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Audit & Assurance Service

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Audit & Assurance Service

Audit is an examination of financial reports of a company. The purpose is to enhance the degree of confidence of intended users towards the financial statements.

According to the Companies Ordinance (Chapter 622), the annual financial statements of a private limited company incorporated in Hong Kong is required to be audited by a qualified accountant with a practicing certificate issued by the Hong Kong Institute of Certified Public Accountants (HKICPA).

The company is ultimately responsible for the preparation of the company’s financial statements and supporting documents to be reviewed, and the auditor is responsible to examine the financial statements of the company to check if the company complies with the tax laws and accounting & auditing standards issued by the HKICPA.

In accordance with the existing law, enterprises shall appoint certified public accountants to conduct audit on the company accounts. In Hong Kong, if a limited company is operating, the auditor’s report prepared by the certified public accountants is the most important element of its tax return submission. Besides filing tax return, auditor’s report shall also be used for financing and increasing the management level of the enterprise in order to safeguard the interests of shareholders.

With accumulated knowledge and experience in various industries, Conpak is dedicated to assisting corporate clients in satisfying the statutory requirements related to the auditor’s report. Our auditor’s reports not only evaluate the financial information but also consider potential risks of the enterprise in operation. Furthermore, we provide specific operation results evaluation based on the financial statements and accounting records of our corporate clients.

Our professional service

We undertake audit and assurance assignments on behalf of local and international clients in accordance with the approved accounting and auditing standards as set by the Hong Kong Institute of Certified Public Accountants and International accounting authorities. Our staff is experienced and has a good understanding of Hong Kong Auditing and Assurance Standards as well as Hong Kong Taxation. According to Section 429 of the Companies Ordinances, the financial statements of Hong Kong Limited Company should be submitted in annual meeting for shareholders’ perusal after being audited. The Inland Revenue Department also requires the limited company to furnish the Profits Tax Return with the audited financial statements for tax assessment purpose. Sejong is able to assisting corporate clients in satisfying the statutory requirements related to the auditor’s report not only for the purpose of the financial information evaluation but also for managing risks of client companies in operation. Furthermore, we provide specific managerial and operational consultation and advice based on the auditors’ report and accounting records of our clients.

Audit and Assurance

Audit & Assurance is not just numbers, but something more than numbers that implicate and interpret as a story

The audit is the evaluation process of the accounting entries presented in the financial statement of the company and also checks the accuracy of financial reports. Auditing includes ensuring ethical presentation, fairly presentation, and accuracy. Audit also checks whether financial reports are in compliance with accounting standard and accounting principle. The audit can tell any misrepresentation of financial records, misuse of funds, and fraudulent activities occurred in a company.

Assurance is the process of analyzing and assessing accounting entries . Assurance is the process of verifying whether the company’s accounting records are based on accounting standard and principle, and confirms the accuracy of accounting record. The main aim of assurance is to check the accuracy of financial reports by assessing process, operations, and procedures, etc. It assures that there is no misrepresentation done in financial records, no misuse of funds, and no fraudulent activities done in or by a company. Therefore, it eventually helps in decision making process in a company.

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About Audit and Assurance Standards

Auditing and assurance standards in Hong Kong are known as Hong Kong standards on quality control, auditing, assurance and related service.

The term "Hong Kong standards on quality control, auditing, assurance and related services" includes:

Hong Kong standards on quality control (HKSQCs), to establish basic principles and essential procedures and provide guidance regarding auditors' responsibilities for their quality control for Hong Kong engagement standards

Hong Kong framework for assurance engagements

Hong Kong standards on auditing (HKSAs) for the audit of historical financial information, Hong Kong standards on review engagements (HKSREs), Hong Kong standards on assurance engagements (HKSAEs), and Hong Kong standards on investment circular reporting engagements (HKSIRs), which collectively referred to as Hong Kong engagement standards.

Hong Kong standards on related services (HKSRSs)

HKSAs are applied in the audit of historical financial information.

HKSREs are applied in the review of historical financial information.

HKSAEs are to be applied in assurance engagements dealing with subject matters other than historical financial information.

HKSIRs are applied in investment circular reporting engagements.

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