Not known Facts About hong kong standard of auditing

Not known Facts About hong kong standard of auditing

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The degree of urgency in addressing the issue(s) identified. That is to be assessed over a standalone basis together with other tasks about the AASC’s function program. 

Observe that to get a newly set up company, the primary PTR ought to usually be submitted eighteen months once the company’s date of incorporation. Soon after the 1st PTR submitting is concluded, subsequent filings will Keep to the timeline explained previously mentioned. 

Audit fees ended up agreed at stages which were not commensurate with sources usually required for delivering audit top quality

With Hong Kong ever more selling technology and innovation, it is significant that The federal government stays in advance from the curve, Lam suggests. On this, the SAR’s citizens should be the central emphasis from the travel to Enhance the ‘a few Es’.

Nelson Lam, director of audit, hasn't dominated out wanting into other universities, noting physique carries out reviews of all organisations obtaining community dollars

PKF Hong Kong can be a member firm of PKF Global, the network of member firms of PKF World wide, Every single of which happens to be a separate and independent authorized entity and will not accept any duty for your steps or inactions of any particular person member or correspondent firm (s ).

Failure to challenge administration about the correlation amongst chosen macroeconomic elements including GDP as well as entity's historical default price in analyzing the appropriateness of a ahead-wanting adjustment

Although a company is exempt from an audit, it remains to be required to get ready and file financial statements.

All companies legally operating in Hong Kong are needed to file Annual Return (variety NAR1) (down load type) with the Companies Registry. In basic terms, This is certainly an annual notification towards the point out regarding the improvements that have happened with your company through the year. 

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Ethical concepts underpin the perform with the commission, along with a substantial standard of workmanship, details out Lam. ‘We copyright independence and professionalism, and offer auditing services of high quality to The federal government and the general public sector,’ he suggests.

By outsourcing accounting functions into a 3rd party, you may have less Command about financial functions, that may be a concern if you want to preserve a high level of oversight over accounting and financial things to do.

Not taking into consideration whether the discount level reflects the asset's specific challenges and time value of cash

The below summarizes several of the necessary elements of an audit engagement, in conjunction with related examples of vital inspection findings connected with the applying of auditing and accounting standards, as discovered from the Accounting and Financial Reporting Council (AFRC) inside their inspection reports. In addition it highlights technical resources provided by the HKICPA together with other professional bodies that correspond for the AFRC inspection findings.