Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 76

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 15
Chunk 76
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 We have identified certain material weakness in our internal control over financial reporting.
If we fail to implement and maintain an effective system of internal control to remediate our material weakness over financial reporting,
we may be unable to accurately report our results of operations, meet our reporting obligations, or prevent fraud.”

Pursuant to the JOBS Act, we qualify as an “emerging
growth company as we recorded revenues less than US$1.235 billion in our most recent fiscal year, which allows us to take advantage of
specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include
exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act, in the assessment of the emerging growth
company’s internal control over financial reporting.

Neither we nor our independent registered public
accounting firm undertook a comprehensive assessment of our internal control under the Sarbanes-Oxley Act for purposes of identifying
and reporting any weakness in our internal control over financial reporting, which, however, will be required once we become a public
company and after we cease to be an “emerging growth company” as such term is defined in the JOBS Act. Had we performed a
formal assessment of our internal control over financial reporting or had our independent registered public accounting firm performed
an audit of our internal control over financial reporting, additional control deficiencies may have been identified.

  (b)      Management’s annual report on internal control over financial reporting.  

Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under
the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting, as required by Rule 13a-15(c) of
the Exchange Act, based on criteria established in the framework in Internal Control-Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control
over financial reporting was not effective as of March 31, 2025 due to a material weakness identified in our internal control over financial
reporting as described above.

Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation
of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls may become inadequate
because of changes