Audit
Audit Services
50% off for new customers
Under the Hong Kong Companies Ordinance, the annual financial statements of a Hong Kong limited company must be audited by a Hong Kong certified public accountant. The Inland Revenue Department (IRD) of Hong Kong also requires Hong Kong limited companies to submit profit tax returns and audited financial statements for tax assessment purposes.
Our Value-Added Advantages:
- Our goal is to gain an in-depth understanding of your business needs.
- We provide practical audit recommendations to enhance future corporate governance and operational procedures.
- We aim to ensure that your business’s financial statements comply with regulatory requirements.
Audit and accounting are indispensable in today's business world, as they contribute to the following aspects:
- Compliance with legal requirements
- Conducting appropriate planning to enhance financial stability
- Future financial estimates and budgeting
- Business performance evaluation
- Detection and prevention of fraud
We can arrange the following additional non-statutory audit services:
- Internal operations and internal control reviews
- Fraud investigations
- Due diligence reports for mergers and acquisitions
Audit fees
Audit service fees start from $1500. Get a free quote now.
Tel：+852 6882 6593
Or Email：info@compass-cs.com
Audit Process Introduction
Our audit services follow professional standards to ensure rigorous and efficient processes:
- Planning and Risk Assessment: Understand your business and identify key audit areas
- Understanding and Testing of Internal Controls: Evaluate the effectiveness of the internal control system
- Substantive Audit Procedures: Conduct detailed testing and analysis of transactions and account balances
- Substantive Audit Procedures: Conduct detailed testing and analysis of transactions and account balances
- Substantive Audit Procedures: Conduct detailed testing and analysis of transactions and account balances
For customers who have not yet establisheda company,please refer toCompass’s company formation plan.。
Documents Required for Audit
To facilitate the audit smoothly, please assist in preparing the following documents(supplementation may be required depending on specific circumstances)：
- Financial Records: Complete general ledger, subsidiary ledgers, cash book, bank statements
- Transaction Proof: Purchase and sales invoices for the whole year, important contracts, expense documents
- Asset and Liability Proof: Fixed asset list, inventory list, loan agreements
- Company Documents: Articles of Association, last year’s audit report, register of directors and shareholders
- Other Records: Minutes of board meetings, leases, intellectual property certificates, etc.
Reference for Single/Specific Audit Service Fees
| Item | Service Fee (HKD) | Remarks |
|---|---|---|
| Special Purpose Audit Report (e.g., Financing, Immigration) | From HK$8,000 | Depending on report purpose and complexity |
| Internal Control Review Project | From HK$10,000 | In-depth review of specific processes |
| Responding to IRD Local Audit/Inquiries | From HK$1,000 | Depending on problem complexity and time required |
| Accounting Records Organization Service (Pre-Audit) | From HK$1,000/month | Assist in organizing messy accounts to meet audit requirements |
Frequently Asked Questions
When does a newly established company need to conduct its first audit?
A company needs to prepare for its first audit after the end of its first financial year. For example, if your company was established on May 10, 2023, and the end date of its first financial year is May 9, 2024, you need to prepare for the audit after that date.
Do I still need an audit if my company is not operating?
Yes. Even if the company is dormant, as long as it is still a registered limited company, it must fulfill its statutory audit obligations and submit relevant documents to the Companies Registry. We offer a special audit package for non-operating companies, with service fees starting from HK$3,800.
What is the relationship between audit and tax filing?
The audit report is a core document that must be attached when submitting the profit tax return to the Inland Revenue Department. Our service is usually "one-stop", that is, after completing the audit, we will fill in and submit the tax return for you based on the audited financial statements.
What are the consequences of failing to submit the audit report on time?
The company and each of its responsible persons (such as directors) may be prosecuted and fined. If the annual return is submitted late, the fine amount will increase rapidly, up to tens of thousands of Hong Kong dollars.
How long is the validity period of a certified copy?
A certified copy itself does not have a strict "validity period"; its validity depends on the policy of the receiving institution. Most institutions require documents to be submitted within 3 to 6 months after certification to ensure the timeliness of the information. It is recommended to confirm the specific requirements with the document recipient before proceeding.
Promotion
Self Storage | APPLE STORAGE Offer for OneStart Members! 2025
Latest News
-
A Comprehensive Guide to Renewal Business Registration (BR)
2025 年 8 月 8 日 -
-
Set Up a Company in China:A Comprehensive Guide for 2025
2025 年 7 月 7 日
More Compass Services
Company Secretary
Compass provides many secretary service plans to match various customers' needs
Accounting & Audit
Compass One-stop accounting firm handles accounting, auditing and tax filing for you, confidence guarantee.
Audit Service
Compass audit team provides professional assurance, ensures financial truthfulness and compliance, issues authoritative opinions, and helps enterprises operate steadily and gain trust.
US IPO Service
Compass empowers the entire US IPO process, offering one-stop solutions from structure to compliance, helping you access the US stock capital market and achieve capital takeoff.