What are the common mistakes in company auditing in Hong Kong? In particular, we would like to note the provision of monthly bank statements.
Hong Kong corporate auditWhat are the common mistakes? In particular, we would like to note the provision of monthly bank statements.
The first situation: if the Hong Kong company has opened an account, but no business occurs in the tax year, it is OK to provide only the monthly statement.
Second case: The company has operations. In this case, only the monthly statement is provided to the auditor for audit tax return, and the auditor will issue an audit report with reservations. Because the Hong Kong company had business, but the auditor had not seen any evidence to prove the authenticity of the relevant income or expenses.
If auditors only ask companies to provide monthly bank statements, they can produce an unqualified audit report and do corporate tax returns. This auditor is unprofessional and irresponsible. When the tax bureau found the company later and asked for relevant explanation (proof), the Hong Kong company could not give a reasonable explanation, which resulted in the back payment of tax or a fine.
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