Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2180

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 9
Chunk 2180
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 primary purpose of our audit
committee is to assist the Board of Directors in the oversight of the integrity of our accounting and financial reporting process, the
audits of our consolidated financial statements, and our compliance with legal and regulatory requirements. It also oversees internal
controls and discusses Company policies related to risk assessment and risk management, including cybersecurity matters. Our audit committee
met five times during the fiscal year ended March 31, 2025. The functions of our audit committee include, among other things:

    ●
    hiring the independent registered public accounting firm to conduct the annual audit of our consolidated financial statements and monitoring its independence and performance; 

    ●
    reviewing and approving the planned scope of the annual audit and the results of the annual audit; 

    ●
    pre-approving all audit services and permissible non-audit services provided by our independent registered public accounting firm;

    ●
    reviewing the significant accounting and reporting principles to understand their impact on our consolidated financial statements;

    ●
    reviewing our internal financial, operating and accounting controls with management, our independent registered public accounting firm and our internal audit provider;

    ●
    reviewing with management and our independent registered public accounting firm, as appropriate, our financial reports, earnings announcements and our compliance with legal and regulatory requirements;

    ●
    periodically reviewing and discussing with management the effectiveness and adequacy of our system of internal controls;

    ●
    in consultation with management and the independent auditors, reviewing the integrity of our financial reporting process and adequacy of disclosure controls;

    ●
    reviewing potential conflicts of interest under and violations of our code of conduct;

    ●
    establishing procedures for the treatment of complaints received by us regarding accounting, internal accounting controls or auditing matters and confidential submissions by our employees of concerns regarding questionable accounting or auditing matters;

    ●
    reviewing and approving related-party transactions; and

    ●
    reviewing and evaluating, at least annually, our audit committee’s charter.

With respect to reviewing and
approving related-party transactions, our audit committee will review related-party transactions for potential conflicts of interests
or other improprieties. Under SEC rules, related-party transactions are those transactions to which we are or may be a party in which
the amount involved exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal
years, and in which any of our directors or executive officers or any other related person had or will have a direct or indirect material