Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 22

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 3
Chunk 22
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 amendments became effective on January 10, 2022.

On
December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions.
The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities
under the HFCAA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the Mainland
China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, Marcum
Asia CPAs LLP, the independent registered public accounting firms that issues the audit reports included elsewhere in this Annual Report,
as auditors of companies that are traded publicly in the United States and firms registered with the Public Company Accounting Oversight
Board (United States), or the PCAOB, are subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess their compliance with the applicable professional standards. Marcum Asia CPAs LLP are headquartered in New York, and, as of
the date of this Annual Report, did not appear as part of the report under the lists in its appendix A or appendix B.

  18  

On
August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol to allow
the PCAOB to inspect and investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong, consistent
with the HFCAA, and the PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect
to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation
and has the unfettered ability to transfer information to the SEC.

On
December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public
accounting firms headquartered in Mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations
that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in Mainland China and
Hong Kong.

On
December