Under the section 122 of the Company ordinance (Cap.622) of the Laws of Hong Kong, the annual financial statements of Hong Kong limited company should be audited by Hong Kong Certified Public Accountants (Practising).
Apart from that, Hong Kong Inland Revenue Department also requires Hong Kong limited companies to submit the profits tax return with the audited financial statements for the purpose of tax assessment within a specific period.
Statutory Audit
Every company registered in Hong Kong must have its financial accounts audited by auditors registered under the Professional Accountants Ordinance (PAO) annually. For newly incorporated private companies, the first set of audited accounts should be laid before shareholders at the AGM within 9 months (6 months for other companies) after its financial year-end. Subsequent AGMs should be held not more than 15 months apart. There is no mandatory year-end date for Hong Kong companies, but 31 March and 31 December are the more common ones.
Special Audit
Apart from the annual statutory audit, special audit on financial statements of the company is required in one of the following situations in order to protect the interests of the shareholders:
- Investigation on management misconduct;
- Sales of business(es) and related valuation;
- Merger & acquisition or listing; and
- Reporting on operation efficiency and management performance.
Assurance Engagements other than Audit
Occasionally, Government-organized projects and schemes like those of Innovation and Technology Fund (“ITF”) will require companies to submit their Annual Reports with assurance engaged by Certified Public Accountants with practicing certificate. If your company is looking for such assurance service, our valuable experience shall help you.
We provide free preliminary consultancy services and assessments. Quotation will be provided after preliminary assessment depending on the company’s situation and the scope of services required.
The role of audited report
- Tax assessment for Inland Revenue Department
- Financing from the bank
- Apply for grants and allowances from the Government
- Protect the interests of shareholders
Our audit report not only evaluates your financial information, but also takes into account the risks that businesses may have in operation. In addition, we provide targeted business performance evaluations to interested parties based on our financial statements and accounting records.
Our services including:
- Statutory audit
- Internal audit
- Project audit
- Innovative & Technology Fund projects (“ITF”)
- Occupational Retirement Scheme ("ORSO")
- Technology Voucher Programme ("TVP")
- Dedicated Fund on Branding, Updating and Domestic Sales (BUD)
- Owners' Corporations of Buildings
- Due diligence
Should you have any enquires about Audit & Assurance Service, please contact us and we will provide FREE consultation service.