The annual external audit is a critical milestone in a company's financial reporting cycle. It provides an independent validation of the quality of your bookkeeping, the effectiveness of your internal controls, and the accuracy of your financial disclosures. The resulting audit opinion is relied upon by a wide range of stakeholders, including boards of directors, investors, lenders, and regulators, as a key indicator of your company's financial health and governance. However, the audit process itself can be a demanding and disruptive period, placing a significant strain on your finance team's resources and diverting their attention from day-to-day operations. A disciplined and professional approach to managing the audit is essential for ensuring it is completed on time, on budget, and with minimal disruption. Zetland's Audit Liaison service provides expert, end-to-end coordination with your independent auditors. We act as the single point of contact between your team and the auditors, allowing your staff to maintain their operational momentum while we manage the audit process to meet all your statutory and stakeholder expectations. We prepare a comprehensive, audit-ready file, with all key balances reconciled and all supporting documentation organised and clearly referenced, which enables more efficient testing by the auditors and significantly reduces the risk of last-minute surprises. Throughout the audit fieldwork, we manage the flow of information, triage requests, draft and route responses, and maintain a detailed log of all actions and queries, ensuring the audit timetable remains on track. Our deep understanding of audit methodologies, materiality, and auditor expectations allows us to address potential issues proactively, escalate significant matters appropriately, and avoid unnecessary scope creep. Our service ensures a more predictable timeline, a better audit outcome, and less disruption to your business.
In Hong Kong, an annual statutory audit is mandatory for all limited companies, and the audited financial statements form the basis for the company's profits tax filing with the Inland Revenue Department (IRD). Our audit liaison service in Hong Kong is designed to manage this critical process with maximum efficiency. We begin the process with detailed planning and readiness, establishing a clear year-end timetable in coordination with your chosen audit firm. We prepare a complete set of audit workpapers, including a trial balance that is clearly mapped to the financial statement line items. Our team prepares detailed reconciliations for all key accounts, such as bank balances, accounts receivable and payable, inventory, and fixed assets. Each reconciliation is tied out to the underlying supporting documents with clear cross-referencing, which significantly speeds up the auditors' testing procedures. We act as the single point of contact for the audit team, managing all their prepared-by-client (PBC) requests and ensuring that all queries are responded to in a timely and accurate manner. We hold regular status calls with the auditors to monitor progress and maintain an issues log to ensure any potential points of contention are identified and resolved early. Our team can also provide technical support on the application of Hong Kong Financial Reporting Standards (HKFRS), particularly in complex areas such as the disclosure of related-party transactions or expected credit loss assessments. At the conclusion of the audit, we assist with the drafting and review of the management representation letter and help to formulate responses to any audit findings, ensuring a smooth and compliant close-out to the process.
While many private companies in Singapore may qualify for audit exemption, an annual audit is often still required to meet the demands of stakeholders, banking covenants, or group policies. Our audit liaison service in Singapore ensures that this process is managed efficiently and in full alignment with your other statutory obligations. Our service starts with a pre-audit diagnostic to confirm the audit scope and any specific group reporting requirements. We then prepare a comprehensive prepared-by-client (PBC) pack, including detailed lead schedules and reconciliations for all key financial statement areas. Our process is designed to ensure a seamless integration between the audit deliverables and your other compliance deadlines, such as the filing of the Annual Return with the Accounting and Corporate Regulatory Authority (ACRA) and the corporate income tax return with the Inland Revenue Authority of Singapore (IRAS). We act as the central interface with your auditors, managing all their requests for information and coordinating the sending of confirmations to banks, lawyers, and other third parties. We can also provide on-the-ground support to coordinate the auditors' physical stock-take, where required. Our team ensures that the figures in the final, audited financial statements are correctly aligned with your Estimated Chargeable Income (ECI) and final tax filings. We also provide support in drafting the directors' statement and the notes to the financial statements, particularly concerning key judgements, estimates, and related-party disclosures, as required under Singapore Financial Reporting Standards (SFRS). Our professional coordination minimises the disruption to your business and provides confidence to all stakeholders.
The audit process for a foreign-invested enterprise in Mainland China is a particularly complex undertaking that requires deep local expertise. Audits are conducted in accordance with Chinese Accounting Standards (CAS) and must be closely synchronised with the annual corporate income tax reconciliation and other filings with the State Taxation Administration (STA). Our audit liaison service in Shanghai is specifically designed to navigate these local complexities. A key part of our readiness review involves a thorough 'health check' of your financial records to ensure they are fully compliant with the local regulatory framework. This includes a detailed reconciliation between your general ledger, your official fapiao records, and your VAT returns filed through the Golden Tax System. Any discrepancies in this area are a major red flag for auditors and tax authorities, and we work to resolve them proactively. We prepare a full set of audit workpapers with bilingual indexing and clear cross-references between the lead schedules and the underlying accounting vouchers and supporting documents. We manage all interactions with the locally licensed audit firm (CPA), coordinating all requests for information and managing the confirmation process. A critical part of our service is ensuring a seamless bridge between your local statutory audit and your group reporting requirements. We manage the process of converting the CAS-compliant audited figures to your group's GAAP, preparing all the necessary adjustment journals and disclosures in both English and Chinese to facilitate a smooth and accurate consolidation. Our on-the-ground expertise reduces the risk of compliance failures and ensures your China audit is completed efficiently and with full transparency.
Zetland Fiduciary Group operates a global network of offices to support clients across key international financial hubs. Whether you are seeking guidance on company formation, trust administration, accounting, or cross-border transactions, our local experts in Hong Kong, Shanghai, Singapore, and London are ready to assist.
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