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Audit and Assurance

CW CPA is a licensed Certified Public Accountant firm in Hong Kong, providing audit and assurance services in accordance with applicable Hong Kong statutory and professional standards. Independent audit and assurance services play a critical role in enhancing the reliability of financial reporting, supporting regulatory compliance, and promoting transparency in an increasingly complex business environment.

For businesses with operations or group structures involving Mainland China, CW CPA works with established local CPA firm networks and professional partners to support audit coordination and cross-border reporting requirements. Our audit approach focuses on risk identification, audit readiness and effective communication with management, helping clients meet statutory obligations and maintain sound financial governance.

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Our Working Approach
  • Each engagement begins with clear scoping tailored to the nature of the service — audit, review, assurance, or agreed-upon procedures — in accordance with applicable Hong Kong professional standards.
  • We identify key financial reporting, control, and compliance risks early, applying procedures proportionate to the required level of assurance.
  • We assess financial reporting processes and internal control frameworks to enhance reliability, accountability, and governance.
  • We maintain effective communication with management and, where relevant, coordinate with Mainland China partners to support group and cross-border reporting needs.
  • All engagements are conducted with strict adherence to professional, ethical, and independence requirements.

Our Audit and Assurance Services

Audit & Assurance services provide independent examination and objective evaluation of financial information, internal controls, and compliance frameworks. These services include statutory audits, group audits, special purpose audits, review engagements, agreed-upon procedures, and other assurance engagements performed in accordance with applicable professional standards. The objective is to enhance transparency, strengthen governance, and provide stakeholders with reliable and credible reporting.

Statutory Audit of Financial Statements

  • Conduct independent audits in accordance with the Hong Kong Companies Ordinance and Hong Kong Standards on Auditing (HKSA).
  • Examine financial statements to assess whether they present a true and fair view.
  • Apply a structured, risk-based audit methodology.
  • Evaluate key financial reporting areas and related internal controls.
  • Obtain sufficient appropriate audit evidence to support the audit opinion.
  • Issue an independent audit report for shareholders and stakeholders.

Multinational Group Audit Engagements

  • Act as group auditor for multinational group structures in accordance with HKSA and applicable auditing standards.
  • Plan and coordinate group audit procedures across multiple jurisdictions.
  • Liaise with component auditors and overseas reporting teams.
  • Review and evaluate work performed by component auditors.
  • Assess group consolidation processes and financial reporting controls.
  • Address cross-border accounting, regulatory, and reporting requirements.
  • Ensure consistent audit methodology and reporting standards across the group.
  • Issue the group audit opinion based on consolidated financial statements.

Special Purpose Audits

  • Audit financial information prepared for specific regulatory, contractual, or reporting purposes.
  • Audit financial statements prepared under special reporting frameworks.
  • Audit specific financial elements, including revenue, expenses, or grant utilisation.
  • Conduct audits required by funding bodies, regulators, or contractual arrangements.
  • Provide an independent audit opinion based on defined criteria.

Audit of Internal Control Over Financial Reporting (ICFR)

  • Evaluate the design and operating effectiveness of internal controls over financial reporting.
  • Assess key financial processes and control activities.
  • Test controls to identify material weaknesses or significant deficiencies.
  • Review policies and procedures supporting financial reporting accuracy.
  • Issue an independent audit opinion on the effectiveness of internal control over financial reporting, where applicable.

Interim Financial Information Review

  • Perform independent reviews of interim financial information in accordance with Hong Kong Standards on Review Engagements (HKSRE).
  • Conduct inquiries and analytical procedures on interim financial statements.
  • Provide limited assurance through a review conclusion.
  • Support interim reporting requirements for shareholders, lenders, or investors.

Special Purpose Financial Information Review

  • Perform reviews of financial information prepared for specific regulatory or contractual purposes.
  • Conduct review procedures on financial statements prepared under special reporting frameworks.
  • Provide limited assurance in accordance with agreed criteria.
  • Support funding applications, investor reporting, or regulatory submissions.

Pre-Transaction Financial Information Review (Non-Audit)

  • Perform review procedures on financial information prepared for investment or financing discussions.
  • Conduct analytical review of selected financial data where limited assurance is sufficient.
  • Support management in presenting reviewed financial information to stakeholders.

Internal Control Assurance

  • Assess the design and operating effectiveness of internal control frameworks.
  • Evaluate financial reporting, operational, information technology, or compliance controls.
  • Identify control gaps and areas of risk exposure.
  • Perform assurance procedures against agreed criteria.
  • Issue an independent assurance report on control effectiveness.

Compliance Assurance

  • Evaluate compliance with laws, regulations, funding agreements, and contractual obligations.
  • Assess adherence to regulatory conditions and internal policies.
  • Review utilisation of government grants or donor-restricted funds.
  • Perform procedures against defined compliance criteria.
  • Issue an independent assurance report on compliance status.

Financial Information AUP

  • Perform agreed procedures on specific financial statement line items, balances, or transactions.
  • Verify revenue, expense, asset, or liability balances based on predefined procedures.
  • Conduct recalculation and reconciliation procedures on selected financial data.
  • Report factual findings without expressing an opinion or assurance conclusion.

Transaction-Related AUP

  • Perform agreed procedures on working capital, net debt, or completion accounts in connection with mergers and acquisitions.
  • Verify specific financial metrics required under share purchase agreements.
  • Conduct targeted procedures requested by investors or counterparties during transaction processes.

Compliance & Regulatory AUP

  • Perform agreed procedures on utilisation of government grants or restricted funds.
  • Verify compliance with contractual covenants under loan or financing agreements.
  • Conduct procedures required for licensing, regulatory submissions, or immigration applications.
  • Report factual findings to designated regulators or intended users.

Internal Control & Process AUP

  • Perform agreed procedures on selected internal control activities without expressing an assurance conclusion.
  • Test specific operational or financial control processes based on predefined scope.
  • Report factual observations on control implementation.