Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 8

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 8
---
 the submission and disclosure requirements in the HFCA Act, which took effect on January 10,
2022. The rules apply to registrants that 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 PCAOB is unable to inspect or investigate completely because
of a position taken by an authority in foreign jurisdictions. On December 16, 2021, PCAOB announced the PCAOB HFCA Act determinations
(the “PCAOB determinations”) relating to the PCAOB’s inability to inspect or investigate completely registered public
accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC,
because of a position taken by one or more authorities in the PRC or Hong Kong. On August 26, 2022, the PCAOB announced that it had signed
a Statement of Protocol (the “SOP”) with the China Securities Regulatory Commission and the Ministry of Finance of China.
The SOP, together with two protocol agreements governing inspections and investigations (together, the “SOP Agreement”),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation
and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion
to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit
documentation without redaction. On December 15, 2022, the PCAOB Board 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.

YCM CPA INC., the independent registered public
accounting firm that issues the audit report for the fiscal years ended March 31, 2024, 2023, and 2022 included in this annual report,
is currently subject to PCAOB inspections and the PCAOB is thus able to inspect YCM CPA INC. YCM CPA INC. is headquartered in Irvine,
California and has been inspected by the PCAOB. Notwithstanding the foregoing, in the future, if there is any regulatory change or step
taken by PRC regulators or the SEC or Nasdaq