●  Macy's, Inc. · FY 2024 

Controls & Procedures

A rigorous review of financial reporting processes confirmed that a company's internal controls over financial reporting are operating effectively. This conclusion was strongly validated by an external auditor, who issued an unqualified opinion attesting to the system’s integrity. The assessment further noted that no material weaknesses or significant deficiencies were identified within the control environment during this period.

M L1 Synthesis
●  SYMBOLOGY.ONLINE l1 SYNTHESIS 

Macy's, Inc Controls & Procedures Synthesis

Internal Controls and Procedures Assessment Report

Management Conclusions on Control Effectiveness

Macy's Inc. has consistently affirmed the operational integrity of its control environment during the reporting period, demonstrating a high degree of confidence in its financial reporting processes.

Disclosure Controls and Procedures
  • Conclusion: The Chief Executive Officer and Chief Financial Officer concluded that as of February 3, 2024, the Company's disclosure controls and procedures were effective.
  • Evidence/Scope: This effectiveness provides reasonable assurance that required information is properly recorded, processed, summarized, and reported within specified SEC time periods, and that necessary information is communicated to management for timely decision-making.
Internal Control over Financial Reporting (ICFR)
  • Conclusion: Management concluded that as of February 3, 2024, the Company's internal control over financial reporting was effective.
  • Evidence/Scope: The assessment utilized the framework established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013). This conclusion is strongly corroborated by KPMG LLP, which issued an unqualified opinion on the effectiveness of ICFR.

Identified Deficiencies and Remediation Efforts

  • Material Weaknesses/Significant Deficiencies: The provided documentation does not identify any material weaknesses or significant deficiencies in the Company's internal controls over financial reporting.
  • Remediation Efforts: Since no control deficiencies were identified, there are no reported remediation efforts for this period.

Changes and Noteworthy Procedural Updates

Changes to Internal Controls
  • Finding: During the most recently completed quarter, there were no changes in the Company's internal control over financial reporting that materially affected or are reasonably likely to materially affect ICFR.
  • Review Triggers: The company maintains a proactive review process triggered by major organizational restructuring/realignment and the adoption of new accounting pronouncements.
Noteworthy Controls or Procedures Introduced
  • The document does not detail any specific, noteworthy new controls introduced during this reporting period; however, it confirms the continued reliance on rigorous external validation through KPMG LLP's unqualified opinion attestation report.

Balanced Assessment Summary

Strengths:
The primary strength of Macy's control environment is the consistent conclusion of effectiveness by management for both disclosure and ICFR. This internal assessment is significantly strengthened by the independent verification provided by KPMG LLP, which issued an unqualified opinion. Furthermore, the company maintains a formal review process tied to major corporate events (restructuring/accounting changes), indicating proactive risk management.

Weaknesses:
Based solely on this filing excerpt, there are no identified weaknesses or deficiencies in the Company's internal controls over financial reporting. The disclosure is entirely positive regarding control effectiveness.