Advisory and Corporate services
Audit & Assurance
At CWCC, our approach to auditing is based on a close understanding of each client’s business, their management philosophy and goals, and the environment in which they operate.
As a trusted service provider, we constantly look for ways to improve financial reporting and control structures, and to enhance profitability and competitiveness.
Statutory Audit
We conduct audits and reporting of financial statements in accordance with Hong Kong, Mainland China, and overseas regulations and other relevant reporting standards. We provide independent and high-quality audits to meet regulatory requirements and enhance the credibility of financial reporting. We also offer cross-border audit services through close collaboration with our global network of affiliated firms.
While issuing audit reports to verify the truth and fairness of annual financial statements, we emphasize strict adherence to reporting deadlines and maintain timely communication with relevant parties to ensure proper resolution of critical issues. Instead of meeting our clients only in the course of carrying out the audit, CWCC strives to communicate with the clients on a continuous basis. This approach enables us to stay informed of our clients' latest developments and promptly mitigate significant business and audit risks.
CWCC can also help in:
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Meeting with regulatory reporting requirements
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Advice on application of acceptable accounting treatments for complex transactions
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IFRS reporting
Statutory Audit in Hong Kong
Under the Hong Kong Companies Ordinance, all Hong Kong-incorporated limited companies must undergo an annual audit. Such audited financial statements need to be submitted together with the tax return to the Inland Revenue Department (“IRD”) of the Hong Kong SAR government. As Hong Kong imposes no sales tax or VAT, these statements serve as the IRD's primary financial reference. They also support decision-making for shareholders, financiers, suppliers, and other stakeholders. CWCC ensures credibility by strictly adhering to Hong Kong or International Auditing Standards.
Internal Control Review
For external auditing purposes, there is no need for external auditor to attend to each and every aspect of the internal control system. Their focus would be mainly to ensure that facet that provides timely, relevant and reliable set of financial statements. Whilst it is the responsibility of an organization’s management to provide accurate financial statements information, material misstatements might creep into financial statements because of inherent risks. To mitigate such inherent risks, management implements internal control system. In addition to meeting its objectives of providing reliable financial statements, internal control system also helps management in following:
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implementation and enforcement of policies designed by management
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safeguarding assets and resources of the business
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supporting management in efficient and effective operations of the business
There are five major components of internal controls: control environment, risk assessment, control activities, information & communication, and monitoring. CWCC can assist in:
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Develop awareness, expertise and alignment
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Conduct preliminary impact assessment
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Facilitate broad awareness
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Develop and execute internal control plan
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Drive continuous improvement
CWCC has years of practical experience in serving different industries, helping organizations to solve various problems which affect their operations and to identify areas of improving efficiency and effectiveness through internal control review.
Special Purpose Audit/ Review/ Other Assurance
In today’s world, business operation environment is getting more complex, organizations need special audit/ review/ other assurance for different operation purposes to meet different management objectives and demands.
Our services include:
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Financial due diligence
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Special audit for issues in relation to the merger, acquisition, listing and lawsuit of a company
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Royalty audit
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Review of profit forecast
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Special audit based on the requirement of group and/or managerial level
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Immigration Audit