Company: NTWK
Filing Date: 2025-04-16
Form Type: PRE 14A
Source: 0001641172-25-005001
Chunk: 22

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-04-16
Form: PRE 14A
Chunk 22
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 incurred fees of $262,500 for these audit services. In addition, BF Borgers was engaged to review our    
 quarterly financial statements for the first two quarters of fiscal year ended 2024, for which we incurred fees of $60,000.           |
| 2. | Due                                                                                                                                   
 to subsequent sanctions imposed by the SEC on BF Borgers, we engaged Fortune CPA (“Fortune”) to re-audit the financial                
 statements for the fiscal year ended June 30, 2023, and to audit our financial statements for the fiscal year ended June 30, 2024.    
 In addition, Fortune reviewed our quarterly financial statements for the third quarter of fiscal year 2024 and 2023. The total amount 
 paid to Fortune for these services was $563,500.                                                                                      |

Tax Fees

Tax fees for fiscal year 2024 were $19,000 and
consisted of the preparation of the Company’s federal and state tax returns for the fiscal years 2023. Tax fees for fiscal year
2023 were $16,000 and consisted of the preparation of the Company’s federal and state tax returns for the fiscal year 2022.

All Other Fees

No other fees were paid to principal accountant
during the fiscal year 2024 and 2023.

Pre-Approval Procedures

The Audit Committee and the Board of Directors
are responsible for the engagement of the independent auditors and for approving, in advance, all auditing services and permitted non-audit
services to be provided by the independent auditors. The Audit Committee maintains a policy for the engagement of the independent auditors
that is intended to maintain the independent auditor’s independence from NetSol. In adopting the policy, the Audit Committee considered
the various services that the independent auditors have historically performed or may be needed to perform in the future. The policy,
which is to be reviewed and re-adopted at least annually by the Audit Committee:

(i) Approves the performance by the independent
auditors of certain types of service (principally audit-related and tax), subject to restrictions in some cases, based on the Committee’s
determination that this would not be likely to impair the independent auditors’ independence from NetSol;

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(ii) Requires that management obtain the specific
prior approval of the Audit Committee for each engagement of the independent auditors to perform other types of permitted services; and

(iii) Prohibits the performance by the independent
auditors of certain types of services