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How to deal with the inventory in the audit of a Hong Kong company?

Released Date: Jan 03,2022 Article Source: HUANZE

According to the laws of Hong Kong, every Hong Kong company, as long as it has operations, must entrust a Hong Kong accountant to complete an audit report every year, and submit it to the Inland Revenue Department for tax declaration. The Hong Kong accountant is acting as the auditor, and needs to conduct a comprehensive check on the accounts of the Hong Kong company in order to complete the audit work of the Hong Kong company.

According to the laws of Hong Kong, every Hong Kong company, as long as it has operations, must entrust a Hong Kong accountant to complete an audit report every year, and submit it to the Inland Revenue Department for tax declaration. The Hong Kong accountant is acting as the auditor, and it needs to conduct a comprehensive check on the accounts of the Hong Kong company in order to complete the tax declarationHong Kong corporate auditWork.

If a company in Hong Kong has unsold inventory on the accounting closing date, according to the accounting standards in Hong Kong, the inventory must be counted at the closing date, and the accountant can only be in charge of the accountingsweetHong Kong company auditIssue an unqualified opinion on the inventory part of the report.

Many Hong Kong companies are engaged in international trade, and the storage places of inventories may be diversified, such as overseas warehouses or entrusted processing plants. To take stock of these stocks, personnel must be arranged in person, and travel expenses are a big expense. Meanwhile, in the face of the COVID-19 pandemic, it is clear that an on-site inventory cannot be carried out. In view of this situation, the Hong Kong accountant of Huanze can accept the means of change. For example, it can confirm in writing to the warehouse or factory where the inventory is stored, and it can adjust the inventory to materials in transit according to the situation. Through this flexible way to accomplish the correspondingHong Kong corporate auditWork.

How to deal with the inventory in the audit of a Hong Kong company?

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