Company: IPAR
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001753926-25-000424
Chunk: 236

Company: INTERPARFUMS INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 9A
Chunk 236
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 our
management has concluded that our internal control over financial reporting was
not effective as of December 31, 2024, due to the material weaknesses
identified below.

The Company does not have an annual
risk assessment process sufficiently designed to identify the risks that could
impact the Company’s consolidated financial statements. This includes processes to review any
previously-recognized risks and identify any potential new risks that could
have a material impact on the Company. As a result, the Company could not
properly assess if the key controls in place were sufficient to mitigate the risks
of material misstatement and the Company could not adequately provide oversight
over the testing of management’s internal control over financial reporting. 

The Company did not design and
maintain an effective control environment commensurate with its financial
reporting requirements. Specifically, the Company did not maintain sufficient
documentation to evidence that controls have operated as designed with respect
to key financial statement accounts and assertions.
The Company did not design and
maintain effective information technology general controls related to user
access at our Interparfums SA subsidiary, which limited management’s ability to
rely on technology-dependent controls relevant to the preparation of the
Company’s consolidated financial statements. 

Despite the finding of these material
weaknesses, we have concluded that our consolidated financial statements and
related notes thereto included in this Annual Report on Form 10-K fairly
present in all material respects the financial condition, results of operations
and cash flows of the Company as of, and for, the periods presented.

Our independent auditor, Forvis Mazars, LLP,
a registered public accounting firm, has issued its report on its audit of our
internal control over financial reporting. Forvis Mazars, LLP’s attestation
report contains an adverse opinion on the effectiveness of the Company’s
internal control over financial reporting. This report appears on page F-2.

45   

Remediation Plan

We are committed to maintaining a strong
internal control environment and implementing measures designed to ensure that
control deficiencies contributing to the material weaknesses are remediated as
soon as practicable. The Company plans to engage a third-party firm to assist
us with designing and implementing a risk assessment process and establish
processes and controls to support an effective control environment. Specifically,
we will (i) design and implement effective risk assessment procedures and
monitoring activities, (ii) review our current processes, procedures, and
systems and assess the design of controls 
to ensure the key