Hong Kong corporate auditDo you have any bank deposits to verify? The answer is yes, if any bank deposits are subject to confirmation of bank deposits (including zero balance accounts and accounts closed during the current period), unless there is sufficient evidence that bank deposits are not material to the financial statements and the risk of material misstatement associated with them is low.

We recently had a client inHong Kong corporate auditDuring this period, the bank account was cancelled, and the client could not verify it. After communicating with the auditor, the auditor asked to provide the cancellation document and the last bank statement. However, the bank directly cancelled the account after the client provided the cancellation application to the bank, instead of the cancellation notice and other cancellation documents, the client could only provide the cancellation application at that time. Cancellation application is only a unilateral cancellation, and can not prove the cancellation of the bank account, so it is necessary to let the customer provide cancellation documents. After consultation and communication with the bank, the client can only stamp the bank seal on the cancellation application and state the date on which the bank account has been cancelled. In this way, the auditor can accept that the cancelled account will not be verified.

So if the customer cancels the bank account, be sure to obtain the bank issued a cancellation of the account document, so as to be validHong Kong corporate auditEvidence.

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