If a Hong Kong company limited by guarantee (CLG) is required to have an audit, the following are some of Hong Kong company limited by guarantee audit requirements
- Appoint an auditor: The CLG must appoint a registered auditor who is a member of the Hong Kong Institute of Certified Public Accountants (HKICPA).
- Prepare audited financial statements: The CLG must prepare audited financial statements in accordance with Hong Kong Financial Reporting Standards (HKFRS) or Hong Kong Accounting Standards (HKAS).
- Submit audited financial statements to the Companies Registry and Inland Revenue Department: The CLG must submit its audited financial statements to the Companies Registry and Inland Revenue Department within 42 days after the end of the financial year.
- Conduct the audit in accordance with Hong Kong Standards on Auditing (HKSAs): The auditor must conduct the audit in accordance with HKSAs, which are issued by the HKICPA.
- Obtain management representation letter: The auditor must obtain a management representation letter from the CLG’s management, which confirms that they have provided all necessary information and that the financial statements are complete and accurate.
- Prepare audit report: The auditor must prepare an audit report that expresses an opinion on whether the financial statements give a true and fair view of the CLG’s financial position, financial performance, and cash flows.
- Maintain audit working papers: The auditor must maintain adequate working papers to support the audit opinion.
It is important to note that the Hong Kong company limited by guarantee audit requirements are not exhaustive and may vary depending on the specific circumstances of the CLG. The Companies Ordinance and other relevant laws and regulations in Hong Kong should be consulted for further details.