Audit and Assurance Services in Hong Kong
Fastlane Group prioritizes delivering high-quality Audit & Assurance services. Our committed team serves as your trusted advisor, leveraging a vast global network and in-depth local business knowledge to provide excellent value across diverse industries. Trust us to navigate the ever-changing economic climate, ensuring transparency, regulatory compliance, and informed decision-making for your sustained success.
Why FastLane 
Audit Report
We can help to assure compliance with applicable reporting standards and identification of internal control issues
Xero Based Audit
Paperless with our Xero audit engagement. You will experience a seamless and time-efficient audit engagement using Xero accounting software
Tax Computation
Having an accurate tax computation is critical to the company. Partnering with a professional like us can help you keep your tax computation compliant and hassle-free
Talk with our local consultant to learn more about audit and assurance services near you.
Contact UsElevating Financial Confidence with Our Professionals
Statutory Audit
Conducting mandatory audits of financial statements to ensure compliance with local regulations and accounting standards
Internal Audit
Evaluating internal controls, risk management processes, and operational efficiency to provide independent assessments and recommendations for improvement
Financial Statement Audit
Examining financial records, transactions, and disclosures to verify their accuracy, completeness, and adherence to accounting principles
Compliance Audit
Assessing compliance with specific laws, regulations, or industry standards to identify any deficiencies and recommend corrective actions
Due Diligence Audit
Conducting thorough financial investigations and assessments to evaluate the financial health and risks associated with potential business acquisitions or mergers
Special Purpose Audit
Performing audits for specific purposes such as forensic investigations, fraud detection, or agreed-upon procedures tailored to meet unique client needs
Internal Control Review
Assessing the design, implementation, and effectiveness of internal controls to identify weaknesses and provide recommendations for strengthening them
Audit of Non-Profit Organizations
Conducting audits for non-profit organizations to ensure accountability, transparency, and compliance with applicable regulations
Consolidated Financial Statements Audit
Auditing consolidated financial statements for groups of companies to verify their accuracy, intercompany transactions, and elimination of any duplication or errors
Sustainability Audit
Evaluating the environmental, social, and governance (ESG) performance of organizations to assess their sustainability practices and provide recommendations for improvement
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Grana
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Nanoleaf
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Soundbrenner
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Frequently Answered Questions
Statutory audit reports are examinations of a company’s financial reports, conducted by an independent party to comply with the disclosure requirements set out in the Hong Kong Company Ordinance and tax obligations outlined in the Inland Revenue Ordinance.
Under this Ordinance, all Hong Kong incorporated companies are statutorily required to audit their financial reports every year. Financial reports will include a balance sheet, an income statement, a statement of changes in equity, and a cash flow statement.
All Hong Kong incorporated companies are statutorily required by the Companies Ordinance to audit their financial statements every year.
These financial statements are essentially accounting documents prepared by a Certified Public Accountant (CPA) on behalf of a business, to provide financial accountability to the company’s stakeholders. For private companies, financial statements are not required to be filed on public records.
For corporate entities, financial statements are required and must be prepared, to comply with the disclosure requirements set out in the Hong Kong Companies Ordinance, Hong Kong’s Financial Reporting Standards, and the Rules of The Stock Exchange of Hong Kong Limited for listed companies.
In Hong Kong, only a Certified Public Accountant (CPA) is qualified to conduct an audit.
Hong Kong audit process passes along different stakeholders as follow:
- Prepares the financial accounts along with the supporting documents for the CPA’s further handling.
- Reviews and understands the activities and the nature of the company.
- Identifies and evaluates significant transactions in the financial statement.
- Tests the financial statements and spots uncertainties and errors.
- Reviews the financial statements and its supporting documents.
- Makes an opinion report to reflect the accuracy and fair representation of the financial statements.
- Makes a report from the audit and opinion on the financial statements.
- Signs the audit report and the supporting documents.
- Receives the signed audit report and creates the tax computation form and sends it back to the IRD along with the Profits Tax Return.
The content and depth of the audit documents depend on the identified risks of material misstatement, the judgment required in performing the audit, and the significance of the audit evidence obtained by the auditor.
For the CPA to perform a proper audit, correct management accounts are needed. To prepare for your audit, it is best practice to have a list of required documents prepared.
- Audited financial statements of subsidiary companies
- Copy of the original Profit Tax Return received from the IRD
- All applicable financial statements for the assessed period
- All sales/service agreements, employment contracts, tenancy agreements for the assessed period
- All purchase invoices for the assessed period
- Receipt for all expenses for the assessed period
- Bank statements (The auditor might ask you to sign a confirmation form which will be sent to the bank to obtain the bank balance)
- All sales invoices with the corresponding receipt for the assessed period
- Copy of any special licenses, such as an SFC License or Property Agent License (if any)
- Copy of the company’s registration documents: Updated business registration certificate, Incorporation certificate, Articles of association and Annual Return
The purpose of conducting a statutory audit report in Hong Kong is to obtain a true and accurate representation of the financial statements of a company, without any internal bias. In Hong Kong, the financial statements, profits, and taxes payable to the government are usually verified and audited by a third party.
As the financial statements and tax returns of a company must be compiled without bias, companies cannot conduct the audit themselves. Audits must be completed by a neutral third party.
However, accounting can be done internally. Typically, a company can use their internal staff or professional accounting firm to conduct bookkeeping activities. If an audit is conducted, auditors will rely on the internal records kept by a company’s accounting staff.
Professional assurance and auditing firms in Hong Kong like FastLane CPA HK can greatly improve the audit and taxation process of a company. With our team of qualified professionals, we can assist clients in meeting their statutory audit report by reviewing and ensuring the validity and legality of their financial records, and by advising on how to be more tax-efficient and compliant.
With the daily stress associated with running a business, thinking about accounting and auditing is often the last thing you want to do. If you’ve been thinking of outsourcing services for your accounting and bookkeeping, our staff is happy to assist.
Outsourcing your accounting and bookkeeping tasks will allow you to get back to the part of your company that you love. Rather than devoting your efforts to paperwork and administrative tasks, you’ll free up substantial time to focus on the core aspects of what your business does!
Our audit firm, FastLane CPA HK is well-versed in all facets of compliance, audit and assurance, accounting, and more. We will help you manage your compliance obligations to keep your risk levels down. With FastLane CPA HK, you can expect a personalized approach and top-level support for all your business accounting, audit and taxation needs.
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