Company: FSHPU
Filing Date: 2025-11-12
Form Type: DEF 14A
Source: 0001829126-25-009060
Chunk: 16

Company: Flag Ship Acquisition Corp
Filing Date: 2025-11-12
Form: DEF 14A
Chunk 16
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that has been approved by our board. Subject to phase-in rules and a limited exception,
NASDAQ rules and Rule 10A-3 of the Exchange Act require that the audit committee of
a listed company be comprised solely of independent directors, and NASDAQ rules require
that the compensation committee of a listed company be comprised solely of independent
directors.

Audit Committee

The members of our audit committee are Ms. Cui, Mr. Liu and Mr. He. Ms. Cui serves
as chairman of the audit committee. Each member of the audit committee is financially
literate and our Board of Directors has determined that Ms. Cui qualifies as an “audit
committee financial expert” as defined in applicable SEC rules. We have adopted an
audit committee charter, which details the principal functions of the audit committee,
including:

| ● | the appointment, compensation, retention, replacement, and oversight of the work of  
 the independent auditors and any other independent registered public accounting firm 
 engaged by us;                                                                       |

| ● | pre-approving all audit and non-audit services to be provided by the independent auditors   
 or any other registered public accounting firm engaged by us, and establishing pre-approval 
 policies and procedures;                                                                    |

| ● | reviewing and discussing with the independent auditors all relationships the auditors 
 have with us in order to evaluate their continued independence;                       |

| ● | setting clear hiring policies for employees or former employees of the independent 
 auditors;                                                                          |

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| ● | setting clear policies for audit partner rotation in compliance with applicable laws 
 and regulations;                                                                     |

| ● | obtaining and reviewing a report, at least annually, from the independent auditors       
 describing (i) the independent auditor’s internal quality-control procedures and (ii)    
 any material issues raised by the most recent internal quality-control review, or        
 peer review, of the audit firm, or by any inquiry or investigation by governmental       
 or professional authorities, within, the preceding five years respecting one or more     
 independent audits carried out by the firm and any steps taken to deal with such issues; |

| ● | reviewing and approving any related party transaction required to be disclosed pursuant 
 to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such     
 transaction; and                                                                        |

| ● | reviewing with management, the independent auditors, and our legal advisors, as appropriate, 
 any legal, regulatory or compliance matters, including any correspondence with regulators