Company: IPAR
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001753926-25-000424
Chunk: 164

Company: INTERPARFUMS INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 6
Chunk 164
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 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 controls address the relevant risks identified by management, (iii) enhance and
implement protocols to retain sufficient documentary evidence of operating
effectiveness of such controls, and (iv) implement enhanced process controls
around user access to information technology systems, including confirming and
monitoring appropriate user access levels to applications, programs and data. These actions are intended to enable the
Company to more effectively monitor the effectiveness of our internal control over financial reporting. 

We believe that these actions, collectively,
will remediate the material weaknesses identified.  However, our material weaknesses will not be
considered remediated until the controls operate for a sufficient period of
time and management has concluded, through testing, that the related controls
are operating effectively. We will continue to monitor the design and
effectiveness of these and other processes, procedures, and controls and will
make any further changes management deems appropriate.

Changes in Internal Control Over Financial Reporting 

Except as described above, there has been no
change in our internal control over financial reporting (as defined in Rule
13a-15(f) of the Securities Exchange Act