The article speaks about the importance of timely filed tax returns and audit for the companies in Hong Kong, its peculiarities and what needs to be done.
Audit Abroad
Almost everywhere, companies are required to undergo an annual financial audit. Sometimes upon reaching the minimum turnover, sometimes at the request of minority shareholders. However, once a company becomes a prominent player, audit becomes a mandatory part of its life cycle.
Offshore companies and entities are often exempt from audit, but increasingly having an audit is a requirement for maintaining important banking, business partner and government relationships. More and more offshore companies therefore choose to obtain an annual financial audit on a voluntary basis, proving their compliance with international standards.
An audit is defined as an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.”
In this section we talk about the peculiarities of financial audits in the offshore world. You can learn more about auditing in the country of your particular interest at info@offshore-pro.info.