Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 34

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 34
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ated Appropriations Act contained, among other things, an identical provision
to Accelerating Holding Foreign Companies Accountable Act, which reduces the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCA Act from three years to two.

On November 5, 2021, the SEC adopted the PCAOB rule
to implement HFCA Act, which provides a framework for the PCAOB to determine whether it is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 2, 2021, SEC adopted amendments to finalize
rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to registrants the SEC identifies as having
filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and
that the PCAOB is unable to inspect or investigate (the “ Commission-Identified Issuers”). A Commission-Identified Issuer will
be required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If
a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended December 31, 2021, the
registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year
ended December 31, 2022.

On December 16, 2021, the PCAOB issued its determinations
(the “ Determination”) that they are unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered
in mainland China and in Hong Kong. The Determination includes lists of public accounting firms headquartered in mainland China and Hong
Kong that the PCAOB is unable to inspect or investigate completely.

On August 26, 2022, the PCAOB signed a Statement of
Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People’s Republic of China governing
inspections and investigations of audit firms based in China and Hong Kong. On December 15, 2022, the PCAOB determined that the
PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China
and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail
to facilitate the PCAOB’s access in the future, the PCAOB will