Fiscal Year 2021 Financial Statements Audit Management Letter

We recommend the AOC create and/or update existing policies and/or procedures for periodically evaluating the effectiveness of the controls detailed in the LBFMS SOC 1 report or performed by LOC as well as document the relevant local IT controls that address CUECs included in the LBFMS SOC 1 report and evaluate their effectiveness annually.

We recommend that AOC management implement the existing, documented procedures over the review of SOC reports, establish procedures to transfer responsibilities for control operations to other team members upon an employee’s separation, and monitor internal controls to assess their effectiveness.

We recommend that AOC management should design an appropriate control to identify, analyze, and respond to risks related to non-GAAP practices and policies.