Preparing for a Hong Kong statutory audit: an example six-week timetable.

A clear timetable helps the company and auditor organise the information and approvals needed. This example assumes the accounting records are complete and the independent auditor has agreed the schedule.

Set the actual deadlines first

Check the company’s financial-reporting, meeting and tax requirements before planning backwards. AGM requirements have exemptions and special first-period rules; nine months after year end is not a universal deadline for every company. The tax-return due date and any extension must be confirmed separately.

An example sequence

1. 01

   Week 1: close and reconcile the records. Prepare the trial balance, bank reconciliations and intercompany balances. Record subsequent changes.

2. 02

   Week 2: assemble the schedules and supporting documents requested by the auditor, including assets, receivables, revenue and significant transactions.

3. 03

   Weeks 3–4: coordinate information requests through a named contact. Keep a query log, responses, evidence and outstanding items. The auditor decides the fieldwork required.

4. 04

   Week 5: management reviews proposed adjustments and draft financial information with the relevant advisers. The auditor retains responsibility for its conclusions and report.

5. 05

   Week 6: arrange the required company approvals and signatures when the documents are ready. Archive the final records and plan separately scoped tax work against its actual deadline.

Adapt the plan to the audit

Incomplete records, valuation questions, confirmations, availability or additional audit procedures may extend the schedule. A six-week example is not a guaranteed audit duration, fee or outcome. Agree changes promptly with the independent auditor and track statutory deadlines.

IMSG prepares accounting records and supporting schedules and coordinates information within an agreed engagement. The independent auditor assesses applicable independence requirements and determines its procedures, conclusions and report. Tax preparation and filing are separately scoped.