What audit services does CityLinkers arrange?
CityLinkers arranges three main categories of audit services:
- Statutory Audit Arrangement — Annual financial statement audits for Hong Kong incorporated companies, required under the Companies Ordinance (Cap. 622). Our arranged auditors issue independent audit opinions in compliance with Hong Kong Standards on Auditing (HKSAs).
- SFC Licensed Corporation Audit Arrangement — Specialised compliance audits for Securities and Futures Commission (SFC) licensed corporations, including Compliance Report compilation, FRR review, BRMQ assessment, and client asset verification under the Securities and Futures Ordinance (SFO).
- Cayman Islands Investment Funds Audit Service arrangement — Specialised audit and assurance services for Cayman Islands investment funds, conducted in compliance with International Standards on Auditing (ISAs) and the regulatory requirements of the Cayman Islands Monetary Authority (CIMA). Our arranged auditors provide independent audit opinions on the financial statements of Cayman-domiciled funds, covering net asset value (NAV) verification, investor capital account allocation, management and performance fee recalculations, and compliance with the fund's constitutional documents (Offering Memorandum, Limited Partnership Agreement, or Articles of Association). Services are tailored for hedge funds, private equity funds, and mutual funds registered under the Cayman Islands Mutual Funds Act, with deliverables aligned to CIMA filing deadlines and investor reporting timelines.
When must a Hong Kong company have its accounts audited?
- Be prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS)
- Accompany the profits tax return filed with the Inland Revenue Department (IRD)
- Be available for inspection by shareholders at the annual general meeting (AGM)
What is the audit process?
1. Planning — Understanding the client's business, risk profile, and materiality thresholds
2. Fieldwork — Examining accounting records, testing internal controls, verifying balances
3. Review — Evaluating findings, obtaining management representations
4. Reporting — Issuing the audit report with opinion (unqualified, qualified, adverse, or disclaimer)
What is an SFC compliance audit?
- Express an opinion on whether financial statements comply with the Securities and Futures (Keeping of Records) Rules
- Compile a Compliance Report covering record-keeping, accounts, audit, and client asset handling
- Review the Business Review Management Questionnaire (BRMQ), Financial Resources Return (FRR), audit questionnaires, and account disclosure documents
- Report any discrepancies in FRR compilations to the SFC
What is a Cayman fund audit?
- Financial statement audit — Independent audit opinion on fund financial statements under ISAs
- NAV verification — Independent calculation and verification of net asset value per share
- Investor allocation verification — Verification of capital account allocations, management fees, and performance fees
- Compliance testing — Testing fund operations against constitutional documents (Offering Memorandum, LPA)
- AML compliance — Ensuring adherence to Cayman AML Regulations (AMLRs)
- CIMA filing — Completion and submission within CIMA regulatory deadlines
Why choose CityLinkers for audit arrangement?
- 14+ years of experience serving over 5,000 corporate clients
- SFC specialist expertise in licensed corporation audits arrangement and compliance reports
- TCSP licensed with comprehensive trust and fund capabilities
- Cross-jurisdictional coverage including Hong Kong, Cayman Islands, and BVI
- Pragmatic approach ensuring timely, straightforward advice and audit completion
Contact CityLinkers for more information on audit arrangements
CityLinkers arranges professional audit services including statutory audits for Hong Kong companies, SFC licensed corporation audits, Cayman fund audits, and compliance audits. Our arranged auditors help clients meet regulatory requirements, manage risks, and improve financial reporting performance.
Under the Hong Kong Companies Ordinance, all Hong Kong incorporated companies must have their financial statements audited annually by a CPA registered in Hong Kong. The audited statements must accompany the profits tax return filed with the IRD.
Hong Kong companies must file profits tax returns with audited financial statements with the IRD. The standard deadline is the first working day of April following the financial year-end. New companies typically receive their first tax return 18 months after incorporation, with a 3-month filing window.
An SFC compliance audit is a specialised audit for SFC licensed corporations. It includes expressing an opinion on financial statement compliance with SFO record-keeping rules, compiling a Compliance Report on FRR, BRMQ, and client asset handling, and reviewing audit questionnaires and account disclosure documents.
