Operating a Business in Hong Kong, Statutory Audit, Review and Assurance Services
Statutory Audit
All limited companies incorporated in Hong Kong are required to undergo a statutory audit of their financial statements on an annual basis, in accordance with the Companies Ordinance (Cap. 622). The audit must be conducted by a Hong Kong Certified Public Accountant (Practising).
The purpose of a statutory audit is to provide an independent opinion on whether the company's financial statements have been prepared in accordance with applicable accounting standards and give a true and fair view of the company's financial position, financial performance and cash flows.
Review and Assurance Services
In addition to statutory audit, Hong Kong CPAs also offer a range of review and assurance services to businesses of all sizes. These services can be tailored to the specific needs of the business and can help to:
Improve the reliability of the business's financial information
Enhance the credibility and transparency of the business
Identify and mitigate financial risks
Comply with regulatory requirements
Some examples of review and assurance services include:
Review of financial statements: A review of financial statements is a less extensive engagement than a statutory audit, but it can still provide valuable assurance to stakeholders. The auditor will perform a limited number of procedures to obtain reasonable assurance that the financial statements are free from material misstatement.
Agreed-upon procedures: Agreed-upon procedures are engagements in which the auditor performs specific procedures agreed upon between the auditor and the client. The auditor's report will state the procedures performed and the findings from those procedures.
Special purpose reports: Special purpose reports are engagements in which the auditor provides an opinion or conclusion on a specific aspect of the business's financial information, such as internal controls or compliance with accounting standards.
Benefits of Statutory Audit, Review and Assurance Services
Statutory audit, review and assurance services can provide a number of benefits to businesses operating in Hong Kong, including:
Improved financial reporting: Statutory audit, review and assurance services can help businesses to improve the accuracy and reliability of their financial reporting. This can be important for attracting investors, lenders and other stakeholders.
Enhanced credibility and transparency: Statutory audit, review and assurance services can help businesses to enhance their credibility and transparency with stakeholders. This can be important for building trust and confidence in the business.
Reduced financial risks: Statutory audit, review and assurance services can help businesses to identify and mitigate financial risks. This can help to protect the business's assets and bottom line.
Compliance with regulatory requirements: Statutory audit is required by law for all limited companies incorporated in Hong Kong. In addition, many industries have specific regulatory requirements for financial reporting. Statutory audit, review and assurance services can help businesses to comply with these requirements.
How to Choose a Statutory Auditor or Review and Assurance Provider
When choosing a statutory auditor or review and assurance provider, it is important to consider the following factors:
Experience and expertise: The auditor or provider should have experience and expertise in auditing and reviewing businesses in your industry.
Reputation: The auditor or provider should have a good reputation in the industry.
Cost: The cost of the services should be reasonable and affordable for your business.
Communication and customer service: The auditor or provider should communicate effectively with you and be responsive to your needs.
Statutory audit, review and assurance services can provide a number of benefits to businesses operating in Hong Kong. When choosing a statutory auditor or review and assurance provider, it is important to consider the factors mentioned above.
Bestar's Partner Firm
Bestar's partner firm is a leading provider of audit, review and assurance services in Hong Kong. The firm has a team of experienced and qualified auditors who are experts in auditing and reviewing businesses in all industries. Bestar is also a member of the Hong Kong Institute of Certified Public Accountants (HKICPA), which ensures that the firm meets the highest professional standards.
Bestar offers a range of statutory audit, review and assurance services to businesses of all sizes in Hong Kong. These services can be tailored to the specific needs of the business and can help to:
Improve the reliability of the business's financial information
Enhance the credibility and transparency of the business
Identify and mitigate financial risks
Comply with regulatory requirements
Some examples of Bestar's statutory audit, review and assurance services include:
Statutory audit: Bestar can conduct a statutory audit of a company's financial statements in accordance with the Companies Ordinance (Cap. 622).
Review of financial statements: Bestar can perform a review of a company's financial statements to provide reasonable assurance that they are free from material misstatement.
Agreed-upon procedures: Bestar can perform specific procedures agreed upon between the auditor and the client on the company's financial information or other subject matter.
Special purpose reports: Bestar can provide an opinion or conclusion on a specific aspect of a company's financial information, such as internal controls or compliance with accounting standards.
In addition to statutory audit, review and assurance services, Bestar also offers a range of other services, including:
Accounting and bookkeeping: Bestar can help businesses with their accounting and bookkeeping needs, including the preparation of financial statements.
Taxation: Bestar can help businesses with their tax planning and compliance needs.
Corporate secretarial services: Bestar can provide corporate secretarial services to businesses, such as the preparation of board and shareholder meeting minutes and the filing of annual returns with the Companies Registry.
Benefits of Working with Bestar
There are a number of benefits to working with Bestar for your statutory audit, review and assurance needs, including:
Experience and expertise: Bestar has a team of experienced and qualified auditors who are experts in auditing and reviewing businesses in all industries.
Reputation: Bestar is a leading provider of audit, review and assurance services in Hong Kong and has a good reputation in the industry.
Cost: Bestar's fees are competitive and reasonable.
Communication and customer service: Bestar communicates effectively with its clients and is responsive to their needs.
Bestar is a leading provider of statutory audit, review and assurance services in Hong Kong. The firm has a team of experienced and qualified auditors who can help businesses of all sizes to improve the reliability of their financial information, enhance their credibility and transparency, identify and mitigate financial risks, and comply with regulatory requirements.
If you are looking for a reliable and experienced provider of statutory audit, review and assurance services in Hong Kong, contact Bestar.