Useful tips to reduce audit costs in HK

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whngo  
2019-03-04 15:36
There are two major requirements for companies incorporated in HK to be followed:

1) In accordance with the Hong Kong Companies Ordinance (Chapter 622), all companies incorporated in Hong Kong are required to have an annual audit.

2) The Inland Revenue Ordinance (Chapter 112) also requires all incorporated companies to enclose audited financial statements together with the submission of a Profits Tax Return to the Inland Revenue Department.

The point is the prepared financial statements have to be audited by practising CPA at least annually before this could be submitted to the IRD and this would generally cost at least HKD10K if this is audited by sizable audit firms.

Actually, the audit is mostly prepared for compliance purpose and may not add much value to small and medium-sized businesses. Entrepreneurs may consider to appoint one-man or part-time practising CPA to handle these matters and their charge would generally be more competitive and reasonable when compared with the sizable audit-firms.

I am pleased to help and kindly contact me by the below methods if further information is required. Thanks.

Mobile/ Whatsapp: +852 9102 9771
Wechat ID: JN91029771
Email: [email protected]
Website: https://whngocpa.wixsite.com/english

[For old companies, you may send last year audited financial statements and management accounts of the current year for the purpose of audit fee quotation.]

[For new business, only the latest management accounts are required for initial quotation purpose.]

[Other than services like accounting, company secretarial services could be provided as well.]
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Taikoo Shing, Hong Kong - East