BUD Fund Audit Services

The Hong Kong Trade and Industry Department provides government funding for BUD audit fees on a 1:3 matching basis (Government 25% / Enterprise 75%), capped at HK$10,000 per audit (from 14 March 2025) and counted toward the HK$7,000,000 cumulative ceiling. PAT CPA's Easy BUD (HK$5,000) and Standard BUD (HK$8,000) fees both sit below this cap. Enterprises contribute only 25% net. See our BUD audit pricing page for full transparency.

The auditor must be an HKICPA-registered Practising CPA, and the audit firm must be an HKICPA Registered Corporate Practice. PAT CPA is led by Tommy Chan (Practising Certificate P06975, HKICPA Fellow F08355), with PAT CPA Ltd as Registered Corporate Practice S0395 — fully qualified for BUD audits per HKPC requirements.

Three key criteria: (1) HKICPA Practising CPA qualification — government mandatory; (2) BUD/TVP project audit track record — PAT CPA has completed 100+ government funding audits and is familiar with HKPC approval requirements; (3) Report delivery timeline — typically within 2 weeks, fastest 10 working days for complete Easy BUD documentation.

Interim reports apply when funding is disbursed in stages — the auditor verifies expenditures up to the mid-project date. Final reports are issued at project completion to confirm total project expenditures match approved scope — required for the final funding disbursement. Standard BUD projects typically require both interim and final; Easy BUD projects usually only require a final report.

Eight common reasons: (1) project data inconsistent with application form; (2) expenditure records don't match invoice amounts; (3) missing payment vouchers; (4) failure to provide supplementary documents on request; (5) marketing activities cannot be proven within funded scope; (6) expenditure exceeds approved budget; (7) expenditure dates don't match funding period; (8) incomplete market expansion outcome evidence. See our '8 Common Mistakes' section on this page for detail.

Over-budget portions cannot be claimed under government funding. The audit report clearly separates 'within approved scope' and 'over-budget' expenditures. Within-scope amounts remain reimbursable at 1:3 matching; over-budget portions are fully borne by the enterprise. We recommend budget alignment with us before project launch to prevent unnecessary overspend.

No. The BUD application stage (submitting to HKPC) does not require an audit report. Audit reports are only required after approval — for milestone or completion reporting. We recommend speaking with an auditor before project launch to establish document retention practices, which significantly reduces audit-stage workload.

Multi-year projects (e.g., 18-24 month projects) use a 'phased audit' approach: an interim audit report at each milestone (typically 50% or 75% of project funding), and a final audit report at project end. Each report is subject to the HK$10,000 government audit-fee cap and can be claimed separately for reimbursement.

General statutory audit follows Hong Kong Companies Ordinance (Cap. 622) requirements for annual company financial statements, covering the entire company. BUD audit verifies specific government-funded project expenditures only, using HKSAE 3000 (Revised) reasonable assurance engagement standards (not the HKSA 700 series for general statutory audit). PAT CPA provides both general statutory audit services and BUD specialized audits.

Yes. HKPC rejections typically include the reasons (scope mismatch, missing documents, insufficient outcome evidence). You can re-apply after addressing the issues. Easy BUD applications can be submitted every 3 months. If we find recoverable issues at audit stage, we'll assist with HKPC communication and document supplementation.