+1 216 206 8966
info@gbsoffshores.com
+1 216 206 8966
info@gbsoffshores.com

Accounting & Audit

GBS Offshores > All Services > Accounting & Audit

ACCOUNTING & AUDIT OVERVIEW

Updated time: Jul 31, 2018 , 15:43 (UTC+08:00)

In some jurisdictions, maintaining company accounts is mandatory.
As GBS Offshores offer a service from A to Z, we can therefore, at the request of the client, assist with completing all the necessary formalities.

Our services include

  • accounting;
  • preparing financial statements;
  • auditing;
  • completing tax returns; and
  • acting as the link between the tax authorities and the client.

As each jurisdiction has its own rules regarding accounting and the time frame for submitting tax returns, GBS Offshores will contact you at the right time to ask you to provide us with the documents needed to draw up the accounts.

The documents required are generally the following

  • Company bank statements
  • Purchase receipts/sales invoices
  • Contracts
  • Loan documents
  • Lease contract

ACCOUNTING & AUDIT PROCESSING

Updated time: Jul 31, 2018 , 15:44 (UTC+08:00)

Accounting process

1. Transactions

Transactions include the sale or return of a product, the purchase of supplies for business activities, or any other financial activity that involves the exchange of the company’s assets, the establishment or paying-off of a debt, or the deposit from, or paying out of money to, the company’s owners.

2. Journal entries

The transaction is listed in the appropriate journal, maintaining the journal’s chronological order of transactions. 

3. Posting

The transactions are posted to the account that it impacts, and are part of the general ledger, where you can find a summary of all the business’s accounts.

4. Trial balance

Calculate a trial balance at the end of the accounting period (quarter or year, depending on the business’s practices).

5. Worksheet and adjusting journal entries

Corrections or adjustments are tracked on a worksheet for the depreciation of assets and to adjust for one-time payments.
Post any corrections needed to the affected accounts once the trial balance shows the accounts will be balanced once the adjustments needed are made to the accounts. 

6. Financial statements

Prepare the balance sheet and income statement using the corrected account balances.

7. Closing the books

Auditing process

1. Planning

Initial planning activities include formal acceptance of the client, verifying compliance with independence requirements and performing other procedures to determine the nature, timing, and extent of procedures to be performed in order to conduct the audit in an effective manner.

2. Risk assessment

Use their knowledge of the business, the industry and the environment in which the company operates to identify and assess the risks that could lead to a material misstatement in the financial statements.

3. Audit strategy and plan

Auditors develop an overall audit strategy and a detailed audit plan to address the risks of material misstatement in the financial statements. The audit strategy and plan is continually reassessed throughout the audit and adjusted to respond to new information obtained about the business and its environment.

4. Gathering evidence

Apply professional scepticism and judgment when gathering and evaluating evidence through a combination of testing the company’s internal controls, tracing the amounts and disclosures included in the financial statements to the company’s supporting books and records, and obtaining external third-party documentation.

5. Finalisation

Finally, the auditors exercise professional judgment and form their overall conclusion, based on the tests they have carried out, the evidence they have obtained and the other work they have done. This conclusion forms the basis of the audit opinion.

ACCOUNTING & AUDIT – FEE SCHEDULE

Updated time: Jul 31, 2018 , 15:45 (UTC+08:00)

1. Annual Accounting Fees

AMOUNT 
(TRANSACTIONS)
FEE
(USD)
Below 30 370
30 to 59 420
60 to 99 480
100 to 119 510
120 to 199 630
200 to 249 830
250 to 349 1,120
350 to 449 1,510
450 and Above TBC

2. Annual Audit Fees

TURNOVER
(HKD)
USD ESTIMATED 
EQUIVALENT (*)
FEE
(USD)
Below 0.5 Million Below 64,500 865
0.5 Million to 0.99 Million 64,500 to 128,499 1,070
1 Million to 1.99 Million 128,500 to 256,999 1,280
2 Million to  2.99 Million 257,000 to 385,499 1,650
3 Million to 3.99 Million 385,500 to 513,999 1,810
4 Million to 4.99 Million 514,000 to 642,499 2,050
5 Million to 6.99 Million 642,500 to 899,499 2,420
7 Million to 8.99 Million 899,500 to 1,156,499 3,450
9 Million and Above 1,156,500 and Above TBC

Note:

  • Depending on complexity, we may adjust the prices to suit each case.
  • Exchange rate of US$1 = HK$7.78250 (HSBC, Jan 5th 2018)
  • TBC: to be confirmed

Our professional team offers accounting and audit solutions in accordance with the relevant ordinances and the standards issued by the Certified Public Accountants authority, including:

  • preparation of company’s financial statements;
  • application for liquidation of limited company;
  • preparation of profits/tax computation, completion and filing of tax return;
  • compliance with the tax filing documentation requirement of the Inland Revenue Department (please see form and download – A guide to keeping Business Records for details);
  • audit arrangement service; and
  • compliance of audited account as required by the Company Ordinance for limited companies.

HOW CAN WE HELP

All information entered on this form will be kept strictly confidential and subject to our privacy policy once received by us. Your transaction will be secured using SSL/TLS encryption.

Offshore Company Formation & Licensing Solutions

GBS OFFSHORES PROVIDES SPECIALIZED SERVICES FOR OFFSHORE COMPANY INCORPORATION & SUPPORT SERVICES
About the author