Audit & Assurance Service
Audit is an examination of financial reports of a company. The purpose is to enhance the degree of confidence of intended users towards the financial statements.
According to the Companies Ordinance, the annual financial statements of a limited company incorporated in Hong Kong is required to be audited by a qualified accountant with a practicing certificate issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).
The company is ultimately responsible for the preparation of the company’s financial statements and supporting documents to be reviewed, and the auditor is responsible to examine the financial statements of the company to check if the company complies with the tax laws and accounting & auditing standards issued by the HKICPA.
What we can do
We undertake audit and assurance assignments on behalf of local and international clients in accordance with the approved accounting and auditing standards as set by the Hong Kong Institute of Certified Public Accountants and International accounting authorities. Our staff is experienced and has a good understanding of Hong Kong Auditing and Assurance Standards as well as Hong Kong Taxation. According to Section 429 of the Companies Ordinances, the financial statements of Hong Kong Limited Company should be submitted in annual meeting for shareholders’ perusal after being audited. The Inland Revenue Department also requires the limited company to furnish the Profits Tax Return with the audited financial statements for tax assessment purpose.
About Audit and Assurance Standards
Auditing and assurance standards in Hong Kong are known as Hong Kong standards on quality control, auditing, assurance and related services.
The term " Hong Kong standards on quality control, auditing, assurance and related services" includes:
Hong Kong standards on quality control (HKSQCs)
Hong Kong framework for assurance engagements
Hong Kong standards on auditing (HKSAs)
Hong Kong standards on review engagements (HKSREs)
Hong Kong standards on assurance engagements (HKSAEs)
Hong Kong standards on investment circular reporting engagements (HKSIRs)
Hong Kong standards on related services (HKSRSs)
HKSQCs establish basic principles and essential procedures and provide guidance regarding a firm's responsibilities for its quality control for Hong Kong engagement standards.
HKSAs, HKSREs, HKSAEs, HKSIRs and HKSRSs are collectively referred to as Hong Kong engagement standards.
HKSAs are applied in the audit of historical financial information.
HKSREs are applied in the review of historical financial information.
THKSAEs are to be applied in assurance engagements dealing with subject matters other than historical financial information.
HKSIRs are applied in investment circular reporting engagements.
HKSRSs are applied to compilation engagements, engagements to apply agreed-upon procedures to information and other related services engagements.
