How to avoid consolidation & business review under new Companies Ordinance (Cap 622)

Effective from 3 March 2014, the newly enacted Companies Ordinance (Cap. 622) (the “Ordinance”) has become effective with a view to modernised legal framework for the incorporation and operation of companies in Hong Kong. It aims to achieve four main objectives, namely, to enhance corporate governance, ensure better regulation, facilitate business and modernise the law. In particular, the Part 9 of the Ordinance is respect of the “Accounts & Audit” and is the subject of this article. After a brief period of transition from the old Companies Ordinance (Cap.32) in the last 12 months, it commences to impact our client’s financial accounts preparation and auditing for the financial year ended 31 March 2015 and thereafter. This article discussed the critical impacts of the new Companies Ordinance on financial statements preparers and its resulting impact on our scope of audit services. It also provide template resolution for your easy adoption.

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