What steps are involved when completing an audit for my Hong Kong company?

The auditor would start the audit by understanding the nature of the company. They then collect documents as audit evidence such as invoices, goods delivery and receipt notes, sales and purchases contracts, purchase orders, sales orders, rental agreements, bank-in slips, bank statements, bank loan agreements, and financial breakdowns to support the figures disclosed in the financial statements. In addition, audit confirmation would be performed with a bank, and account receivables and payables to verify year-end balances.

Of course, other auditing testing and audit procedures will be performed as well. Enquiries will be made to the management during the audit. The auditor would give an audit opinion in the audit report whether financial statements are fairly stated in accordance with Accounting Standards, and whether the statements contain errors or other misstatements.