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2022-03-18 | OneStart Weekly
【4 mins Read】OneStart Weekly - Account Audit

Account & Audit Service

In this new series, we will dive into the topic of accounting and auditing. I believe most of our reader must know that accounting and auditing would require licensed practicing accountants, and it has been one of the most competitive, but yet most-pursuit career in job market. Then, what are the differences between accounting and auditing? Do you know what accountants and auditors do? What does it mean by accounting and auditing? OneStart Business Centre is here to help you with all these questions marks.

According to the Section 51C of the Inland Revenue Ordinance, every person carrying on a trade, profession or business in Hong Kong is required to keep a good and sufficient records of their income and expenditure. The records should be prepared in both English and Chinese to enable the assessable profits can be readily ascertained.

One of the key services of Accounting Services, provided by licensed practicing accounting firms, like OneStart Business Centre, is Record Keeping. The books of accounts recording like receipts and payments, or income and expenditure would be well kept. Other records like vouchers, bank statements invoices and receipts would also be filed and kept properly in the accounting firms’ file. Important records of the assets and liabilities of the person in relation to the trade, profession or business, would also be kept properly and safely, for future possible inspection.

Also as stated in the ordinance is that the records would have to be retained for a period of not less than 7 years. 7 years is a very long time, and you would have received lots of different invoices and receipts. Managing the record and keeping it under an established system would be tricky. Therefore, most of the companies and business would seek help from a licensed accounting firm to help them manage the record keeping.

The accounting firms that you should seek help from should be a Certified Public Accountants (CPA) of The Hong Kong Institute of Certified Public Accountants based on the "Professional Accountants Ordinance" in Hong Kong. OneStart Business Centre has long been serving our guests. Out professional accounting and auditing team is a CPA, and has been practicing under the name of OneStart Certified Public Accountants (Practising).

You just have to provide all monthly invoices and receipts to our accounting team consultants. OneStart Business Centre will handle the rest and our team will be able to prepare accurate monthly, quarterly and annual financial statements, including balance sheet and income statement for you. We could help you to maintain a clear and proper record keeping system. This will definitely an advantage for the long-term financial planning and cost control of the company.

Simply put accounting is the process where accountants go through all the financial records of your business, and construct or put forward the financial statements. Then the statements would go under the process of auditing. Auditing is the examination, verification and evaluation of the financial statements to make sure the records are a fair and accurate representation of the transactions as claimed within the statements. Therefore, you could choose to compute the financial records by yourselves and find external CPA firms to audit the financial statements.

It was explicitly stated under the Companies Ordinance that all Hong Kong Limited Company’s directors must prepare for each financial statements and provide for inspection upon request. The statements would have to be audited by registered auditors in CPA firms, as an act to make sure the accuracy of the financial statements provided.

Accounting and auditing is as much a professional as your business. Therefore, to lessen the burden of running a company, finding a reliable and supportive CPA to help is crucial. OneStart Business Centre has years of experience in accounting & auditing service. In addition, our Certified Public Accountants are also the members of CPA Australia (CPAA). Our elite team are all registered practicing accountants and auditors, that you could rely on.

Under the Professional Accountants Ordinance (PAO), a CPA must obtain “approved accounting experience” before they can be issued with a Practicing Certificate (PC).  Under the current PAO regulations, the applicant must have a minimum of 4-years full-time experience. Therefore, we would like to urge our readers, do not seek accounting and auditing services from unreliable firms. You should always check for the validity of the CPA’s PC, before handing you financial records to them.

OneStart Business Centre values every customer. Therefore, the financial records and statements are all properly maintained, and kept as confidential. Finding unreliable CPA to audit your records might lead to a leak in your company’s important business and financial information. Call our consultant for any enquiry, or CLICK HERE to know more.

Interested in OneStart Business Centre’s Accounting and Audit Services? Phone in to our hotline 3575 6888 or WhatsApp our helpful consultants!