I often hear people say that to issue an audit report is as simple as “signing your name” However, do you have any idea why it cost so expensive and require hours to complete an audit report ?
Is it really as simple as "signing your name"? If it's so simple, why do Accountants need to study a lot? Why do they need to take so many tests? Why they call a professional?
The Accounting and Financial Reporting Council (the regulatory body for the accounting industry) announced last week that an accountant licence was permanently suspended and had to pay a fine of hkd 300,000 for "blindly signing" an audit report, which is, issued an audit report without doing proper audit work. Client who have been subject to the issuance of audit reports may also be investigated by relevant agencies.
Permanent suspension may seem serious, but in fact, accountants may be held criminally liable if they commit misconduct. It can be seen from this that it is definitely not as simple as “signing your name”.
Why can the tax bureau rely on the audit report signed by the accountant for tax assessment, the bank can rely on it as the basis for loan, and the investor can use it as the basis for making investment decision? It is because accountants have professional knowledge, can judge the accuracy of figures, and have professional ethics that they generally do not mess around, so they are recognized by all industries. It's just that there are dead branches in the tree. Some low-quality accountants offer low prices and issue reports at high speed, which is "blind signing". This makes business people mistakenly think that accountants who work normally and charge normal fees are expensive and work slowly. , causing serious misunderstandings.
Our audit work must be carried out according to normal procedures. The purpose is also to protect our client. The audit accounts obtained will be trusted by other users. If you have any questions about the audit, please feel free to contact our company.
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