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Does Hong Kong company audit only need to provide monthly statement? (I)

Released Date: Nov 26,2020 Article Source: HUANZE

If you want to do the audit of a Hong Kong company, now a Hong Kong audit company tells you that you only need to provide the monthly bank statement to issue the audit report of the Hong Kong company and complete the tax declaration of the Hong Kong company this year, which is irresponsible behavior(Unless your Hong Kong company has not done any business at all during the year). If you only provide monthly bank statements, the accounting of your Hong Kong company will not be standard, and the Hong Kong auditor will not be able to audit your Hong Kong company's accounting (because there is no evidence to prove the relevant business), which will directly lead to the opinion of the audit report issued by your Hong Kong company -- the opinion of the audit report.

If you want to doHong Kong corporate auditNow a Hong Kong audit company tells you that you only need to provide the bank statement to issue the audit report of the Hong Kong company and complete the tax declaration of the Hong Kong company this year. This is irresponsible behavior(Unless your Hong Kong company has not done any business at all during the year). If you only provide monthly bank statements, the accounting of your Hong Kong company will not be standard, and the Hong Kong auditor will not be able to audit your Hong Kong company's accounting (because there is no evidence to prove the relevant business), which will directly lead to the opinion of the audit report issued by your Hong Kong company -- the opinion of the audit report.

Ring ze company17Based on the audit of Hong Kong companies, the risks of this situation are summarized as follows:

1) Tax risks:

The Hong Kong Inland Revenue Department will pay special attention to this kind of high risk report, which will result in your Hong Kong company having a great tax risk. Once the Hong Kong Inland Revenue Department finds out about such a report, and the directors of the company cannot give a reasonable explanation, the Hong Kong Inland Revenue Department will consider your Hong Kong company to be suspected of Hong Kong tax concealment. In addition, when the Hong Kong Tax Bureau raises questions about the data in the audit report of your Hong Kong company, because your Hong Kong company does not have any evidence to prove relevant business, it will not be able to provide relevant financial vouchers for explanation. Then the Hong Kong Tax Bureau will consider your Hong Kong company to be suspected of tax concealment. These circumstances will cause risks to your Hong Kong directors, shareholders and senior personnel of the company. In serious cases, the Hong Kong directors will bear legal liabilities.


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