Your Trusted Partner for Quick, Transparent Audit Services, Optimized Tax Computation in Hong Kong.
FastLane Group offers comprehensive statutory audit services for limited companies in Hong Kong. Entrust us with your company’s audit process to ensure compliance with government regulations and accounting standards. Experience the peace of mind that comes with professional annual audit and tax filing services, done right.
Profits Tax Return Deadlines in Hong Kong
Please take note of the submission deadline for your company’s Profits Tax Return, based on your company’s year-end date. Our experts are available to provide guidance on when and how you should initiate the audit process. Don’t hesitate to reach out and seek advice from our knowledgeable team.
|Company year-end date
|Standard deadline for submitting Profits Tax Return to the government (IRD)
|Extended due date
|April 1 – November 30 (N code)
|May 2 in the next year
|December 1 – 31 (D code)
|August 15 in the next year
|January 1 – March 31 (M code)
|November 15 in the same year
|January 31 in the next year for companies which suffered tax loss (application must be lodged on or before October 31)
How We Work
We assure compliance with applicable reporting standards and identification of internal control issues
Xero Based Audit
Start Paperless with us, experience a time-efficient audit engagement using Xero accounting software
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What We Do
Statutory Audit Service
Mandatory audits of financial statements to ensure compliance with local regulations and accounting standards
Special Purpose Audit Service
Audits for specific purposes such as forensic investigations, fraud detection, or agreed-upon procedures tailored to meet unique client needs
Audit Service of Non-Profit Organizations
Audits for non-profit organizations to ensure accountability, transparency, and compliance with applicable regulations
Consolidated Financial Statements Audit Service
Auditing consolidated financial statements for groups of companies to verify their accuracy, intercompany transactions, and elimination of any duplication or errors
Get a quote for your audit
You are required to provide these documents for an audit quotation:
Statement of Financial Position
Prior Year Audit Report (if any)
Corporate Secretary Document
What Do Our Clients Say About Us
Frequently Answered Questions
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.
Read Hong Kong Audit & Tax Filing: The Ultimate Guide
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.
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.
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:
- Bank statements
- Other documents that support the entries in the management accounts
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Failing to comply with the mandatory statutory accounting requirements 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.