Abstract
As a territory of the UK (until 1 July 1997), Hong Kong followed the UK accounting and auditing standards quite closely, in most cases mirroring the requirements. However, there was a departure regarding the elimination of the statutory audit of small private companies in the UK in 1994, but this was not followed in Hong Kong. An audit is not required for small private companies in the USA either. This study evaluates the perceived value of the small companies’ audit in the opinion of two interest groups that are most affected by this requirement: small private limited companies and small audit firms. Results indicate that both groups of respondents consider the audit to be a valuable experience. While this result is not unexpected from the partners/proprietors of small audit firms, who benefit most from the mandatory audit requirement, it is a surprise from the small companies’ perspective.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.