Statutory annual audit

Every company which is incorporated under Companies Ordinance of Hong Kong, the company’s director(s) must, in respect of each financial year, lay before the company in annual general meeting, audited financial statements for the financial year.
(Hong Kong Law, Cap622, Hong Kong Companies Ordinance, section 429(1))

Hong Kong does not have a specific year ended date stipulated by the law. Clients may choose their own year ended date as they wish. However, most of the clients would like to make their year ended date as 31st December or 31st March.
It’s because Hong Kong government’s financial year ended date fall into 31st March in each year, therefore, if you company does not have any other considerations such as matching with group companies’ year ended date, then choosing 31st March is a popular choice.

A director of a company who willfully fails to take all reasonable steps to secure compliance with subsection (1) commits an offence and is liable to a fine of $300,000 and to imprisonment for 12 months.
(Hong Kong Law, Cap622, Hong Kong Companies Ordinance, section 429(4))

Such audit report must be signed by a Hong Kong Certified Public Accountant who possess a valid practicing certificate issued by Hong Kong Institutes of Certified Public Accountant. The first audit report shall be presented to the shareholders in Annual General Meeting within 18 months after incorporation.
(Hong Kong Law, Cap622, Hong Kong Companies Ordinance, section 405)

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