Audit and Assurance

The purpose of preparing correct and complete financial statements is not only for a proper understanding of enterprise’s financial situation but also act as an indicator of operation and investment decision.

Companies incorporated in Hong Kong with limited liability, as stipulated by Companies Ordinances (Chapter 622, Law of Hong Kong) or entities with limited liability established business operation in Hong Kong, should appoint an independent auditor to perform statutory audit. The report is required to be presented to members at the Annual General Meeting (“AGM”) within a prescribed time limit. Besides, The Inland Revenue Department also requires a limited company to submit a set of audited accounts (and profits tax computation) together with the company’s Profits Tax Return (Form “BIR51”) within a certain time frame. Late submission of duly signed Profits Tax Return (Form “BIR51”) shall be subjected to penalties (normally HK$1,200 for first attempt and HK$3,000 for further attempt), estimated assessment or even court summons.

Statutory Audit

We deliver quality audits in accordance with the Laws of Hong Kong and Statements of Auditing Standards issued by Hong Kong Institute of Certified Public Accountants (HKICPA). During the course of audit, we carry out studies on the industry characteristics of target enterprise and do take into consideration for planning of audit, such as mode of business operation, management structure, inherent problem and risk management. We also keep our clients be informed during the audit so as to have a proper understanding of the financial position by the clients.

We conclude our professional opinion on whether or not the financial statements of the Company are prepared, in all material respects, in accordance with the applicable Hong Kong Financial Reporting Standard issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance.

Other than providing statutory audit to the limited companies, we also provide auditing service to school and owners of incorporation.

Non-Statutory Audit

Apart from conducting statutory audit, we also provide non statutory audit as requested and depends on various situations. Examples are:

  • Assurance engagement on the internal control, external monitoring and inventory system of company
  • Carry detailed investigation on specific areas with appropriate improvement advice
  • Audit on proprietorship and partnership for enhancing reliability of financial statements
  • Turnover / Cross takings assurance engagement for retail business needs
  • Audit engagement for project fund held by government or public organizations, such as QEF / TVP fund etc.
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