Company: UONE
Filing Date: 2025-04-28
Form Type: PRE 14A
Source: 0001041657-25-000022
Chunk: 43

Company: URBAN ONE, INC.
Filing Date: 2025-04-28
Form: PRE 14A
Chunk 43
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 control deficiencies contributing to the material weaknesses. Management is committed to the planning and implementation of remediation efforts to address the material weaknesses. These remediation efforts, summarized below, which have been implemented, or are in the process of implementation, are intended to both address the identified material weakness and to enhance our overall financial control environment. Our initiatives include the following:

• To address the material weakness in the control environment, risk assessment, and monitoring, management continues to enhance entity-level controls by improving policies, enhancing the organizational structure, and engaging external expertise to strengthen internal control over financial reporting. Specifically, we:

◦ Expanded the accounting department by hiring senior leaders with expertise in U.S. GAAP, SEC reporting, public company SOX and associated internal controls. We also hired additional IT personnel with relevant expertise to support and oversee the execution of IT General Controls.

◦ Management continues to assess personnel needs and will continue efforts to hire and retain additional qualified staff, as necessary.

◦ Conducted a financial risk assessment, engaging external resources to implement a controls evaluation strategy to establish a robust financial controls governance structure.

◦ Engaged expert SOX consultants to assist in the coordination, development, and testing of our control environment and material weakness remediation efforts.

• Management continues to take several measures to address material weaknesses in IT General Controls, including:

◦ Enhancing and standardizing policies and procedures to 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, 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