profit tax return hong kong

Importance and considerations of the accounting audit


In the business world, regardless of the sector, turnover, regime or size of the company in question, one of the most important aspects within this is accounting, it involves a whole series of tasks that provide information that allows you to know the status financial institution and at the same time, make decisions and generate strategies to improve or enhance the capabilities of it. Click here for cpa firm hk.

Within the same accounting, there is a task that has great relevance for many financial and accounting aspects of the company because its purpose is to corroborate that the information obtained and integrated into the different accounting records is correct. Visit this site for profit tax return hong kong.

It is about the accounting audit. In spite of how common the term may be, not all organizations carry out this procedure in the best way and in many cases, this task is limited to being an internal process. However, it is essential that a review carried out by an external auditor be carried out since this offers an objective perspective, alien to the company and a greater degree of confidence in the results and veracity of the records.

profit tax return hong kong

Necessity of an external auditor

Some companies, often with the aim of saving time and money, wonder if it is really necessary to have an external auditor. In addition, aspects such as the recent changes that the tax legislation has undergone, in which the obligatory nature of some requirements has been eliminated, among which is the preparation and presentation of a tax report that has been made and issued by a certified public accountant and registered with the SAT, also imply that employers give less importance to these procedures.

That is, the accounting audit was carried out not because it was a fiscal requirement or obligation, but because it was a necessity, a tool that helped the managers of the companies to better control the information generated by the operations carried out and to use said information with different purposes, but always with the objective of obtaining benefits and profits.

Importance in current times

At present, the usefulness of this tool has not changed much, in fact it continues to offer the same benefits, but it has become even more important because it is a task that offers certainty about the information of the accounting records and this greatly helps the Timely and correct compliance with the tax obligations of the entity.

Also, an external auditor can offer the advantage of detecting and reporting errors in the records of operations so that they are analyzed and corrected before presenting, for example, a tax return before the SAT, which results in a huge benefit, Because of filing a statement with errors, the company may be entitled to a more in-depth and costly fine, penalty and tax review.