‘The Audit Commission is like an external auditor with some of the capabilities of an internal auditor, however the auditing topics are govt departments and the general public sector,’ Lam describes.

three. On top of that, the auditor will Examine the company’s internal controls to determine their efficacy in preventing and detecting errors and fraud. This includes tests the look and implementation on the controls and examining their working performance.

Inadequate evaluation in the appropriateness of administration's resolve concerning when the control of goods or services was transferred to buyers and the strategy used by management in measuring the progress in the direction of finish pleasure of a overall performance obligation to recognize earnings

Positioning inappropriate reliance on the effects of other audit techniques and decreasing the extent of checks of details

There are a number of precise obligations essential to comply with the lawful requirements of Hong Kong. Every single company working in town is needed to renew its organization registration and provide specified up-to-date details in a very well timed method. 

However, If you need an intensive service, finding a one-stop store can give you numerous Advantages not only for accounting-similar desires but in addition can Engage in a vital position while in the technique of your company during the in the vicinity of long term.

3.All knowledge on this Site are delivered and current by respective bureaux / departments and connected organisations.

The AASC features a set of standards for assessing jobs for inclusion within the committee’s work approach. The assessment will probably be performed in This autumn every year for opportunity inclusion on the following calendar year’s perform strategy. AASC are going to be up to date regularly of requests gained.    

Companies ought to get ready the many financial files for audit at the least a number of months prior to the deadline from the PTR filing—if possible early June for companies by using a financial 12 months-conclude of December 31 and early September for companies whose financial year-end is March 31. 

This session highlights a few of the challenges on the appliance of accounting standards on revenue recognition and expected credit losses recognized from the AFRC inside their inspection reports.

Fiducia Administration Consultants is a number one accounting firm in Hong Kong. The company, and that is Element of the Fiducia & GAD relatives of companies, presents accounting and advisory services to multinational and native companies throughout a wide array of industries.

Company governance: Bestar can supply assistance on corporate governance practices to improve transparency and accountability.

The person has the ideal to Get More Information exercising, or really exercises, important affect or Manage around the company. 

In this period of almost continuous alter, Lam believes that it is inevitable that accounting professionals will require to adapt to new systems.