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Audit & Assurance Services

Hong Kong, a global financial and business hub, has focused on transparency in business activities and early-adopted international standards, requiring business-friendly but strict compliance. As a part of this, all companies established under the Hong Kong Companies Ordinance must undergo external audits. Also, the difference with Korea's corporation governance structure is that Hong Kong Companies, if not listed, can just require minimum 1 director without internal audit officer in the governance. Instead, Hong Kong Companies Ordinance requires the Company to appoint external auditor and prepare financial statements based on the International Accounting Standards.

According to corporate governance characteristics based on the separation of ownership and management, the management (in the case of a corporation, the board of directors) has been given the responsibility and authority to conduct regular management on behalf of shareholders without conflicts of interest. The shareholders have the reserved right to participate in the financial performance and decision-making of the board of directors through shareholders' meetings. An external audit is a process in which independent auditors confirm that the financial performance reported by the management (the board of directors) has been prepared in compliance with the Companies Ordinance and the corporate standards. It is also a service that provides confidence in financial statements following the audit standards established with the qualifications as experts. As the corporate structure becomes more complex and transactions vary due to the nature of industries, the level of expectations and the importance of stakeholders' understanding of corporate financial reporting increases. Undergoing external audits, the financial reporting prepared by the management could be more reliable and relevant to various users of such information.

We, IL SHIN CPA Limited, help major listed conglomerates, mid-sized groups, listed companies, and competitive small and medium-sized enterprises in Korea to broaden their business into Hong Kong. We also have continued investing in human and physical resources to maintain the higher audit quality and richer service experience so that our clients could achieve sustainable growth.

Our auditors have extensive audit experience and professional careers in international accounting firms such as Big 4 accounting firms. Moreover, IL SHIN CPA Limited is a leading Korean accounting firm registered with the Hong Kong Institute of Certified Public Accountants as a Recognised Training Organization, under strict quality supervision at the corporate level.

In addition, based on an in-depth understanding of different accounting standards and accounting practices of Hong Kong and overseas, such as China, we are currently conducting IFRS conversion and audits of consolidated financial statements. We are closely equipped with networks of external experts such as professional appraisal firms, providing comprehensive audit and assurance services.

Main Service Areas


  • Financial statements audit (individual and consolidated)

  • IFRS (International Financial Reporting Standards) package audit

  • Capital verification report, liquidator's report

  • Accreditation

  • Agreed-upon Procedures for Specific Purposes (AUP Report)

  • Internal control review and consultation

  • Internal audit support

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