Regularity audit

• is conducted mainly to provide the Legislative Council with a reasonable assurance that the accounts of the Government, trading funds and other funds are prepared in accordance with the applicable financial reporting framework;
• is conducted in accordance with a programme of work determined annually by the Director of Audit;
• is conducted using a risk-based approach; and
• is not intended to disclose each and every accounting error or financial irregularity.

The Audit Ordinance (Cap. 122) provides for the appointment, tenure of office, duties and powers of the Director of Audit, for the submission of annual statements by the Director of Accounting Services, for the examination and audit of those statements by the Director of Audit, and for the submission of his report thereon to the President of the Legislative Council.

Key performance measures in respect of regularity audit for 2024-25 are:

Targets
Number of Director of Audit's Reports submitted to the Legislative Council	1
Time required to certify the statements of accounts of the Government of Hong Kong Special Administrative Region after the end of each financial year	7 months
Indicators
Number of accounts certified	86
Number of man-hours spent	109,757
Provision for regularity audit as % of total government spending	0.01%

Statements rendered by the Director of Accounting Services are the Statement of Assets and Liabilities and the Statement of Receipts and Payments of the

• General Revenue Account;
• Capital Works Reserve Fund;
• Capital Investment Fund;
• Civil Service Pension Reserve Fund;
• Disaster Relief Fund;
• Innovation and Technology Fund;
• Land Fund;
• Loan Fund; and
• Bond Fund.