Controls & Procedures

Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period, designed to ensure timely recording, processing, summarizing, and communication of information required for regulatory filing.

Regarding Internal Control over Financial Reporting (ICFR), the following points are noteworthy:

Exclusion of ICFR Report: The company is excluding management's report on internal control over financial reporting as of December 31, 2021, and an attestation report from its independent registered public accounting firm. This exclusion is due to the completion of a Business Combination on May 28, 2021, which resulted in the company no longer being required to maintain an effective system of internal controls prior to that date.
Changes: There were no material changes reported in ICFR during the quarter ended December 31, 2021, that materially affected or are reasonably likely to materially affect the control environment.
Weaknesses/Deficiencies: No material weaknesses or significant deficiencies were identified in the provided text.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this Annual Report on Form 10-K. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that such disclosure controls and procedures were effective as of the end of the period covered by this Annual Report on Form 10-K and designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Management's Annual Report on Internal Control over Financial Reporting

As discussed elsewhere in this Annual Report on Form 10-K, we completed the Business Combination on May 28, 2021. Prior to the Business Combination, we were a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses and were not required to maintain an effective system of internal controls.

In accordance with the considerations pursuant to Section 215.02 of the SEC Division of Corporation Finance's Regulation S-K Compliance & Disclosure Interpretations, the Company is excluding management's report on internal control over financial reporting as of December 31, 2021 and an attestation report from our independent registered public accounting firm.

Changes in Internal Control over Financial Reporting

There have not been any changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Sofi Technologies, Inc Controls & Procedures Analysis

Controls & Procedures