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.