Company: BRID
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001493152-25-009592
Chunk: 73

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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 system must reflect the fact
that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations
in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any,
within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty,
and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of
some persons, by collusion of two or more people, or by management override of the control.

The
design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can
be no assurance that any design will succeed in achieving our stated goals under all potential future conditions; over time, a control
may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.
Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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We
maintain and evaluate a system of internal accounting controls, and a program designed to provide reasonable assurance that our assets
are protected and that transactions are performed in accordance with proper authorization and are properly recorded. This system of internal
accounting controls is continually reviewed and modified in response to evolving business conditions and operations and to recommendations
made by our independent registered public accounting firm. We have established a code of conduct. Our management believes that the accounting
and internal control systems provide reasonable assurance that assets are safeguarded, and financial information is reliable.

The
Audit Committee of the Board of Directors meets regularly with our financial management and counsel, and with the independent registered
public accounting firm engaged by us. Internal accounting controls and the quality of financial reporting are discussed during these
meetings. The Audit Committee has discussed with the independent registered public accounting firm matters required to be discussed by
Statement of Auditing Standards No. 16 (Communication with Audit Committees). In addition, the Audit Committee and the independent registered
public accounting firm have discussed the independent registered public accounting firm’s independence from our Company and its
management, including the matters in the written disclosures required by Public Company Accounting Oversight Board Rule 3526 “Communicating
with Audit Committees Concerning Independence”.

Changes
in Internal Control Over Financial Reporting

There
have been no changes in our internal controls over financial reporting other than those discussed above that occurred during the fiscal