Company: SUIC
Filing Date: 2025-07-01
Form Type: 10-K
Source: 0001554795-25-000172
Chunk: 2

Company: SUIC Worldwide Holdings Ltd.
Filing Date: 2025-07-01
Form: 10-K
Item: Item 8
Chunk 2
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 or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management's Report on Internal Control over
Financial Reporting.

Our management is responsible for establishing and
maintaining adequate internal control over financial reporting for the company in accordance with as defined in Rules 13a-15(f) and 15d-15(f)
under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the (i) effectiveness
and efficiency of operations, (ii) reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles, and (iii) compliance with applicable laws and regulations. Our internal controls
framework is based on the criteria set forth in the Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO).

Due to inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. 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 and
procedures may deteriorate.

A material weakness in internal controls is a deficiency
in internal control, or combination of control deficiencies, that adversely affects the Company’s ability to initiate, authorize,
record, process, or report external financial data reliably in accordance with accounting principles generally accepted in the United
States of America such that there is more than a remote likelihood that a material misstatement of the Company’s annual or interim
financial statements that is more than inconsequential will not be prevented or detected. In the course of making our assessment of the
effectiveness of internal controls over financial reporting, we identified some material weaknesses in our internal control over financial
reporting.

We lack sufficient personnel with the appropriate level
of knowledge, experience and training in the application of accounting operations of our company. This weakness causes us to not fully
identify and resolve accounting and disclosure issues that could lead to a failure to perform timely internal control and reviews.

Management is currently reviewing its staffing and
systems in order to remedy the weaknesses identified in this assessment. However, because of the above condition, management’s assessment
is that the Company’s internal controls over financial reporting were not effective as of December 31, 2024. Additionally, the Registrant’s
management has concluded that the Registrant has a material weakness associated with its U. S. GAAP expertise.

This Annual Report does not include an attestation