Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 477

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1B
Chunk 477
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 financial officer, or persons performing similar functions,
and effected by our board of directors to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements in accordance with generally accepted accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of
the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the Company’s assets that could have a material effect on the financial statements.

Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those
systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

We
are a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K under the Securities Act. For as long as
we continue to be a smaller reporting company, we may take advantage of exemptions from various reporting requirements that are applicable
to other public companies that are not smaller reporting companies. Additionally, this Report does not contain an attestation report
of our registered public accounting firm regarding internal control over financial reporting since the Company, as an “emerging
growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012,
is not required to provide such report.

The
management of Trio Petroleum Corp., including our principal financial officer, conducted an evaluation of the effectiveness of the Company’s
internal control over financial reporting as of October 31, 2024 using the criteria set forth by the Committee of Sponsoring Organizations
of the Treadway Commission (“COSO”) in “Internal Control - Integrated Framework” (2013).

Management
concluded that the Company’s internal control over financial reporting was effective as of October 31, 2024, based on those