The Hong Kong Companies Ordinance (Chapter 622) requires that the directors of a company be responsible to maintain the accounting records and to present the audited annual financial statements to the members for each financial year making up to the reporting date (can be 31 December, 31 March or another as decided by the directors). Although the directors can delegate the actual accounting work to staff and /or service providers, the directors are ultimately responsible for the truth and fairness of the financial statements presented to the members of the Company.

 

Governments in Australia, the UK, Europe and the US generally allow companies below a certain size to be exempted from the audit requirement.  All Hong Kong incorporated companies, however, are required to undertake the statutory audit annually. This would involve the Company’s books and records, system of internal controls and annual financial statements checked, vouched, examined, verified against external confirmations (from bankers, debtors and creditors) and analysed by independent auditors. 

 

As a leading financial centre and a favourite choice as regional hub, Hong Kong enjoys a high reputation for corporate compliance, of which the statutory audit is an important element. Performed adequately with efficiency, an audit will add value to a business at a reasonable fee.

 

Morrison takes each audit seriously. We make efforts to know our clients, their challenges and unique characters, follow client centred approach to conduct the audit efficiently without any compromise on the quality of work.