Transparent Audit Services and Optimized Tax Computation in Hong Kong
FastLane Group offers comprehensive statutory audit services for limited companies in Hong Kong. Trust us to ensure compliance with government regulations and auditing standards.
Ensure seamless, transparent audit services and optimized tax computation with our expertise in Hong Kong. Ready to optimize your audit process?
Trusted by over 1000+ businesses
Why Choose Fastlane’s Audit Services
Expert Financial Insights
Gain actionable insights from our audit professionals, who provide tailored recommendations to strengthen your business’s financial health and internal processes.
Comprehensive Audit Report
Ensure compliance with applicable reporting standards and identify internal control issues with our thorough audit reports.
Xero-Based Paperless Audit
Experience a time-efficient, paperless audit using Xero, designed to streamline your audit process.
Accurate Tax Computation
Partner with us for precise and compliant tax computation, leveraging our professional expertise.
Statutory Auditing & Tax Filing Service Prices
Tight deadline (1 month for audit)
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Field Audit Arrangements
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One Report For Multiple Years
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1. Government fees, penalties, courier, and other disbursements are not included.
2. Audit and Taxation fees listed above are a general estimate reference only, the actual price is subject to the complexity of the business, additional services fee will be charged according to the actual circumstance and engagement letter.
Contact us for a detailed overview of our services and customized solutions to fit your business needs. For more information or a personalized quote, reach out to our team today!
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Types Of Industries We Serve And What You Need To Know Before Auditing
Average Transactions for Audit
Minimal to none (mainly statutory filings).
Challenges
Ensuring compliance despite no active operations. Verifying no hidden or unrecorded transactions.
Things to Note Before an Audit
Prepare statutory records such as confirmation of dormant status, corporate secretary documents, and prior audit reports (if applicable).
Average Transactions for Audit
High volume of transactions, especially during growth phases.
Challenges
Managing incomplete records, frequent cash flow changes, and ensuring accurate categorization of early-stage investments.
Things to Note Before an Audit
Provide bank statements, fundraising documents, expense receipts, and shareholder agreements. Ensure clear documentation of transactions and adherence to proper accounting standards.
Average Transactions for Audit
Medium transaction volumes, including payroll, invoicing, and vendor payments.
Challenges
Incomplete or disorganized financial records, lack of internal controls, and varying compliance understanding.
Things to Note Before an Audit
Submit trial balance, income statements, and tax-related records. Clearly separate personal and business expenses, and ensure bookkeeping is updated before the audit process begins.
Average Transactions for Audit
High transaction volumes across multiple entities, including intercompany and cross-border transactions.
Challenges
Complex structures, intercompany eliminations, multi-jurisdictional compliance, and lengthy data collection processes.
Things to Note Before an Audit
Ensure availability of consolidated financial statements, clear documentation of intercompany transactions, and compliance with relevant reporting frameworks (e.g., IFRS or HKFRS).
Average Transactions for Audit
Varies, often related to donor funding, grants, and project-based expenses.
Challenges
Ensuring transparency and accountability for donor funding, tracking restricted funds, and compliance with tax exemptions.
Things to Note Before an Audit
Provide donor agreements, receipts, grant details, and expenditure documentation. Clearly identify restricted vs. unrestricted funds and ensure compliance with reporting standards specific to non-profits.
Our Services in Hong Kong
Accounting Services
We assist you with Xero cloud accounting software, allowing you to manage your finances anytime, anywhere. FastLane offers monthly, quarterly, or yearly accounting services, customized to meet your needs and industry requirements with professional financial support.
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Audit Services
We provide a paperless audit service, enabling a fully online audit process that saves you time and costs.
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Company Incorporation
From physical establishment, business registration, registered office address, to opening bank accounts, we offer comprehensive one-stop solutions.
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Company Secretarial Services
Director changes, annual returns, share transfers, and share allotments—we help you stay compliant, allowing you to focus on your core business.
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HR & Payroll Management
Professional payroll and tax advisory, handling all your payroll and HR management needs with strict regulatory compliance.
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Employer of Record (EOR) & Professional Employer Organization (PEO)
A cost-effective global employment solution, enabling you to access global talent and expand your international business.
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Tax Filing Services
Profit tax filing, offshore claims, tax calculation, consulting, and planning. We help you maximize tax savings while ensuring full compliance.
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Work Visas & Permits
We guide you through the complex visa application process, ensuring all immigration-related matters are handled properly.
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BVI Company Formation
We assist with the BVI company formation process, ensuring a smooth and efficient setup with knowledge of local legal procedures.
Learn MoreProfits Tax Return Deadlines in Hong Kong (2024 Updated)
Remember to check the submission deadline for your company’s Profits Tax Return based on your year-end date. Our experts are here to guide you on when and how to start the audit process. Read our Profits Tax Return guide for further information!
| Company year-end date | Standard deadline for submitting Profits Tax Return to the government (IRD) | Extended due date |
|---|---|---|
| April 1 – November 30 (N code) | 2 May 2024 | 2 June 2024* |
| December 1 – 31 (D code) | 15 August 2024 | 15 September 2024* |
| January 1 – March 31 (M code) | 15 November 2024 | 15 December 2024* |
| Current Year Loss Cases (M code) | 31 January 2025 | No Extension |
Elevate Your Business with FastLane’s Expert Auditing Services
Regardless of your company’s size or type, audits and tax filing can be stressful. At FastLane, we stay ahead of regulatory changes, ensuring a stress-free experience. Our unique, human-centric approach to auditing goes beyond compliance. We offer comprehensive audits and tax filing services that enhance confidence in your financial performance, controls, and systems.
Trust FastLane to validate your financial credibility, providing assurance to investors, stakeholders, and regulators. Our experts keep you updated on legislative, financial, and technical changes, boosting your overall performance and profitability. For tailored auditing and tax filing services, contact us today!
Book a CallOur Audit Services Procedure
We will sit down with you and discuss the tax requirement you are requested to file and the timeline. You should expect us to ask you the following questions:
General Information
- What is the nature of your business and industry?
Financial Information
- Can you provide your most recent financial statements and management accounts?
- What accounting software do you use for financial reporting?
- What is your fiscal year-end date?
- Have you undergone any previous audits, and can you provide a copy to us?
Government Requests
- What is the submission deadline the government is requesting?
- Do you need our help in requesting an extension?
We will ask from you the following documents:
Financial Documents
- Financial Statements:
- Balance sheet
- Income statement (profit and loss statement)
- Cash flow statement
- Statement of changes in equity
- Management Accounts:
- Recent management reports and financial summaries.
- General Ledger:
- Detailed account transactions for the audit period.
Supporting Documents
- Bank Statements:
- Statements for all bank accounts for the audit period.
- Invoices and Receipts:
- Sales and purchase invoices, receipts, and payment records.
Internal Compliance
- Internal Control Documentation:
- Policies and procedures related to financial reporting and internal controls.
- Tax Returns:
- Recent tax filings, including profits tax and other relevant returns.
Regulatory Compliance
- Business Registration Certificate:
- Valid certificate of registration with the Hong Kong Companies Registry.
- Audit Reports from Previous Years:
- Reports and management letters from prior audits.
Here are the primary deliverables you can expect from our audit services:
1. Audit Report
- A formal document expressing the auditor’s opinion on the fairness and accuracy of the financial statements, usually including:
- Unqualified opinion (clean report)
- Qualified opinion
- Adverse opinion
- Disclaimer of opinion
2. Tax Compliance Review
- An assessment of tax compliance, including recommendations for optimizing tax positions and ensuring adherence to local regulations.
3. Internal Control Assessment
- An evaluation of the effectiveness of internal controls and recommendations for enhancements to reduce risks.
4. Regulatory Compliance Report
- A summary of compliance with relevant laws and regulations, including any identified non-compliance issues.
We will help you fill in the tax forms and submit to the IRD.
Government fees are not included in our audit services, but we will help you facilitate and ensure that the required fees are handled without any hassle.
Documents You Need For An Audit
To ensure a smooth audit experience, please have the following documents readily available.
Trial Balance
General Ledger
Statement of Financial Position
Prior Year Audit Report (if any)
Corporate Secretary Document
Meet Our Audit Team
Our experienced auditors specializes in providing efficient and reliable audit and tax services for companies, sole traders, and tech startups. We prioritize clear communication and streamlined processes to make the audit experience as smooth as possible.
Principal
Tony Yeung is a highly accomplished Certified Public Accountant (CPA) and a Xero Certified Advisor with over a decade of proven success in the financial industry. Based in Hong Kong, Tony has built an exceptional reputation for delivering unparalleled expertise in audit, tax advisory, and financial consulting services. His extensive experience spans working with multinational corporations, SMEs, and startups across diverse industries, making him adept at tailoring solutions to meet complex business needs.
Tony specializes in year-end financial reporting, advanced tax planning and compliance strategies, and designing comprehensive audit solutions for organizations of all sizes. His deep understanding of regulatory frameworks and financial management tools ensures clients achieve maximum efficiency, maintain full compliance, and optimize their financial performance. Renowned for his precision, innovative approach, and commitment to excellence, Tony is a trusted advisor who empowers businesses to thrive in today’s competitive landscape.
What Do Our Clients Say About Us
Appian Limited
City Mental Health Alliance Hong Kong Limited
XC5 Hong Kong Limited
Frequently Answered Questions
What is a financial audit?
A financial audit is carried out by an auditor to offer an assessment adhere to Accounting Standards. Through the collection of evidence, the auditor aims to ascertain the presence of significant errors or other misstatements in the statements, ensuring that the information is verified to a reasonable extent.
What does an audit involve?
An independent CPA (Practising) will audit the financial statements and accounting records. Sufficient audit evidence will be gathered to enable the CPA to form an opinion on the accuracy of the financial statements in accordance with Accounting Standards, ensuring they are free from material misstatement with a reasonable level of assurance.
Who are the auditors?
An auditor is an independent Certified Public Accountant (Practising) registered with HKICPA. Their expertise lies in providing audit services to companies in Hong Kong. After completing the audit, the auditor prepares an audit report and provides an audit opinion based on their findings. This ensures the highest level of professionalism and accuracy in financial assessments.
How is an audit done?
Obtaining an impartial assessment of your business’s financial status holds immense significance. This evaluation, conducted by an independent auditor, involves scrutinizing the opening and closing trial balance and meticulously reviewing each transaction. The ultimate objective is to ascertain the necessity of each transaction for the smooth functioning of your business. For more detailed information on the audit process in Hong Kong, refer to this enlightening article.
What kind of services do FastLane cover in declaring offshore profit tax exemption?
An auditor is a certified public accountant (CPA) registered with HKICPA, operating independently to deliver audit services for companies in Hong Kong. The auditor prepares an audit report and provides an opinion based on their findings upon completing the audit.
How can I submit my data?
You have the option to send your data through various methods, such as mail or cloud storage. Alternatively, you can grant us remote access to your internal accounting system. Rest assured that your financial records will be handled with utmost confidentiality. We are committed to safeguarding your interests and ensuring your satisfaction.
What are the admin requirements for an offshore company in Hong Kong?
After successfully incorporating an offshore company in Hong Kong, there are several activities that you will need to carry out:
Conduct yearly general meetings and perform annual audits of the company accounts.
What does a statutory audit entail in relation to accounting services in Hong Kong?
Statutory audit entails the annual submission of financial statements for Hong Kong limited companies, in accordance with the Companies Ordinance of Hong Kong. This process is carried out through a qualified Certified Public Accountant (CPA) external to the company.
What are the consequences when a company fails to adhere to Hong Kong Accounting Standards?
Failing to comply with the mandatory statutory accounting standards is a serious offense, punishable by fines, imprisonment, or both. Therefore, it is advisable for companies to adhere to Hong Kong accounting standards, which can help minimize compliance and audit-related expenses. Your accounts will undergo reassessment, and any costs incurred will be your responsibility. Non-compliance may result in prosecution and appropriate charges being brought against you.
Is an audit mandatory in Hong Kong?
Every limited company formed in Hong Kong, including those operating overseas, must undergo an annual audit of their company accounts. Compliance with this requirement is mandatory for all limited companies in Hong Kong according to the Hong Kong Companies Ordinance and Inland Revenue Ordinance. Thus, it is necessary to file a Statutory Audit in accordance with the Hong Kong Financial Reporting Standards.
How can I prepare my company for an audit?
The auditor needs the company’s management accounts, which include:
- Trial balance
- Balance sheet
- Profit and loss statement
- General ledger
Once these accounts have been gathered, the auditor can begin auditing the company’s financial records. Along the way, the auditor will need to collect supporting documents to verify the entries in the management accounts.
Supporting documents that the auditor may need:
- Invoices
- Receipts
- Contracts
- Bank statements
- Other documents that support the entries in the management accounts
What is the purpose of an audit?
An audit serves the purpose of having an independent auditor thoroughly examine and analyze the financial records of a business entity. This examination and analysis are conducted based on the evaluation of the company’s financial statements and records. Ultimately, the audit opinion/report determines if the company has been compliant with the Hong Kong accounting framework. Through this meticulous process, the auditor ensures the accuracy and integrity of the financial information.
What are the limitations of auditing?
Audits often face constraints in terms of resources and time. The availability of resources depends on the complexity of the business and its systems. In the case of large corporations with intricate structures, it can be challenging for auditors to gain a comprehensive understanding of the financial status. Additionally, time limitations can impact the quality of audit work and resulting reports.
Does a dormant company need to do annual auditing?
Even though a dormant company is obligated to carry out accounting and undergo annual audits, there are circumstances where it can be exempted from this requirement. For more detailed information, please refer to our blog post on Hong Kong dormant companies.
Does a non-trading company need to file annual reports if it hasn’t traded in recent years?
All companies registered with the Companies Registry must complete their annual filing by the designated due date, with the exception of those declared as dormant. However, even for dormant companies, an annual business registration is still necessary. It is important to note that if the date of dormant declaration falls after the 42nd day of the company’s incorporation anniversary, annual filing is still required.
What are the legal responsibilities and liabilities of a company secretary in Hong Kong regarding financial auditing?
The company secretary plays a crucial role in the annual filing of financial audits. Their primary responsibility is to ensure the accurate and timely capture of records required for this process. Additionally, they are accountable for securely storing these documents at either the company’s designated area or its registered address.
How is a statutory audit done in Hong Kong?
Auditing is a compulsory prerequisite for Hong Kong companies before tax submission, as mandated by the Hong Kong Inland Revenue Department. In addition to our accounting services, FastLane specializes in providing audit services tailored to companies of diverse sizes and statuses. Opting for our accounting and bookkeeping plan sets the stage for a smooth and well-organized audit process in the future.
Do I need an audit if my company is small?
All limited companies in Hong Kong, including small businesses, must undergo a yearly statutory audit. This ensures transparency and compliance with financial reporting standards. Since April 1, 2023, even small companies with a gross income under HK$2 million must submit audited financial statements and their Profits Tax Return.
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