Company: APXIF
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065703
Chunk: 431

Company: APx Acquisition Corp. I
Filing Date: 2025-07-18
Form: F-4/A
Chunk 431
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 the preparation of financial statements in accordance with IFRS. In connection with the preparation of our combined financial statements and audit process for the years ended June 30, 2024 and June 30, 2023, and our unaudited interim condensed combined financial statement and review process for the six -monthsperiod ended December31, 2024, we and our independent registered public accounting firm have identified material weaknesses in our internal controls related to financial reporting. For each of the fiscal years ended June 30, 2024 and 2023, and for the six -monthsperiod ended December 31,2024, we have determined that we did not: •design or maintain an effective control environment commensurate with our financial reporting requirements due to lack of sufficient accounting professionals with the appropriate level of skill, experience and training. Specifically, we lack sufficient financial reporting and accounting personnel with appropriate knowledge of IFRS to address complex technical accounting issues and to prepare combinedfinancial statements and related disclosures; •design and maintain formal accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting, year -endreporting and disclosures, including controls over the preparation and review of account reconciliations, journal entries and period end financial reporting; and •design and maintain effective controls over certain information technology general controls for IT systems that are relevant to the preparation of our combinedfinancial statements. Specifically, we did not design and maintain: (a) user access controls to ensure appropriate segregation of duties and that adequately restrict user and privileged access to financial applications, programs, and data to appropriate personnel, (b) program change management controls to ensure that IT program and data changes affecting financial 222 IT applications and underlying accounting records are identified, tested, authorized and implemented appropriately, and (c) testing and approval controls for program development to ensure that new software development is aligned with business and IT requirements These material weaknesses resulted in adjustments to our combined financial statements during the audit process. We have taken and continue to take steps to remediate the aforementioned material weaknesses and to enhance our overall control environment, including hiring a Chief Financial Officer and retaining an accounting consulting firm to provide additional support to our technical accounting and financial reporting capabilities and support our finance department in the design and implementation of an improved internal controls system. We have also begun the process of reviewing and documenting our accounting and financial processes and internal controls, improving and formalizing accounting and reporting policies, and building out the appropriate technical, financial management and reporting systems infrastructure to automate and standardize such policies. In addition,