fails to file these reports on a timely basis. Based on our review of ownership reports required to be filed during the year ended June 30, 2024, we believe that no executive officer,
director or 10% beneficial owner of shares of Company common stock failed to file an ownership report on a timely basis.
Insider Trading Policy
Our Board of Directors has adopted an Insider Trading Policy, which is filed as an exhibit to our Annual Report on Form 10-K, that governs the purchase, sale, and other dispositions of CFSB Bancorps securities by our executive officers, directors, and employees and that is reasonably designed to promote compliance with insider
trading laws, rules, and regulations and Nasdaq listing standards. Our Insider Trading Policy prohibits CFSB Bancorps executive officers, directors, and employees from engaging in any derivative or hedging transactions in CFSB Bancorps
securities, including but not limited to short sales, put options, call options, collars, futures contracts, forward contracts, and swaps.
REPORT OF THE AUDIT COMMITTEE
CFSB Bancorps management is responsible for CFSB Bancorps internal controls and financial reporting process. Our independent
registered public accounting firm is responsible for performing an independent audit of our financial statements and issuing an opinion on the conformity of those financial statements with generally accepted accounting principles in the United
States of America (GAAP). The Audit Committee oversees CFSB Bancorps internal controls and financial reporting process on behalf of the Board of Directors.
In this context, the Audit Committee has met and held discussions with management and the independent registered public accounting firm.
Management represented to the Audit Committee that the financial statements were prepared in accordance with GAAP and the Audit Committee has reviewed and discussed the financial statements with management and the independent registered public
accounting firm. The Audit Committee discussed with the independent registered public accounting firm all matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board and the Securities and
Exchange Commission.
In addition, the Audit Committee has received the written disclosures and the letter from the independent registered
public accounting firm required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent registered public accounting firms communications with the Audit Committee concerning independence, and
has discussed with the independent registered public accounting firm the firms independence from CFSB Bancorp and its management. In concluding that the registered public accounting firm is independent, the Audit Committee considered, among
other factors, whether any non-audit services provided by the firm were compatible with its independence.
The Audit Committee discussed with the independent registered public accounting firm the overall scope and plans for its audit. The Audit
Committee meets with the independent registered public accounting firm, with and without management present, to discuss the results of their audit, their evaluation of CFSB Bancorps internal controls, and the overall quality of its financial
reporting.
In performing these functions, the Audit Committee acts only in an oversight capacity. In its oversight role, the Audit
Committee relies on the work and assurances of CFSB Bancorps management, which has the primary responsibility for financial statements and reports, and of the independent registered public accounting firm who, in its report, expressed an
opinion on the conformity of CFSB Bancorps consolidated financial statements to GAAP. The Audit Committees oversight does not provide it with an independent basis to determine that management has maintained appropriate accounting and
financial
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