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Lu Wai Lam CPA (Practising)
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Government Funding Audit & Assurance Services in Hong Kong

Many Hong Kong government funding programmes require audited project accounts or another CPA report during or after a funded project.

Lu Wai Lam CPA (Practising) provides principal-led audit and assurance services to schools, businesses, non-profits and other funding recipients — each engagement scoped against the applicable funding agreement, programme guidelines and current Hong Kong professional standards.

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Current / Upcoming Reporting Deadlines

Knowing More About IT Programme (Know-IT) / IT Innovation Lab in Secondary Schools (IT-Lab)

Second-round programme end: 31 August 2026

Final audited accounts / final reporting deadline: 31 October 2026

A Standard Records-Ready Audit Package is available at HK$5,000 for schools whose ledgers, financial reports, bank records, receipts, procurement documents and asset register are substantially complete and available electronically.

Final scope and fee remain subject to engagement acceptance and the actual work involved. Accounting reconstruction, recovery of missing records and substantial bookkeeping work fall outside the standard fixed-fee audit package and will be agreed separately where required.

School and Education Funding

Audit or assurance reporting may be required depending on the funding terms and project stage. This can include review of approved budgets, project expenditure, bank records, procurement documents, asset registers and final financial reports where applicable.

  • Knowing More About IT Programme (Know-IT)

    奇趣IT識多啲

  • IT Innovation Lab in Secondary Schools (IT-Lab)

    中學IT創新實驗室

  • Quality Education Fund (QEF)

    優質教育基金

Other Education Bureau or school-specific government-funded projects requiring audited accounts, independent auditor reports or CPA reporting.

BUD / SME / Business Funding

Services may include review of funded project accounts, approved budgets, eligible expenditure, supporting documents, bank records, project completion reporting and auditor reporting requirements, depending on the funding terms and project stage.

  • Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)

  • Easy BUD

  • Trade and Industrial Organisation Support Fund (TSF)

Other SME and business-related government funding programmes requiring project audits or assurance reports.

Innovation and Technology Fund (ITF) Programmes

Audit, assurance or agreed-upon procedures reporting may be required for Innovation and Technology Fund projects, depending on the specific scheme, project stage and funding terms.

  • Innovation and Technology Fund (ITF)

  • Enterprise Support Scheme (ESS)

  • New Industrialisation Funding Scheme (NIFS)

    Formerly: Re-industrialisation Funding Scheme (RFS)

  • Pilot Innovation and Technology Accelerator Scheme (PITAS)

  • Innovation and Technology Support Programme (ITSP)

  • General Support Programme (GSP)

  • Public Sector Trial Scheme (PSTS)

  • Public Sector Trial Scheme for ITF Projects

  • Public Sector Trial Scheme for Technology Companies Conducting R&D Activities in Hong Kong (PSTS-TC)

  • Public Sector Trial Scheme for Incubatees and Graduate Tenants of HKSTPC and Cyberport (PSTS-SPC)

  • Mainland-Hong Kong Technology Cooperation Funding Scheme (MHKTCFS)

Other ITF-funded projects requiring auditor, assurance or agreed-upon procedures reporting.

Legacy / Closing Projects

Technology Voucher Programme (TVP)

New Technology Voucher Programme (TVP) applications have ceased, but outstanding or historical project reporting enquiries may still be considered where relevant.

Environment, Green and Recycling Funding

Audited project accounts or assurance reporting may be required for environmental, sustainability and conservation funding, depending on the scheme and funding terms.

  • Environment and Conservation Fund (ECF)

    環境及自然保育基金

  • Recycling Fund

    回收基金

  • Green Tech Fund (GTF)

    低碳綠色科研基金

  • Countryside Conservation Funding Scheme (CCFS)

Other environmental, sustainability and conservation government-funded projects requiring audited project accounts or assurance reporting.

Agriculture and Fisheries

AFCD-funded projects may require project accounts, audit or assurance reporting, depending on the funding terms.

  • Sustainable Agricultural Development Fund (SADF)

    農業持續發展基金

  • Sustainable Fisheries Development Fund (SFDF)

    漁業持續發展基金

Other AFCD-funded projects requiring project accounts, audit or assurance reporting.

Construction, Technology Adoption and Industry

Construction, technology-adoption and industry-development funding schemes may require CPA reporting, depending on the funding terms and project stage.

  • Construction Innovation and Technology Fund (CITF)

    建造業創新及科技基金

Other construction, technology adoption and industry development funding schemes requiring CPA reporting.

Professional, Trade and Industry Organisations

Government-funded projects for professional bodies, chambers of commerce, trade associations and industry organisations may require independent reporting, depending on the funding terms.

  • Professional Services Advancement Support Scheme (PASS)

  • Trade and Industrial Organisation Support Fund (TSF)

Other government-funded projects for professional bodies, chambers of commerce, trade associations and industry organisations.

Community, NGO and Social Projects

Social Welfare Department, community and NGO-funded projects may require audited accounts or independent assurance reporting, depending on the funding terms.

  • Community Investment and Inclusion Fund (CIIF)

    社區投資共享基金

  • Environment and Conservation Fund NGO projects

  • Countryside Conservation Funding Scheme

Other Social Welfare Department, community and NGO-funded projects requiring audited accounts or independent assurance reporting.

Chinese Medicine, Health and Special-Sector Funds

Health-sector and special-sector government grants are subject to programme-specific audit or CPA reporting requirements.

  • Chinese Medicine Development Fund (CMDF)

    中醫藥發展基金

  • Health and Medical Research Fund (HMRF)

Other health-sector and special-sector government grants subject to programme-specific audit or CPA reporting requirements.

Other Government-Funded Projects

If your funding programme is not listed above, I can first review the relevant funding agreement, programme guidelines, Notes for Auditors, project-account requirements and submission deadline to determine the appropriate audit, assurance or agreed-upon procedures engagement.

How I Help

1

Confirm the Reporting Requirements

Review the funding agreement, programme guidelines, Notes for Auditors, reporting format and submission deadline.

2

Review Project Accounts and Use of Funding

Review project ledgers, approved budgets, income and expenditure, bank records, invoices, receipts and payment evidence.

3

Review Programme-Specific Conditions

Where applicable, consider procurement requirements, approved budget amendments, eligible funding periods, asset registers, other funding sources, matching funds, unspent balances and other programme-specific compliance conditions.

4

Identify and Resolve Exceptions

Clearly identify missing records, inconsistencies or potential non-compliance so unresolved matters can be addressed before final reporting.

5

Issue the Required CPA Report

Issue the applicable independent auditor’s report, assurance report, agreed-upon procedures report or other programme-specific CPA report for submission to the relevant funding body.

Documents Usually Required

  • Funding Agreement / Approval Letter
  • Approved application and budget
  • Approved budget amendments / change requests
  • Project ledger / expenditure listing
  • Bank statements
  • Bank reconciliations
  • Invoices
  • Receipts
  • Payment evidence
  • Quotations
  • Tender documents
  • Procurement records
  • Asset register
  • Previous progress reports
  • Previous financial reports
  • Other funding declarations
  • Correspondence with the funding body

Exact requirements depend on the individual programme. A tailored document request list will be provided after engagement acceptance.

Why Work With Lu Wai Lam CPA

Principal-led

Each engagement is personally led and reviewed by a Hong Kong CPA (Practising).

Programme-specific

The engagement is designed around the actual reporting requirements of the relevant funding programme rather than applying a generic statutory-audit approach.

Clear Document Requests

A clear document request list is provided at the outset, with missing records and exceptions summarised for efficient follow-up.

Transparent Fees

Scope and fees are agreed before work begins. Any material accounting reconstruction or additional non-standard work will be discussed separately before proceeding.

FAQ

Does a government-funded project always require an audit?
Not necessarily. Requirements vary between funding programmes and between stages of the same project. Some programmes require audited accounts, others require a reasonable assurance report, an agreed-upon procedures report or another specified CPA report. The current Funding Agreement, Guide to Application, Notes for Auditors and the funding body’s requirements should always be treated as authoritative.
Who can sign the auditor’s or assurance report for a Hong Kong government funding programme?
This depends on the individual programme’s rules. Many Hong Kong government funding programmes require the report to be issued by an independent Certified Public Accountant (Practising), CPA firm or corporate practice. Before accepting an engagement, the specific eligibility requirements of the relevant programme are confirmed first.
When are audited accounts due for Know-IT / IT-Lab?
The second round of Know-IT and IT-Lab ends on 31 August 2026. The final financial report and audited accounts must be submitted by 31 October 2026.
What is the audit fee for Know-IT / IT-Lab?
The programme allows an audit fee of up to HK$5,000 per round of application. For a standard records-ready engagement where the accounts and electronic records are substantially complete, a HK$5,000 fixed-fee package can be offered — final scope and fee remain subject to engagement acceptance and the actual work involved.
Do BUD-funded projects need audited accounts after completion?
Funded organisations must keep project accounts and submit the required completion reports in accordance with the BUD programme requirements applicable at the time. Depending on the project period and requirements, this may include final audited accounts and/or annual audited accounts.
My funding scheme isn’t on your list — can you still help?
Yes — start by sharing the programme name, funding agreement, guide to application or submission requirements. The applicable reporting type, eligibility requirements, scope of work and an estimated fee can then be confirmed before deciding whether to accept the engagement.
Is a government funding audit the same as a regular annual company audit?
Not necessarily. The reporting basis, funding conditions, budget limits, procurement requirements and report format for a government-funded project can differ from a standard statutory annual audit, so each programme’s current requirements need to be considered on their own terms.

Need an audit for a funded project?

If your school, business, non-profit organisation, trade association or other organisation requires audited project accounts or an independent CPA report for a government-funded project, please send the following:

  • • Programme name
  • • Project reference
  • • Project period
  • • Submission deadline
  • • Funding agreement or relevant programme guidelines, if available

The applicable reporting requirements will be confirmed first, followed by a document request list, proposed scope and fee quotation.

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