Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 169

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 6
Chunk 169
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 recorded as necessary to permit preparation of financial statements in accordance with
    accounting principles generally accepted in the United States of America and that receipts and expenditures of the Company are being
    made only in accordance with authorizations of management and directors of the Company; and

    ●
    Provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s
    assets that could have a material effect on the financial statements.

Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.

Management
assessed the effectiveness of the Company’s internal control over financial reporting as of November 30, 2024. In making this assessment,
management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated
Framework. Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing
of the operational effectiveness of these controls.

13

Based
on this assessment, management has concluded that as of November 30, 2024, our internal control over financial reporting was not effective
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. generally accepted accounting principles. In an effort to remediate the identified material weaknesses
and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:

We
will increase our personnel resources and technical accounting expertise within the accounting function. We will create a position to
segregate duties consistent with control objectives. And, we plan to appoint one or more outside directors to our board of directors
who shall be appointed to an audit committee resulting in a fully functioning audit committee who will undertake the oversight in the
establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made
by management when funds are available to us.

We
anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2025.

Changes
in Internal Control over Financial Reporting

There
was no change in our internal controls over financial reporting that occurred during the period covered by this Report, which has materially
affected, or is reasonably likely to materially affect