Audits are inspections of a firm’s financial reports, conducted by an autonomous party with the purpose of complying with disclosure requirements set out in the Hong Kong Company Ordinance and tax obligations outlined in the Inland Revenue Ordinance.
Consistent to this Ordinance, all Hong Kong incorporated companies are statutorily required to audit their financial reports on an annual basis. Financial reports include a balance sheet, a statement of changes in equity, an income statement, and a cash flow statement.
Although internal audits are important for an organization, external audits upsurge the chances of discovering potential compliance risks. The organization and the external auditors working together ensure that policy meet expectations of regulators and procedures are followed by the organization. External audit offers numerous advantages to a company including improved internal systems and controls, enhanced credibility, more confidence to shareholders, detection of frauds and quality control etc.
We provide bespoke compliance audit for investors looking at the compliance programs on their investments to check whether they meet international best practice standards. We also provide mock inspections for regulated business to ensure it is prepared for regulatory inspections, and assist in post regulatory inspection remedial support.
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Chandrawat & Partners is a leading full service firm in Hong Kong. We provide a wide range of high quality consulting services to domestic and international clients. With a strong network of professional advisors worldwide, we have a wealth of first hand experience and expertise in providing effective solutions to the complex issues.