Company: NTWK
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001641172-25-007993
Chunk: 22

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 22
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 quarterly financial statements for the third quarter of fiscal year 2024 and 2023. The total amount 
 paid to Fortune for these services was $563,500.                                                                                      |

Tax Fees

Tax fees for fiscal year 2024 were $19,000 and
consisted of the preparation of the Company’s federal and state tax returns for the fiscal years 2023. Tax fees for fiscal year
2023 were $16,000 and consisted of the preparation of the Company’s federal and state tax returns for the fiscal year 2022.

All Other Fees

No other fees were paid to principal accountant
during the fiscal year 2024 and 2023.

Pre-Approval Procedures

The Audit Committee and the Board of Directors
are responsible for the engagement of the independent auditors and for approving, in advance, all auditing services and permitted non-audit
services to be provided by the independent auditors. The Audit Committee maintains a policy for the engagement of the independent auditors
that is intended to maintain the independent auditor’s independence from NetSol. In adopting the policy, the Audit Committee considered
the various services that the independent auditors have historically performed or may be needed to perform in the future. The policy,
which is to be reviewed and re-adopted at least annually by the Audit Committee:

(i) Approves the performance by the independent
auditors of certain types of service (principally audit-related and tax), subject to restrictions in some cases, based on the Committee’s
determination that this would not be likely to impair the independent auditors’ independence from NetSol;

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(ii) Requires that management obtain the specific
prior approval of the Audit Committee for each engagement of the independent auditors to perform other types of permitted services; and

(iii) Prohibits the performance by the independent
auditors of certain types of services due to the likelihood that their independence would be impaired.

Any approval required under the policy must be
given by the Audit Committee, by the Chair of the Committee in office at the time, or by any other Committee member to whom the Committee
has delegated that authority. The Audit Committee does not delegate its responsibilities to approve services performed by the independent
auditors to any member of management.

The standard applied by the Audit Committee in
determining whether to grant approval of an engagement of the independent auditors is whether the services to be performed, the compensation
to be paid therefore and other related factors are consistent with the independent auditors’