Abstract
This paper examines the pros and cons of small company audits. Recent developments of overseas audit requirements have encouraged the use of review or compilation as alternatives to small company audits. A survey was conducted on a sample of professional accountants in Hong Kong to establish their opinions regarding the needs and requirements of small company audits. The results revealed that the professional accountants were generally satisfied with the present audit requirements for small companies. Although they favoured a different scope in small company audits, they maintained that the same set of auditing standards should be used for both big and small companies. Review and compilation were not well understood by the professional accountants and were not preferred as alternatives to audit at the present.
| Original language | English |
|---|---|
| Pages (from-to) | 60-67 |
| Number of pages | 8 |
| Journal | Hong Kong Accountant |
| Volume | 1 |
| Issue number | 4 |
| Publication status | Published - Jul 1990 |