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Every Hong Kong company is required to keep proper books of accounts which give a 'true and fair view' of the company's financial position. Section 122 of the Ordinance provides that audited accounts must be presented to the members of the company at an annual general meeting within a prescribed time limit. It is therefore the job of the auditors to audit the financial statements of the company for presentation to the members at the annual general meetings. Company also require to submit profit tax returns annually.