Audit Coordination in Asia & Europe | Statutory Audit Support | ASC Consulting

Service Overview

Statutory audits are a legal requirement for most incorporated entities across Asia and Europe, and for the businesses that must undergo them, the audit process can be time-consuming, disruptive, and costly if not properly managed. Auditors require access to well-organised financial records, supporting documentation, reconciliations, and explanations that must be provided promptly and accurately. An unprepared audit leads to extended timelines, additional fees, and an increased risk of qualified opinions that can damage the company's reputation with banks, investors, and regulatory authorities.

ASC Consulting provides comprehensive audit coordination services for international businesses, managing the full relationship with your statutory auditors and ensuring that your accounts and supporting documentation are audit-ready well in advance of each year-end. We liaise directly with your auditors, respond to information requests, prepare audit schedules and reconciliations, and ensure that the audit is completed on time, at the lowest possible cost, and with a clean audit opinion.

Our audit coordination service is particularly valuable for businesses with entities in multiple jurisdictions, where the simultaneous management of several audit processes with different auditors, deadlines, and filing requirements can otherwise become a significant operational burden.

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What WE DO

<h2 class="font_2">Audit Requirements by Jurisdiction</h2><h3 class="font_5">Hong Kong</h3><p class="font_8">All Hong Kong limited companies are required to have their annual financial statements audited by a Hong Kong Certified Public Accountant (CPA) licensed under the Professional Accountants Ordinance. Audited financial statements must accompany the annual profits tax return filed with the Inland Revenue Department. The deadline for filing audited accounts with the Companies Registry is within 42 days of the annual general meeting. ASC Consulting coordinates the audit process and manages the filing with both the IRD and the Companies Registry.</p><h3 class="font_5">Singapore</h3><p class="font_8">Under the Singapore Companies Act, companies that do not qualify as small companies (those meeting two of three criteria: revenue below SGD 10 million, assets below SGD 10 million, fewer than 50 employees) are required to have their financial statements audited. Audited financial statements must be filed with ACRA as part of the annual return. ASC Consulting assesses audit requirement status for each Singapore entity and manages the full audit process for entities that are required to be audited.</p><h3 class="font_5">France and Germany</h3><p class="font_8">In France, companies above certain size thresholds are required to appoint a Commissaire aux Comptes (statutory auditor) for a renewable six-year term. In Germany, GmbH companies above certain thresholds are required to have their annual financial statements audited by a Wirtschaftsprufer. ASC Consulting advises on audit requirement thresholds and coordinates statutory audit processes for French and German entities through our network of qualified local audit partners.</p><h3 class="font_5">Frequently Asked Questions</h3><h3 class="font_5">Can ASC Consulting act as the auditor?</h3><p class="font_8">No. ASC Consulting provides accounting, tax, and compliance services but does not itself perform statutory audits, as this would create a conflict of interest with our accounting services and is prohibited under auditing standards in most jurisdictions. We coordinate the audit process and manage the auditor relationship on your behalf, working with independent audit firms in each jurisdiction.</p>

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Integration of Accounting and Audit Coordination

Audit Requirements by Jurisdiction

Every jurisdiction has specific audit requirements. In Hong Kong, all limited companies must have their financial statements audited annually by a Certified Public Accountant (CPA). In Singapore, companies with revenue over SGD 10 million or more than 50 shareholders must appoint an auditor. In France, companies exceeding 2 of 3 statutory thresholds (turnover, total assets, employees) must appoint a Commissaire aux Comptes (CAC).

Missing audit filing deadlines can result in significant penalties. Hong Kong imposes fines for late filing of annual returns. French companies may face greffe (court registry) penalties. Singapore ACRA can strike off non-compliant companies from the register. ASC Consulting tracks every deadline and drives the process to ensure nothing falls through the cracks.

Benefits

Our accounting and audit coordination services provide:

Compliance Assurance: Our services guarantee that your financial reporting meets all regulatory, statutory, and internal requirements, ensuring comprehensive compliance.
Risk Identification and Management: By identifying financial risks and areas of non-compliance early, we help you mitigate potential issues before they escalate.
Efficiency in Financial Processes: Our coordination streamlines both accounting and auditing processes, making them more effective and less burdensome for your business.

For a comprehensive approach to audits, consider integrating our Accounting Software and CRM systems.

Process

How Our Audit Coordination Service Works

Audit calendar setup: We map out the audit and filing calendar for all your entities at the start of each financial year, including key milestones for accounts preparation, auditor fieldwork, sign-off, and regulatory filing.
Year-end accounts preparation: We prepare or review draft financial statements in the required local format (including notes), ensuring they are complete and consistent before presenting to auditors.
PBC list management: When auditors issue their Prepared By Client (PBC) request list, we coordinate the gathering of all supporting documents from your team, minimizing audit disruption to your operations.
Auditor liaison: We serve as the primary point of contact for auditors, responding to queries promptly and escalating to your management only when business decisions are required.
Final sign-off coordination: We manage the sign-off process with directors, ensure all required approvals are in place, and coordinate the electronic filing with the relevant registry.
Group reporting: For clients with a parent company, we prepare group reporting packages in the required format (IFRS or local GAAP) on a timeline that meets group consolidation deadlines.

Frequently Asked Questions — Audit Coordination

Is a statutory audit mandatory for my Hong Kong company?

Yes. All Hong Kong limited companies must have their financial statements audited annually by a Certified Public Accountant registered in Hong Kong. Audited accounts must be submitted with the Profits Tax Return to the Inland Revenue Department (IRD) and filed with the Companies Registry as part of the annual return.

Does my Singapore company need an audit?

Singapore exempt private companies (EPCs) with annual revenue below SGD 10 million are exempt from audit. However, companies with more than 50 shareholders, or that are subsidiaries of listed or regulated entities, generally must appoint an auditor. ASC Consulting assesses your audit status and manages the appointment and coordination process.

What is the difference between audit coordination and doing the audit itself?

Audit coordination is the administrative and accounting preparation work that enables the statutory audit to be completed efficiently. ASC Consulting prepares your financial statements and manages the audit process, but the audit opinion itself is issued by an independent licensed auditor. We work alongside your chosen auditor (or introduce you to our trusted auditor network).

Can you coordinate audits across multiple countries simultaneously?

Yes. This is one of ASC Consulting's core strengths. We manage multi-country audit calendars, with dedicated account managers tracking each subsidiary's timeline. For groups with entities in Hong Kong, Singapore, France, Germany, and other jurisdictions, we provide a consolidated view of audit status and ensure all entities are filed on time.

Our financial statements are not up to date — can you still help?

Yes. We frequently assist companies that have fallen behind on their accounts preparation. We can reconstruct or catch up your bookkeeping, prepare the financial statements, and then coordinate the audit process. We also manage any late filing procedures with the relevant authorities.

Getting Started

Partner with ASC Consulting Limited to elevate your financial compliance and integrity. By integrating accounting with audit coordination, we offer a seamless, efficient approach to managing your business's financial health.

Our Main Places of Activity

Our Audit Coordination Services

Year-End Close and Audit Preparation

The single most important factor in a smooth and efficient statutory audit is the quality of the year-end close process. ASC Consulting manages the year-end close for our accounting clients, ensuring that all accounts are fully reconciled, all accruals and provisions are correctly recorded, all intercompany balances are agreed, and all supporting documentation is organised and cross-referenced before the auditors arrive. A well-prepared set of accounts dramatically reduces audit time and cost and minimises the risk of queries and adjustments.

Auditor Selection and Management

For new entities or clients seeking to change their audit firm, ASC Consulting assists with the selection of an appropriate auditor for the size, complexity, and jurisdiction of the entity. We maintain working relationships with reputable audit firms across Hong Kong, Singapore, France, Germany, and other key markets, at multiple price points, and can facilitate introductions and coordinate the engagement process. We then act as the primary liaison between management and the auditors throughout the audit, managing information flows and resolving queries efficiently.

Audit Support and Query Management

During the audit, auditors will inevitably raise queries, request additional documentation, and seek explanations for items in the financial statements. ASC Consulting manages these requests on behalf of management, preparing the required responses, locating and organising supporting documents, and providing technical explanations where required. This significantly reduces the burden on management and ensures that audit queries are resolved quickly and accurately, keeping the audit on schedule.

Multi-Jurisdiction Audit Coordination

For businesses with entities in multiple jurisdictions, ASC Consulting provides centralised audit coordination, managing the relationships with multiple audit firms and ensuring that all audits are aligned in terms of accounting policies, intercompany eliminations, and group reporting requirements. We provide consolidated status reporting to management, tracking the progress of each audit and flagging any issues that require management attention, so that the full group audit cycle is completed on schedule.

Regulatory Filing of Audited Accounts

In most jurisdictions, audited financial statements must be filed with the relevant corporate registry or regulatory authority within a specified timeframe after the financial year end. ASC Consulting manages the filing of audited accounts with the Companies Registry in Hong Kong, ACRA in Singapore, the Registrar of Companies in France, and the Handelsregister in Germany, ensuring that all filing deadlines are met and the company remains in good standing.

Our Group

We are a privately owned Group that prioritizes the service to its clients, and values personal approaches as well. We have been founded by qualified professionals from legal/fiscal sectors with more than 25 years cross-border experience gained in Europe & Asia - giving them perfect understanding for tax environment where client operates both at home base country or when investing abroad.

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