Audit & Assurance
Audit and Assurance are not only just about numbers, but also a strong foundation for future aspirations of your business. Our auditing team of qualified professionals help you satisfy the statutory auditing requirements under the legal frameworks. Moreover, by allowing us to understand more about your auditing scenario and business in-depth, your annual audit report should be even an opportunity to align the operation with strategies, protecting the business and facilitating profitable growth and increased business value in the future.
Types of audits
01 Statutory audit
Hong Kong companies are required to prepare financial statements for each financial year that comply with the Hong Kong Companies Ordinance. The financial statements must be audited by Hong Kong Certified Public Accountant (Practising).
In addition, the Hong Kong Inland Revenue Department requires the company to complete the audited financial statements for tax purposes while submitting a Profits Tax Return.
Besides, the audited financial statements can also be used for banking facilities arrangements and Government grants or allowance applications, etc.
02 SPECIAL AUDIT / ASSURANCE
Apart from the annual statutory audit, a company may arrange assurance for special projects, such as:
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audit and assurance
The specific work of an Annual Examination for a Hong Kong company includes renewal of the Business Registration Certificate and the delivery of an Annual Return. In Hong Kong, the Business Registration Certificate is only valid for one year and has to be renewed regularly after the anniversary date of incorporation of the company. In addition, the Companies Registry requires a company to deliver an Annual Return after the anniversary date of incorporation of such company, giving an update on the state of affairs of the company during last year, including such information as the number of shareholders of the company, the names of the shareholders and their shareholdings and its operating.
Weprovides Annual Examination service for Hong Kong and offshore companies. Our existing clients are only required to sign on the acknowledgement and the Annual Return file while a new client has to provide us with the copies of Certificate of Incorporation, Business Registration Certificate and NCI.
Hong Kong government requires a Hong Kong company to renew its Business Registration Certificate and deliver an Annual Return on the anniversary date of the incorporation of the company. The company may incur avoidable fines and credit risk caused from any late delivery.
It will be fined. For late renewal of the Business Registration Certificate, the company is subject to an additional fine of HK$300 every year in additional to the payment of all outstanding government fees. The shareholders and directors of the company are liable to prosecution and, if convicted, pay the default fines. For each default, the maximum amount of the fine is HK$50,000.
Audit and Assurance (5) :
What fees would a company have to pay to the Hong Kong government for an Annual Examination?
For an Annual Examination, a company is subject to a Business Registration Certificate fee of HK$2,250 and an Annual Return fee of HK$105.