{"url_path":"/sec/forty/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 CONTROLS AND PROCEDURES**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1045986/0001213900-26-055948-index.html","accession_number":"0001213900-26-055948","cik":"0001045986","ticker":"FORTY","issuer_name":"FORMULA SYSTEMS (1985) LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/1045986/0001213900-26-055948-index.html","primary_entity_key":"0001045986","primary_entity_name":"FORMULA SYSTEMS (1985) LTD"},"word_count":391,"has_tables":true,"body_markdown":"**ITEM 15. CONTROLS AND PROCEDURES**\n\n \n\n**Disclosure Controls and Procedures**\n\n \n\nOur management, including\nour Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as\nsuch term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of December 31, 2025. Based on such evaluation, the Chief\nExecutive Officer and the Chief Financial Officer have concluded that, as of December 31, 2025, the Company’s disclosure controls\nand procedures are effective.\n\n \n\n**Management’s Annual Report on Internal\nControl over Financial Reporting**\n\n \n\nOur management is responsible\nfor establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f)\nof the Exchange Act. Our management, including our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of\nthe effectiveness of our internal control over financial reporting based on the framework and criteria established in Internal Control-Integrated\nFramework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as of the end of the period covered\nby this report.\n\n \n\nBased on that evaluation,\nour management has concluded that our internal control over financial reporting was effective as of December 31, 2025. Notwithstanding\nthe foregoing, there can be no assurance that our internal control over financial reporting will detect or uncover all failures of persons\nwithin the Company to comply with our internal procedures, as all internal control systems, no matter how well designed, have inherent\nlimitations. Therefore, even those systems determined to be effective may not prevent or detect misstatements.\n\n \n\n**Attestation Report of the Registered Public Accounting Firm**\n\n \n\nThe attestation report of\nZiv Haft Certified Public Accountants, a member firm of BDO International Limited, an independent registered public accounting firm in\nIsrael, on our management’s assessment of our internal control over financial reporting as of December 31, 2025 is provided on page\nF-4, as included under Item 18 of this annual report.\n\n \n\n**Changes in Internal Control over Financial\nReporting**\n\n \n\nBased on the evaluation conducted\nby our Chief Executive Officer and our Chief Financial Officer pursuant to Rules 13a-15(d) and 15d-15(d) under the Exchange Act, our management\nhas concluded that there was no change in our internal control over financial reporting that occurred during the year ended December 31,\n2025, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting."}