Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 33

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 33
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otes will have no effect.

Recommendation of the Board

The Board recommends a vote “FOR”
this Proposal.

Audit Committee

The Audit Committee, which as
of the date of this proxy statement consists of Sangita Shah, Sharon Hrynkow, and Keith Johnson, reviews Forward’s financial reporting
process on behalf of the Board and administers our engagement of the independent registered public accounting firm. The Audit Committee
meets with the independent registered public accounting firm, with and without management present, to discuss the results of its examinations,
the evaluations of our internal controls, and the overall quality of our financial reporting. Management has the primary responsibility
for the financial statements and the reporting process, including the system of internal controls.

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The Audit Committee met and held
discussions with management and CR. Management represented to the Audit Committee that our financial statements were prepared in accordance
with accounting principles generally accepted in the United States of America (“US GAAP”), and the Audit Committee reviewed
and discussed the financial statements with management and CR. The Audit Committee reviewed with CohnReznick LLP its judgments as to the
quality, not just the acceptability, of our accounting principles and such other matters as are required to be discussed with the Audit
Committee in accordance with the standards of the Public Company Accounting Oversight Board, which we refer to as the “PCAOB.”

Audit Committee Report

The Audit Committee has:

| · 
 · | reviewed and discussed the audited financial statements with management;                                                                                                                                                                   
 met privately with CR, our independent registered public accounting firm for the fiscal year ended September 30, 2024 and discussed matters required by the PCAOB;                                                                         |
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| · | received the written disclosures and the letter from CR, as required by the applicable requirements                                                                                                                                        
 of the PCAOB regarding the independent registered public accounting firm’s communications with the Audit Committee concerning                                                                                                              
 independence, and discussed with CR its independence from us; and                                                                                                                                                                          |
| · | in reliance on the review and discussions referred to above, recommended to the Board that the audited financial statements be included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2024 filed with the SEC. |

This report is submitted by the
Audit Committee:

Sangita Shah

Sharon Hrynkow

Keith Johnson

The above Audit Committee Report
is not deemed to be “soliciting material,” is not “filed” with