All persons carrying on business in Hong Kong are required to keep sufficient records of their income and expenditure to enable their assessable profits to be readily ascertained.
There are statutory requirements to record certain specified details of every business transaction. Business records must be retained for at least 7 years after the date of the transaction to which they relate.
In Hong Kong, most businesses are carried on through limited companies with limits the liability of the shareholders to the capital subscribed. For Hong Kong Limited companies are require a statutory audit annually by law and all auditors use the same audit approach under the auditing guidelines.
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