processes prevents a deeper operational assessment.