Company: FRHC
Filing Date: 2025-06-13
Form Type: 10-K
Source: 0000924805-25-000012
Chunk: 26

Company: Freedom Holding Corp.
Filing Date: 2025-06-13
Form: 10-K
Item: Item 8
Chunk 26
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 that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte LLP

Almaty, Kazakhstan

June 13, 2025

91

FREEDOM HOLDING CORP.CONSOLIDATED BALANCE SHEETS(All amounts in thousands of United States dollars, unless otherwise stated)March 31, 2025March 31, 2024ASSETSCash and cash equivalents$837,302 $545,084 Restricted cash807,468 462,637 Investment securities2,814,733 3,905,241 Margin lending, brokerage and other receivables, net 3,319,145 1,660,275 Loans issued (including $188,445 and $147,440 to related parties) 1,595,435 1,381,715 Fixed assets, net191,103 83,002 Intangible assets, net54,186 47,668 Goodwill49,093 52,648 Right-of-use asset39,828 36,324 Insurance contract assets37,183