Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 216

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 9
Chunk 216
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 presumed fraud risk areas in the consideration of fraud in a financial statements audit in accordance with AS2401, we have
identified revenue as the primarily focus on the financial statements audit in addressing fraud risk consideration. While ASC 606 is
the revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods and service,
we had examined the accuracy of the timing of revenue recognition (cut-off testing) and appropriateness of performance obligation recognition
to make sure it is in accordance with the standard.

Our
audit procedures in this area among others to test the appropriateness, completeness, accuracy, cut-off and occurrence of revenue included
the following:

    (a)
    Identified
    the performance obligations within in contractual agreements;

    (b)
    Assessed
    and evaluated the degree of control of the Company has over the goods and services and the point at which control is transferred
    to the customer;

    (c)
    Reviewed
    the application of revenue recognition criteria, including satisfactory of performance obligations and transfer of risk and rewards;

    (d)
    Evaluated
    the completeness and adequacy of disclosures related to revenue recognition;

    (e)
    Inquiry
    management to understand their judgements, assumptions and policies related to revenue recognition.

    /s/
    JP CENTURION & PARTNERS PLT

    JP
    CENTURION & PARTNERS PLT (ID: 6723)

    We
    have served as the Company’s auditor since 2023.

    Kuala
    Lumpur, Malaysia

    January 23, 2025

F-2

Item
1. Financial Statements

ACEZTECH
CORPORATION

CONSOLIDATED
BALANCE SHEETS

AS
OF NOVEMBER 30, 2024 AND 2023

(CURRENCY
EXPRESSED IN UNITED STATES DOLLARS (“US$”), EXCEPT FOR NUMBER OF SHARES)

(AUDITED)

    As of November 30, 2024  
    As of  November 30, 2023 

    (Audited)  
    (Audited) 
  
    ASSETS 

    CURRENT ASSETS 

    Cash and cash equivalents 
    $10,341  
    $7,319 
  
    Prepayments and deposit 
     8,454  
     258 
  
    TOTAL CURRENT ASSETS 
     18,795  
     7,577 

    NON-CURRENT