Looking for an auditor

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  1. #1

    Join Date
    Jun 2011
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    20

    Looking for an auditor

    Hi everyone,

    I'm preparing to submit my limited company's first Profits Tax return, and of course an important part of that process is finding an auditor to sign off on the company accounts.

    This is a very small company with revenue of around HK$200,000 for the tax year, and so it is considered a "small corporation" by the IRD. So, although I need to prepare audited financial statements, I don't actually need to submit them. I'm just doing this because it's a legal requirement and I suppose I'll be asked for audited statements if I ever wind down the company in the future.

    Does anyone have a recommendation for an auditor? Sorry to spam the board with this request, but I've noticed that this is mostly done through PMs. I would really appreciate a PM.

    On a separate note, it really seems like there should be an app for this. I'm sure there are moonlighting CPAs in HK who would be interested in doing this kind of work on the side. If I built this, would you guys use it?

    Thanks in advance for any recommendations and advice.


  2. #2

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    Quote Originally Posted by Anahan
    On a separate note, it really seems like there should be an app for this. I'm sure there are moonlighting CPAs in HK who would be interested in doing this kind of work on the side. If I built this, would you guys use it?
    If you build it they will come

  3. #3

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    If you've been through an audit, you'll realise that its a lot more than an "app" - lots and lots of trust involved and you don't really want to open up your business in the manner you'd have to, with an audit to a rando.


  4. #4

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    Jun 2011
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    Thanks shri, that's good to know. For someone like me who is just looking to fulfil the legal requirement, do you think I am really taking a risk with a random CPA? I can understand the risk with larger businesses, but my case feels different and I'd imagine many are in the same boat.

    Would be great to know if there's something I'm overlooking here.


  5. #5

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    Who is your company secretary?

    Usually, and in most cases unless there is something unusually wrong about the CS, they are a part of a larger firm that provides audit / accountancy services.

    During a standard audit, you'll have to hand over various bank statements and a fair bit of info about your business including supplier info, leases, random invoices etc etc during setup / initial audit.

    (Busy / well known auditors are equally wary of dealing with new companies...)

    I see the need for something you're offering and perhaps I'm overthinking it in terms of how you'd market the app to connect both small businesses and verified CPAs who do not have enough work on their hands.


  6. #6

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    Jun 2011
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    Thanks shri, really appreciate the info. The company secretary is actually me! Previously, though, the secretary was just Jumpstart, a corporate services company. I might contact them and see if they can recommend an auditor.

    With the rise of freelance work, I can imagine a rise in the number of companies like mine, that are a mixture of:
    - legit
    - local
    - so small-scale that 7k for auditing is a big financial hit

    Anyway, the app thing was really just a side note - I have no idea if there's a market opportunity there.

    If anyone reading this has a recommendation for a freelancer CPA, please send me a PM! Thanks!


  7. #7

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    Forgot to give you this one..

    Drop this Eric Mak a line on [email protected] A few people on GeoExpat have used him for their accounts - both setup and bookkeeping with QuickBooks. He should also be able to connect you with a auditor. Have found him to be an exceptional person.


  8. #8

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    Jun 2011
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    Hey, thanks! Really appreciate it!