AUDIT & ASSURANCE

About Audit & Assurance

Audit and Assurance SERVICES

Statutory Audit
Project Audit
Internal Audit
Government Funding Audit
Due Diligence

STATUTORY AUDIT

Hong Kong companies are required to prepare financial statements for each financial year that comply with the Hong Kong Companies Ordinance. The financial statements must be audited by Hong Kong Certified Public Accountant (Practising).

In addition, the Hong Kong Inland Revenue Department requires the company to complete the audited financial statements for tax purposes while submitting a Profits Tax Return.

Besides, the audited financial statements can also be used for banking facilities arrangements and Government grants or allowance applications, etc.

SPECIAL AUDIT / Assurance

Apart from the annual statutory audit, a company may arrange assurance for special projects, such as:

  • Investigation of management misconduct;
  • Sale of businesses and related valuation;
  • Merger & acquisition or listing; and
  • Reporting on operation efficiency and management performance, etc.

For more information on accounting services, please contact our professional consultants and we will provide you with a FREE consultation.

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FAQs

1Are all company financial statements also subject to statutory audit?

  • Yes. The financial statements of all companies (including those exempt from reporting) are subject to audit, except for dormant companies (section 447)

2Are financial statements also required annually?

  • According to Chapter 622 of the Hong Kong Companies Ordinance, the directors of a company are required to prepare financial statements in compliance with sections 380 and 383 for each financial year. These financial statements are subject to audit by certified public accountants in Hong Kong.

3When is the company year-end?

  • It is usually customary to use March 31 or December 31 of each year as the tax base period. The maximum tax base period for the first year of a Hong Kong company is 18 months.

4How much is the audit fee?

  • Our fees are based on the time required for audit work, so the industry and size of the business are also factors. If you want to request a quote, please contact us for more information.

5Are audits of government-funded projects provided?

  • We provide audits of government-funded projects such as Technology Voucher (TVP), Special Fund (BUD), 5G Technology Funding Scheme, and Technology Start-Up Support Scheme For Universities. Since it is not exhaustive, please contact us for inquiries.