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Easing your Finance Team for Audit
A successful audit is essential for preserving investors’ confidence, mitigating risk, and increasing the value of your business. Audits are an unavoidable part of doing business whether mandated by regulatory agencies, financial institutions, or your stakeholders. Without a strategic audit preparation plan, things can easily go awry.
However, preparing for an audit can be overwhelming and time-consuming for your finance team. We as a Hong Kong audit firm provides audit support services that satisfy audit requirements. We know what auditors are looking for and understand the relevant standards. By handling all of these services, your finance team can focus on their financial and accounting operation work.
Our Services
- Preparation of draft mock financial statements
- Preparation of Group consolidated accounts and worksheets
- Accounts reconciliation
- Preparation of accounting schedules
Outsourcing your audit support services to RSM can improve efficiency, enhance compliance, and provide insights into financial and operational performance. Our experienced team offers comprehensive services that streamline audit preparation, manage regulatory obligations, and deliver valuable guidance for strategic growth. Below are some frequently asked questions:
Frequently Asked Questions (FAQs):
Audit Support Services encompass a range of professional services designed to assist businesses in preparing for and navigating audits. In Hong Kong, these services ensure that companies comply with local accounting standards, tax regulations, and the Companies Ordinance, facilitating a smoother audit process.
These services enhance operational efficiency by streamlining documentation and internal processes, reduce the risk of non-compliance with local regulations, and improve the accuracy of financial statements. By engaging an audit support provider, businesses can build credibility with stakeholders, attract investment, and mitigate potential financial risks.
All businesses, particularly those subject to statutory audits, newly established companies, or those expanding their operations, can benefit. Companies looking to improve their internal controls and financial reporting practices also find these services valuable.
RSM offers tailored audit support services that include pre-audit assessments, documentation preparation, risk identification, and staff training. Leveraging local expertise and advanced technology, RSM helps businesses enhance compliance and improve financial management, ensuring they are audit-ready.
Businesses across various sectors in Hong Kong, including SMEs, startups, and multinational corporations, engage in audit support services. Industries like finance, retail, and manufacturing often seek these services due to their stringent regulatory requirements.
Engagement typically begins with a consultation to assess the business's specific needs. The audit support provider will then create a customized plan, offering ongoing support and guidance throughout the audit preparation process, including training and pre-audit assessments.
Audit support providers stay updated on the latest regulatory changes and accounting standards, enabling them to guide businesses in maintaining compliance. They conduct thorough assessments and provide recommendations to strengthen internal controls and mitigate risks.
While regular accounting services focus on day-to-day financial management, audit support services specifically prepare businesses for audits, ensuring compliance with regulatory requirements and enhancing the integrity of financial reporting.
Engaging with an audit firm in Hong Kong significantly enhances audit preparation through various means:
- Expert Guidance: They offer insights into local regulations and accounting standards.
- Pre-Audit Assessment: Conducts preliminary evaluations of financial statements and internal controls.
- Documentation Support: Assists in organizing essential documents to streamline the audit process.
- Training: Provides staff training on audit requirements and best practices.
- Risk Identification: Identifies and mitigates financial risks.
- Mock Audits: Offers practice audits to prepare for the real process.
- Improved Controls: Strengthens internal controls.
- Timely Updates: Keeps companies informed on regulatory changes.
By leveraging these services, companies can ensure a more efficient and compliant audit process.