Accounting and Audit Arrangement
Accounting work can be done on monthly, quarterly, semi-annually or annually depending on the circumstances of each company. The financial statements will enable interested parties to evaluate the profitability and solvency status of the company to make important business decisions.
According to the Inland Revenue Ordinance (Section 51C), every person carrying out a business in Hong Kong shall keep sufficient records of its income and expenditures for a period of 7 years after the completion of the transactions to enable the assessable profits of such business to be readily ascertained.
For guidance on how to keep business records, please refer to “A Guide to Keeping Business Records” published by the Inland Revenue Department.
According to the Hong Kong Companies Ordinance (Section 122), every Hong Kong Limited Company is required to conduct annual statutory audit by an independent auditor regardless of whether the company has conducted its business activities within or outside Hong Kong.
The audited accounts will need to be presented to the members of the company at its annual general meeting and submit together with the Profits Tax Return to the Inland Revenue Department (IRD).
Kernel will be able to assist our clients for accounting and audit arrangement with independent auditor qualified under the Professional Accountant Ordinance and holds a Practicing Certificate issued by the Hong Kong Institute of Certified Public Accountants (HKICPA) to perform the service.