Many companies in Hong Kong do not know that their audit report is a reserved opinion when they entrust the agent to issue the audit report. So how do you view the reserved opinion on the audit report of Hong Kong companies? Today we'll take a look at the relevant information.
Many Hong Kong companies do not know that their audit report is a reserved opinion when they entrust an agent to issue an audit report. How do you see itHong Kong corporate auditWhat about the reservations of the report? Today we'll take a look at the relevant information.
This is the first paragraph in the audit report of the company concernedHong Kong corporate auditThe audit opinion of the report, if the opinion section is a qualified opinion, will specify, for example: We audited ABC Limited financial statements, including2020years12month31The balance sheet of today,2020Annual profit statement, cash flow statement, statement of changes in shareholders' equity and notes to relevant financial statements. In our opinion, the financial statements below have been prepared in accordance with the Financial Reporting Standards for smes issued by the Hong Kong Society of Accountants in all material respects and fairly reflect, except for the impact of the matters set out in the "Forming the Basis for Reservations" section ABCcompany2020years12month31The financial position of the day as well2020Annual operating results and cash flows.
The second paragraph will address specific reasons for reservations that form the basis of reservations, such as: we were not invited to observe the physical inventory at the end of the current period and, furthermore, we were unable to carry out the necessary operationsHong Kong corporate auditProcedures to obtain adequate assurance on the quantity and condition of the inventory in the financial statements×Yuan. Audit procedures we may employ to obtain sufficient evidence of existence, valuation, and integrity of inventory. Any adjustment to this figure could have a material impact on the current loss and net debt at the end of the period.
We followHong Kong corporate auditThe guidelines are audited and referencedPN900(Revised edition)According toHKICPAAudit of financial statements prepared by the Financial Reporting Standards for Small and Medium-sized Enterprises promulgated; Our responsibilities under these standards are further explained in the section of our report entitled "Auditors' Responsibility to Audit the Financial Statements"; According to HKICPACode of ethics for professional accountants, which we are independent ofABCCompany, and has fulfilled other responsibilities in respect of professional ethics; We believe that the audit evidence of the Hong Kong company we have obtained is sufficient and appropriate to provide a basis for our reservation.
So ifHong Kong corporate auditIn the report, the above description is the audit report of the reserved opinion.
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