Auditing Services
Audit an assurance service provided by professionals. The assurance service is mainly aimed to provide a certified financial or non-financial information to the company’s shareholders, investors or other stakeholders by an independent professional, so that the users can rely on the relevant reports to make their own economic decisions.
Generally, the most common assurance service in Hong Kong is the audit of company’s directors’ report and financial statements (together as referred as annual report). To complete the audited financial statements annually is one of the specified company obligations under Companies Ordinance (Cap. 622), and it is also one of the required documents for tax filing.
The auditor will apply the professional knowledge and design appropriate audit procedures in order to obtain sufficient and appropriate audit evidence to provide a basis for auditor’s report. The auditor’s report will be part of the company’s annual report, which will provide a reasonable assurance to the fairness and reliability in regard to data and disclosure stated in the company’s financial statements.
Our services:
- Statutory Audit
- Internal Audit
- Special Purpose Audit
Statutory Audit
The statutory audit is conducted based on the legal requirements of the company’s legal jurisdiction situated. For instance, a company incorporated under Hong Kong Companies Ordinance (Cap. 622) must appoint a practicing certified public accountant (auditor) named under the list of Hong Kong Institution of Certified Public Accountants for the audit of company’s books and accounts, financial statements and other relevant reports for every year.
Statutory audit is a serious professional service. The auditor is responsible to the whole shareholders and this assurance service is guaranteed by the auditor’s professional qualification to provide a reasonable assurance to the whole shareholders and other users of the audited financial statements, which enhanced the reliability of the company’s image and financial statements. Thus, audited financial statements are one of the required documents by Inland Revenue Department.
Simultaneously, the Companies Ordinance (Cap. 622) has also stipulated that the directors of the company are responsible for preparing financial statements each year and laying the audited financial statements before the annual general meeting for the shareholders’ review.
The auditor will conduct the audit in accordance with the Code of Ethics for Professional Accountants, Hong Kong Standards on Auditing and the company’s adopted financial reporting framework and Hong Kong Accounting Standards that issued by Hong Kong Institution of Certified Public Accountants. After completion of audit, the auditor will express an audit opinion in the auditor’s report in regard to the company’s financial statements for the company and directors conducting annual general meeting.
Internal Audit
Internal audit is a service that focus on the company’s internal controls, which mainly aimed to enhance the company’s operating efficiency, reduce the chance of error, fill up the deficiency on controls and safeguard of assets, and ultimately protect the company’s properties and enhance the competitiveness.
Each company's culture, business and operating style are not the same so that we must understand the company in order to tailor-made the investigation and audit procedures for the internal controls system, and ultimately provide a suitable improvement plan for your company
Generally, the internal audit will focus on below areas
- Audit on books and accounts (e.g., inspect and compare the actual cash flow to the books and accounts)
- Operational audit
- Management audit
- Risk mangement
- Asset audit (e.g., stocktake for inventories and fixed assets)
*Quotation of Internal Audit is computed based on the business nature and complexity of your company, the required skills and professional knowledge, status of operation, estimated time and resource spent on the professional services*
Statutory audit is a serious professional service. The auditor is responsible to the whole shareholders and this assurance service is guaranteed by the auditor’s professional qualification to provide a reasonable assurance to the whole shareholders and other users of the audited financial statements, which enhanced the reliability of the company’s image and financial statements. Thus, audited financial statements are one of the required documents by Inland Revenue Department.
Simultaneously, the Companies Ordinance (Cap. 622) has also stipulated that the directors of the company are responsible for preparing financial statements each year and laying the audited financial statements before the annual general meeting for the shareholders’ review.
The auditor will conduct the audit in accordance with the Code of Ethics for Professional Accountants, Hong Kong Standards on Auditing and the company’s adopted financial reporting framework and Hong Kong Accounting Standards that issued by Hong Kong Institution of Certified Public Accountants. After completion of audit, the auditor will express an audit opinion in the auditor’s report in regard to the company’s financial statements for the company and directors conducting annual general meeting.
一般而言，內部審計主要都會針對以下的範疇:
Audit on books and accounts
(e.g., inspect and compare the actual cash flow to the books and accounts)
Operational audit
Management audit
Risk mangement
Asset audit
(e.g., stocktake for inventories and fixed assets)
*Quotation of Internal Audit is computed based on the business nature and complexity of your company, the required skills and professional knowledge, status of operation, estimated time and resource spent on the professional services*
Statutory audit is a serious professional service. The auditor is responsible to the whole shareholders and this assurance service is guaranteed by the auditor’s professional qualification to provide a reasonable assurance to the whole shareholders and other users of the audited financial statements, which enhanced the reliability of the company’s image and financial statements. Thus, audited financial statements are one of the required documents by Inland Revenue Department.
Simultaneously, the Companies Ordinance (Cap. 622) has also stipulated that the directors of the company are responsible for preparing financial statements each year and laying the audited financial statements before the annual general meeting for the shareholders’ review.
The auditor will conduct the audit in accordance with the Code of Ethics for Professional Accountants, Hong Kong Standards on Auditing and the company’s adopted financial reporting framework and Hong Kong Accounting Standards that issued by Hong Kong Institution of Certified Public Accountants. After completion of audit, the auditor will express an audit opinion in the auditor’s report in regard to the company’s financial statements for the company and directors conducting annual general meeting.
Special Purpose Audit
Except for statutory audit, audit is also offering special purpose audited report in order to meet the needs of different users. The content, format and applicable financial reporting framework of special purpose audited report might be different from the standardised Standards on Auditing and Accounting Standards, yet the report’s content and methodology are mainly determined by the users’ requirements.
Special purpose audited report including but not limited to the below examples:
- Special audit for application of government grant
- Audit for the licensing fee of royalties
- Audited turnover certificate for mall or shop
- Audit for compliance and legal documents
- Audit of assets and liabilities for merge and acquisition
- Tax audit
- Forensic Accounting and Due Diligence
*Quotation of Special Purpose Audit is computed based on the nature and complexity of report, the required skills and professional knowledge, financial reporting framework, estimated time and resource spent on the professional services*