Audit & Assurance

Audit and assurance engagements generally involve an independent practicing CPA to express a conclusion after carrying out the evaluation or measurement of a subject matter against prescribed criteria. Besides statutory or regulatory compliance purposes, these engagements are to enhance the confidence of the intended users on the results and conclusions as reported.

Statutory Audit & Assurance

The Companies Ordinance requires the directors to prepare keep proper books and accounts and have annual accounts audited by a Hong Kong CPA. The management including the directors is responsible for preparing financial statements that fairly present the financial position, financial performance and cash flows of the entity in accordance with the accounting standards applied in Hong Kong.

The appointed auditor shall conclude after performing audit works whether the financial statements give a true and fair view or are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.

In the filing of a corporation’s profits tax return, audited annual accounts shall be submitted together with the tax return. In other circumstances such as borrowing and licensing, statutory audited accounts are normally required to add credibility to the implied assertion of the company’s financial position and performance.

Other Reporting/Assurance Engagements

Besides meeting the statutory audit and assurance requirement, there are various kinds of engagement for serving different purposes and industries, such as:

Report on Controls at a Service Organization;

Report Capital Investment Entrant Scheme;

Compliance Report of Authorized Insurance Broker;

Review of the Annual Financial Report of Non-governmental Organization (NGO);

Review of Flag Day Accounts;

Review of Lottery Accounts;

Audit on Project Grants; and etc

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