Company Audit in Hong Kong
Company Audit in Hong Kong

Company Audit in Hong Kong

We explain the requirements for small business audit in Hong Kong, the company audit process, and provide accounting audit for busy founders

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  • Companies Registry
    TC006825
  • CPA
    Certified Public Accountants
  • Xero Platinum Partner
    Xero
    Platinum Partner
  • Chartered Secretaries
    Chartered Secretaries
What are the financial reporting standards in Singapore?
What are the financial reporting standards in Singapore?

How does company audit Hong Kong work?

Company audit is a process every Hong Kong company has to go through every year. It means that your financial statements have to be audited by a registered and certified public accountant who is outside your company. This expert then confirms that the data you submit to the Inland Revenue Department (IRD) is true and fair.

What Is Financial Reporting In Singapore Used For?
What Is Financial Reporting In Singapore Used For?

What are the requirements for small business audit?

Here’s the list of documents you have to provide to be audited, confirmed, and submitted to IRD:

  • General business ledger
  • Balance sheet
  • Profit & Loss account
  • Bank statements and merchant account statements
  • All service invoices
  • Sales, purchase and expenditure receipts
  • Contracts or Agreements: Lease, Employee, etc.
  • Corporate documents

How do I set up accouting audit for my company?

The company audit has to be filed together with your Profit Tax Return, the main financial report you file with the IRD. Typically, the government sends you the first tax return after 18 months from your incorporation. That’s when you need to respond with the report and the company audit.

You can and should start preparing it earlier, though. Make sure you have chosen an accounting audit agency who will deliver the job.

It is required by Hong Kong law that the auditor is outside your company, so that the review he or she submits is unbiased, true, and trustworthy. It also has to be a Certified Public Accountant (CPA), a person with confirmed expertise in the field. They have to be practising as well.

Make sure you check that the cost of the company audit covers everything and there won’t be any additional charges you haven’t discussed.

We provide hassle-free financial reporting

We provide hassle-free company audit

We take over the paperwork routine, answer fast and online, and give active advice. Our company audit comes at a flat fee, so no extra charges out of the blue.

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Choose the plan that works for you

All Hong Kong companies are legally required to prepare accounts, audit these accounts and submit a profits tax return on an annual basis. The good news is we can help with all of this. Whether your company is just starting out or has been up and running for a while, we have a package to meet your needs.

  • Mini

    60 transactions a year

    Price

    HK$288/m

    In this package:

    • Annual bookkeeping
    • Annual management reports
    • Unaudited Financial Statements
    • Annual profits tax return filing

    Annual Audit

    HK$3,500

  • Starter

    50 transactions a month

    Price

    HK$720/m

    In this package:

    • Multicurrency Xero subscription
    • Daily bookkeeping
    • Monthly management reports
    • Unaudited Financial Statements
    • Annual profits tax return filing

    Annual Audit

    HK$6,500

  • Need more?

    We have monthly packages for businesses of any size

    • Booming Accounting 100 transactions/m

      HK$1,400/m

    • Rocking Accounting 150 transactions/m

      HK$1,900/m

    • Unicorn Accounting 200 transactions/m

      HK$2,500/m

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  • Many accountants I reached out to either never responded or charged extortionate amounts of money. I joined Osome and I'm incredibly happy I did.

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  • They use the Osome app to gently nudge me to send in paperwork, and they provide me with regular updates and reminders regarding finances and filing deadlines.

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    DW4DAYS Pte. Ltd.

Q&A

  • What does a company audit involve?

    During an audit for your company, you get your financial statements, accounting books, balance sheets, and income statements sorted. A Certified Practicing Accountant (CPA) reviews these documents. Using a 3rd party CPA is a Hong Kong audit requirement.

    Then, the auditor looks at your company’s activities to verify your financial statements. The auditor then assesses the accuracy of these reports according to their expert judgement and creates an audit report.

  • How to audit my company?

    Your company can start by preparing documents like financial statements, purchase invoices, bank statements to pass to your auditor. The auditor will conduct a review to understand your company’s activities. Your auditor may use an audit accounting software to make an accounting audit report. Your company directors will sign it and send it back to the auditor. A tax computation form is created. That, along with the completed Profits Tax Return, gets sent to the government.

  • Who is the company auditor?

    An auditor of a company is a 3rd person accountant who reviews balance sheets, income statements, and other general ledgers of business transactions. They then assess for the accuracy of these documents. The auditor is responsible for acquiring sufficient documentation for each company they audit. The auditor must be licensed as a Hong Kong Certified Public Accountant (CPA). Your chosen CPA will audit your accounts and submit them to the Hong Kong Inland Revenue Department (IRD).

  • Is audit mandatory in Hong Kong?

    Yes, all companies incorporated in Hong Kong, including those operating their business within Hong Kong or overseas, would need to go through an annual audit process to audit their company accounts. It is a requirement for all Hong Kong companies to do this. Hong Kong has made it mandatory for companies to file a Statutory Audit in accordance with the Hong Kong Financial Reporting Standards. They may use auditing and accounting software to assist them or, hire a 3rd party licensed Certified Public Accountant to do so.

  • What is an audit in accounting?

    Audit in accounting happens when your company goes through verification and review of your business’s financial accounts. The audit of company accounts is done by third-party auditors in Hong Kong to make sure your company gets an accurate representation of your financial activities, with no bias. Your Hong Kong company’s financial statements, payable taxes and profit are subject to audits for the company.

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