Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 148

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 148
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 required by this Item because the Company is a smaller reporting company.

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Our
consolidated financial statements are included on pages F-1 through F-45, which appear at the end of this Annual Report.

95

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not
applicable. There have been no changes in or disagreements with the Company’s principal independent auditors.

ITEM
9A. CONTROLS AND PROCEDURES

(a)
Evaluation of Disclosure Controls and Procedures.

We
maintain “disclosure controls and procedures” as such term is defined in Rule 13a-15I under the Exchange Act. In designing
and evaluating our disclosure controls and procedures, our management recognized that disclosure controls and procedures, no matter how
well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures
are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment
in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and
procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any
design will succeed in achieving its stated goals under all potential future conditions. Based on their evaluation as of the end of the
fiscal year ended September 30, 2024, our chief executive officer and our chief financial officer and principal accounting manager concluded
that our disclosure controls and procedures were not effective in insuring that the information relating to our Company required to be
disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized, and reported within the time periods
specified in SEC rules and forms; and (ii) is accumulated and communicated to our management, including our chief executive officer,
to allow timely decisions regarding required disclosure as a result of the material weaknesses in our internal control over financial
reporting due to the existence of the following material weaknesses:

    ●
    A
    lack of sufficient and adequately trained internal accounting and finance personnel with appropriate understanding of U.S. GAAP and
    SEC reporting requirements;

    ●
    A
    lack of segregation of duties within significant accounts; and

    ●
    A
    lack of a functioning audit committee and a majority of outside directors on the Company’s Board of