Company: UONE
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001041657-25-000013
Chunk: 144

Company: URBAN ONE, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9A
Chunk 144
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 support consistent application of controls IT processes. 

◦Redesigning access controls and enforcing segregation of duties for certain key financial applications.

◦Enhancing IT change management controls, including monitoring of changes, for relevant financial applications and related system infrastructure.

◦Developing IT operations controls to monitor that scheduled financial programs are operating as intended.

◦Assessed the design of enhanced IT General Controls and initiated ongoing monitoring activities to address deficiencies.

•We have and continue to prioritize efforts to strengthen the identified material weaknesses related to control activities and information and communication. Progress toward remediation includes:

◦Enhancing Controls Over the Financial Statement Close Process:

▪Formal documentation and communication of accounting policies, journal entry approval policies, management review checklists, and procedures to support the financial statement close process. 

▪Conduct trainings with control owners on executing enhanced controls, focusing on evidencing key control procedures, precision of review, review documentation and validation of the completeness and accuracy of data used in analyses.

▪Improve documentation of the completeness and accuracy of source data, and timeliness of account reconciliations; and 

▪Redesign of the financial statement close process and controls by enhancing the review of account reconciliations, consolidated financial statements, and disclosures, and implementing financial reporting software to enhance automation and workflows.

▪Assess the design of related business processes and initiated ongoing monitoring activities to address deficiencies.

▪Implement the general ledger of a cloud-based ERP system, which will help prevent and detect errors, enforce segregation of duties, and permit controls around the review of manual journal entries. 

◦Improving Management Review Controls Over Non-Recurring Transactions and Significant Judgments:

▪Strengthening and enhancement of the precision of review of non-recurring transactions and significant estimates through improved communication, technical analysis, and expert consultation.

▪Establishment of oversight controls for non-recurring transactions and judgmental areas to ensure accuracy and completeness of data used in analysis and disclosures.

We will not be able to fully remediate these material weaknesses until all of these steps have been completed and have been operating effectively for a sufficient period of time. The actions that we are taking are subject to ongoing senior management review, as well as oversight by the audit committee of our Board of Directors. Additionally, we may also conclude that additional measures may be required to remediate the material weaknesses. We will continue to monitor the design and effectiveness of these and other processes, procedures, and controls and make any further changes management deems appropriate.

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