Company: RGBP
Filing Date: 2025-12-05
Form Type: 253G1
Source: 0001493152-25-026350
Chunk: 132

Company: Regen BioPharma Inc
Filing Date: 2025-12-05
Form: 253G1
Chunk 132
---
.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

| ● | Going                                                                                            
 Concern – As discussed in Note 2 to the consolidated financial statements, the                   
 Company has a going concern due to negative working capital and losses from operations which     
 raises substantial doubt about its ability to continue as a going concern. Auditing management’s 
 evaluation of a going concern can be a significant judgment given the fact that the Company      
 uses management estimates on future revenues and expenses, which are difficult to substantiate.  
 To evaluate the appropriateness of the going concern, we examined and evaluated the financial    
 information along with management’s plans to mitigate the going concern and management’s         
 disclosure on going concern.                                                                     |

| ● | Valuation                                                                                           
 of Level 3 Investments Securities in Related Parties – As described in Note 6 to                    
 the consolidated financial statements, the Company holds investment securities, including           
 Level 3 securities whose fair values are based on significant unobservable inputs. The fair         
 value of these securities was $17,733 and $222,580 as of September 30, 2024 and 2023, respectively. 
 Management uses valuation models and assumptions, including discount rates, projected cash          
 flows, and market comparables, to estimate fair value.                                              |

We identified the valuation of Level 3 investment securities as a critical audit matter due to the significant judgment required by management to estimate fair value and the high degree of estimation uncertainty. This required a high degree of auditor judgment and increased audit effort.

How the Matter Was Addressed in the Audit

Our audit procedures related to the valuation of Level 3 investment securities included, among others:

| ● | Testing                                                                              
 management’s valuation process, including the review and approval of key assumptions 
 and inputs.                                                                          |

| ● | Evaluating                                                             
 the appropriateness of the valuation methodologies used by management. |

| ● | Assessing                                                                                  
 the reasonableness of key assumptions, such as discount