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Hong Kong Company Audit Requirements

Updated:2017-11-16 18:13:52    Source:www.tannet-group.comViews:177

Every company registered in Hong Kong must have its financial accounts audited by auditors registered under the Professional Accountants Ordinance (PAO) annually. For newly incorporated private companies, the first set of audited accounts should be laid before shareholders at the AGM within 9 months (6 months for other companies) after its financial year-end. Subsequent AGMs should be held not more than 15 months apart. There is no mandatory year-end date for Hong Kong companies, but 31 March and 31 December are the more common ones.

Directors' Responsibilities
Company directors are responsible for ensuring that the company maintains proper books of account and for preparing financial statements which give a true and fair view, and have been prepared in compliance with the Hong Kong Companies Ordinance. The company’s books of account and other relevant records and related information are all important documents required by auditors for examination during the course of audit work.

Auditors' Responsibilities
Auditors have a statutory responsibility to report to company shareholders whether in their opinion the financial statements give a true and fair view and whether they have been properly prepared in accordance with the Companies Ordinance. Auditors conduct their work in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants (HKICPA).

HKICPA
The HKICPA is the only body authorised by law to register and grant practising certificates to certified public accountants in Hong Kong. Members of the Institute are entitled to the description "Certified Public Accountant" and to the designation CPA. The Institute operates under the Professional Accountants Ordinance and works in the public interest. The Institute has wide-ranging responsibilities including promulgating financial reporting, auditing and ethical standards in Hong Kong.

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