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Auditing - Hong Kong

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Frequently Asked Questions when starting an audit engagement

Answer
Q:
What should I expected when I’m being Audit?
A:
You can expect professionalism and our passion to deliver you a bona-fide professional service from our professional audit service team. Regular communication shall be expected throughout the whole process. Our audit team will schedule the audit progress from top to bottom and keep you informed regarding to the progress of the audit to avoid any miscommunication and delays. We will notify you what you must do and guide you through-out the whole audit process. Lastly, an auditor report will send for your review and approval.

Q:
Can I request an audit?
A:
Of course, Yes! All request from management will be carefully consider by us. However, before accepting your audit request, we must consider the ability to accept your request by considering the workload of our staff, scheduled projects and audit risks. If unfortunately, we had to turn you down, we will try our best to schedule your request in our plan for next fiscal year.

Q:
What is the function of Auditor?
A:
We provide reasonable assurance about whether the financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor’s report that includes our opinion to the shareholders of the company in accordance with section 405 of the Hong Kong Companies Ordinance.

Q:
Do I have a guarantee from auditor that the audited financial statements will always free from misstatements and errors?
A:
Auditor provide a reasonable assurance that is high level, but not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise form fraud or error and are consider material if they could reasonably be expected to influence the economic decision of users taken based on these financial statements. 

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