According to the Hong Kong Ordinance Section 122, a limited company must present an audited financial statement to the shareholder at each annual general meeting (AGM).

Every company must hold the first AGM within 18 month after its incorporation and thereafter at least once in every calendar year. The interval between two AGMs must not exceed 15 months and the audited accounts of a company must be presented to its AGM within six or nine months (depending on the company) after its financial year end.

In China, one of the requirements is that the financial year of companies is set by the State and must be from January 1st to December 31st, regardless of the financial year of the China company's overseas parent. All foreign investment enterprises (FIEs) require an audit and must submit their auditor's reports for year then ended (together with other specified documents) to the relevant industrial and commercial administrative bureau for the annual review by 30th April each year. Any companies failing to do so may be penalized (i.e. in the extreme case, may revoke their business license), however it is possible to gain extensions with valid reason.

The audit should be carried out by a Certified Public Accounting (CPA) firm, which is registered with relevant Hong Kong or Chinese authorities.

Audited financial statements are similar to those in other countries, requiring an auditor's report, balance sheet, profit and loss account, cash flow statement and notes on the accounts, along with comparatives for previous years. The audited accounts must be in Chinese for companies registered in China.