How we supervise the independent statutory annual audit in 2023
How to provide company audit and renewal services in Hong Kong for a foreign client?
To ensure the independent statutory annual audit is timely and efficiently completed, Healy Consultants Group PLC will closely supervise the independent statutory auditors including:
- Choose the optimum independent audit firm; the most simple, practical, cooperative low-cost firm;
- Detail explain to the auditors the business and transactions and subsidiaries of our Client;
- Prepare a detailed audit plan with the auditors, including scope, procedures and timelines; minimize audit fees and timeframe. Agree a multi-year discount;
- Agree audit risk and materiality levels;
- Ensure the audit team is adequately staffed with experienced auditors;
- Prepare the first draft of entity level financial statements to comply with FRS, minimizing total audit fees;
- Influence the independent statutory auditors to rely on historic audited financial statements as much as possible, including subsidiary financial statements;
- Control the flow of communication; including shield our Client from mundane insignificant daily audit queries, and facilitating communication between auditors and our Client;
- Minimize audit completion time, including skillfully negotiating a qualified report (if required). Securing a refund of audit fees for our Client;
- Before we secure a final quote from the independent statutory auditors, Healy Consultants Group PLC will collect the audit support documents from our Client. We will organize the files in logical order including historical bank statements, financial statements from global subsidiaries, working papers, trial balances and general ledgers. During audit fee negotiations, we will show the auditors accurate and complete files for their easy review. We will supply them information organized in a manner they are used to; with adequate explanations. This will help secure a low-cost audit and minimize engagement time;
- Aggressively and skillfully negotiate a clean audit report, (if required);
- Healy Consultants expects to complete the statutory annual audit within two months.
Healy Consultants Group PLC supervision fee is a prediction of the fees required to efficiently and effectively supervise the audit engagement. If during the engagement the independent statutory annual audit is more complex than anticipated, requiring a large additional investment of time, we will revert to our Client to request additional fees. Alternatively, if the independent audit firm completes the engagement faster and more easily than expected, Healy Consultants will be happy to refund a portion of our supervision fees to our Client;