Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 47

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 47
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 or prevent fraud, which may affect
the market for and price of our Ordinary Shares.

We are a public company
in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 requires that we include
a report of management on our internal control over financial reporting in our annual report on Form 20-F. Our management may conclude
that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control
over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing,
may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, our reporting obligations
as a public company may place a significant strain on our management, operational and financial resources and systems for the foreseeable
future. We may be unable to timely complete our evaluation testing and any required remediation. Our independent registered public accounting
firm has not conducted an audit of our internal control over financial reporting. Our management has not completed an assessment of the
effectiveness of our internal control over financial reporting or an audit of our internal control over financial reporting. In the course
of management’s preparation and our independent registered public accounting firm’s auditing our consolidated financial statements
for the year ended September 30, 2024, we have identified certain material weakness in our internal control over financial reporting.
As defined in the standards established by the PCAOB, a “material weakness” is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual
or interim financial statements will not be prevented or detected on a timely basis.

The material weakness
identified relates to the lack of sufficient competent financial reporting and accounting personnel with appropriate understanding of
U. S. GAAP and SEC rules and regulations to address complex technical accounting issues and SEC reporting requirements. To remedy the
identified material weaknesses, we have implemented and will continue to implement several measures to improve our internal control over
financial reporting, including: (i) recruiting additional employees and external consultants with extensive knowledge of U. S. GAAP and
SEC financial reporting requirements within our finance and accounting department; (ii) setting up a comprehensive accounting policy,
checklists, and procedure manual in accordance