Professional Services

Reporting requirements more onerous

There is a trend toward greater reporting requirements for accountants. There is some legislation creeping into this effect, particularly within the regulated industries. This often places more responsibility on the accountants to monitor some of the day-to-day activities of a client company. Traditionally, the work of the auditors was mainly confined to ascertaining the general accuracy and propriety of client’s accounts. However, in response to increasing private demand and in line with international practice, the role of auditors has gradually expanded over the years with the assumption of responsibility for appraising and reporting to the extent of which the value is secured from the resources of clients.

By law, the annual accounts of a limited company in Hong Kong have to be audited by a Certified Public Accountant (CPA). The work of CPA follows the accounting and auditing standards as promulgated by the HKICPA. In recent years, Katon CPA Limited has strengthened its force, successfully assisted many of our foreign clients to establish their base in Hong Kong and the PRC. Our clients can rely on our profession to continue to build on their strength and to minimize their weaknesses.