Audit Services
Legal overview
According to Section 379 of Chapter 622 of the Companies Ordinance, limited companies registered in Hong Kong are required to prepare audited financial statements annually. A qualified auditor, acting as an independent third party, must prepare an audit report to ensure that the company’s accounts and actual operations are accurately reflected, and to provide an opinion on the financial statements for purposes such as tax filing and financing.
Company audits must be conducted by a third-party auditor, who examines the financial statements and related accounting information to assess the company’s financial condition and provide an audit opinion in accordance with auditing standards. The Hong Kong Inland Revenue Department also requires that all pre-tax financial data of a limited company be audited by an auditor first.
Benefits of engaging us
Benefits of engaging NOTES & COINS for audit services include:
💰 Save on labour costs: No need to hire an additional auditor, so you can focus on growing the business.
⚖️ Professional audit team: Familiar with Hong Kong Financial Reporting Standards (HKFRS) and the Companies Ordinance, ensuring legal compliance.
📊 In-depth financial analysis: Understand cash flow and profitability to support better business decisions.
⚙️ Flexible arrangements: Audit fees can be adjusted flexibly, with monthly, quarterly or annual settlement options.
NOTES & COINS provides one-stop audit services. Reviewing financial statements, preparing the audit report and submitting it are all handled by professional auditors, so you do not have to worry about the audit process.
📌 Our audit services include:
- Analyse the company’s business model and conduct a risk assessment
- Review accounting documents, including receipts, invoices, contracts, bank statements and financial statements
- Assess internal controls and operating processes
- Prepare the audit report
- Provide an audit opinion
Documents required
The following documents are required for a company audit:
📋 Company basic information: business registration certificate, register of members, and board minutes.
🏦 Bank documents: bank statements, passbooks, cheque stubs and e-banking transaction records.
🧾 Core accounting records: financial statements, trial balance, etc.
💵 Sales and income documents: payment records and copies of sales invoices.
👥 Payroll and MPF: staff payroll records, tax returns, MPF monthly statements and salary receipts.
🏠 Lease and loan documents: tenancy agreements, bank loan documents and mortgage documents.
🚗 Fixed asset evidence: vehicle registration documents, hire-purchase agreements, and equipment or machinery purchase documents.
📊 Historical tax documents: prior-year auditor’s report, profits tax return, notice of assessment, tax payment receipts and expense receipts.
Our audit process
- ⏳ 1. Initial consultation: Our auditors first understand your industry, company size and audit risks through a meeting, phone call or online conference, then provide an audit quotation.
- 📂 2. Provide audit documents: Please provide the documents requested by the auditor, including financial statements, accounting books, income and expense records, and bank documents.
- 🔍 3. Document review: After receiving the documents, the auditor reviews and verifies them and then prepares the audit report. Supplementary documents may be requested if needed.
- ✍️ 4. Complete the audit report: After the audit, the auditor explains the report to you and arranges for the documents to be signed.
Why choose NOTES & COINS audit services?
NOTES & COINS has years of company audit experience. Professional auditors provide one-stop audit services for startups, SMEs and multinational companies. We tailor the most suitable audit plan according to your industry and company size, with transparent fees and no hidden charges — your preferred choice for audit services.
Years of audit experience
Our audit team consists of Hong Kong CPAs with extensive audit experience, providing suitable audit solutions for companies of different sizes and industries.
One-stop audit service
The entire audit is handled by professional auditors, so audit reports are prepared efficiently and you no longer need to worry about the process.
Transparent and reasonable fees
Audit fees are transparent and reasonable, with no hidden charges.
Frequently Asked Questions about Audit Services
Q1. Do all Hong Kong limited companies need an audit?
Generally, most limited companies registered in Hong Kong are required to prepare audited financial statements at the end of each financial year for tax filing and to account to shareholders. The audit must be conducted by a qualified and independent auditor, not by company insiders. Even if a company is small, has only a few transactions, or simply holds property for rental income, an annual audit is usually still required as long as it remains an “operating limited company”.
Q2. How long does an audit usually take?
How long an audit takes depends mainly on several factors: the volume of transactions for the year and whether the accounts are in order; whether the industry is more complex (for example cross-border transactions, multiple currencies or related-party dealings); whether the company can provide the required documents and answer the auditor’s queries on time; and whether extra account adjustments or supporting documents are needed. If the accounts are tidy, the industry is relatively simple and the information is complete, an SME audit can often be finished within a few weeks.
Q3. What is a statutory audit?
All limited companies registered in Hong Kong must complete a statutory audit at the end of each financial year. The audit report must be signed by a qualified auditor as an independent third party for tax filing purposes.
Q4. What is an audit opinion?
The auditor issues an opinion on the company’s financial and management position. There are four types: an unqualified opinion (the statements give a true and fair view); a qualified opinion (generally acceptable but with issues in certain areas); an adverse opinion (materially untrue or unfair); and a disclaimer of opinion (insufficient audit evidence to form a conclusion).
Q5. What is the purpose of an audit?
Besides tax filing, an audit is also used to analyse the company’s financial position, support bank loan applications, increase investor confidence, identify management risks early, apply for government funding, and protect shareholders’ rights.
Q6. How are audit fees charged?
Our accounting and audit fees start from $800. The actual fee depends on the industry, company size and the statements required. The higher the annual transaction volume, the higher the fee. We first provide a free assessment and then a precise audit quotation based on your actual needs.