Liability Case

Congratulation you had successfully completed an accounting degree in Hong Kong first, I can give you some advices to have a preparation for your concern on this professional of an auditor.

Let's talk about the duties of an auditor, are under a statutory obligation to produce a report during their term of office with a company. The report must adhere to certain standards, the key one being to give a 'true and fair' view of the company's affairs. The HKSA 700 and S141 are about duties having to read.

HKSA 700 - requires that auditor report should contain a clear expression of the auditor's opinion of the financial statement. If financial statements prepared in accordance with the requirements of a fair presentation framework do not achieve fair presentation, the auditor shall discuss the matter with management and, depending on the requirements of the applicable financial reporting framework and how the matter is resolved, shall determine whether it is necessary to modify the opinion in the auditor's report

S141 - requires auditors must report to the members on whether the financial statements show a true and fail view. The report of proper books of account have been kept by the company and proper returns adequate for their audit have been received from branches not visited by them and the company's balance sheet and profit and loss account are in agreement with the books of account and returns

You can also read more go deep into Quasi-Legal Duties, Common Law Duties, and Breach of Duties for detecting frauds, errors and irregularities and specifics.

The status of HKICPA is incorporated by the Professional Accountants Ordinances on 1 January 1973; the Hong Kong Institute of Certified Public Accountants (the Institute) is the only statutory licensing body of accountants in Hong Kong responsible for regulation of the accountancy profession. The Mission is to serve the accountancy profession and the public through an efficient and transparent system of self-regulation and effective professional development in line with the development of Hong Kong as a world city. The Vision to be recognized as a world class accountancy body that meet the rising expectations of its members and serves the best interests of Hong Kong. You need to read and understand that follow to be a right auditor.