Running an Audit in Hong Kong
Running an Audit in Hong KongUpdated on Monday 21st September 2015
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Audit requirements in Hong Kong
The Hong Kong Companies Ordinance sets forth the requirements for company accounting and auditing as well as the keeping of the proper books of account. Hong Kong companies need to maintain proper accounting records, prepare annual accounts and hire a registered auditor to perform the necessary annual audit on the accounts.
Our law firm in Hong Kong can provide you with special accounting and audit services, suited for any type of company. We can also help you with tax filing compliance.
Audit of financial statements in Hong Kong
A company incorporated in Hong Kong is required to submit statutory reports that contain the following:
- audited financial statements for the year in course;
- the corresponding amounts for the previous year;
- balance sheet;
- profits and loss account;
- cash flow statement.
The audited financial statements are the documents prepared by a certified accountant and they must be signed by him or her. The experts at our Hong Kong law firm also include accountants who can help you with specialized services.
Financial reporting in Hong Kong
According to law, all companies in Hong Kong must keep books of account that contain the following:
- the amounts received and expended by the company;
- sales and purchases of goods by the company;
- the assets and liabilities of the company.
The books of account must reflect the true financial situation of the company and must explain its transactions. These documents are to be kept at the company’s registered office, its main place of management, or in another place if the company directors request so. Companies must keep the books of account for seven years from the end of the financial year.
The tax year in Hong Kong starts on April 1 and ends on March 31 the following year. Our law firm in Hong Kong offers a wide range of services and our experts can also help you comply with the tax filing and accounting requirements.
If you need an expert accountant that will run an audit for your Hong Kong company you can contact our Hong Kong law firm.