Skymission Group Holdings Limited (“Skymission GP”) has issued additional details on its recently approved change of auditor, confirming the appointment of TARGET CPA following the resignation of Asian Alliance on 24 April 2026 and shareholder approval at the 27 May 2026 EGM.
Key Points
1. Audit Firm Transition • The shareholder resolution to appoint TARGET CPA as external auditor was passed by poll at the EGM. • Asian Alliance’s proposed audit fee for the year ending 31 March 2026 (FY2026) was HK$1.10 million, up roughly 10% from FY2025. TARGET CPA will charge HK$0.90 million for the FY2026 audit.
2. Audit Fee Assessment • The Audit Committee compared both firms on audit scope, team seniority mix, cost structures and capacity planning. • Concluding that audit approaches were “broadly comparable”, the Committee deemed TARGET CPA’s lower fee appropriate and aligned with prudent cost discipline.
3. Going-Concern Focus • TARGET CPA is fully aware of the FY2025 “Emphasis of Matter” regarding the Group’s going-concern position. • Planned procedures include evaluation of cash-flow forecasts, financing arrangements, management’s mitigation plans, subsequent events, board communications, external confirmations and adequacy of disclosures. • The firm reiterated that an auditor change alone will not resolve underlying going-concern uncertainties.
4. Audit Timetable and Resources • Risk assessment began in early May 2026; substantive work runs mid-May to June, with finalisation slated for late June. • Total planned effort is 1,456 hours, of which 640 hours are assigned to senior personnel (136 hours by two partners, 16 by a technical specialist, 488 by two managers). • The Audit Committee considers the timetable and resource allocation sufficient to complete the FY2026 audit and publish annual results by end-June 2026.
5. Auditor Credentials and Oversight • TARGET CPA has operated in Hong Kong for over a decade and is registered as a Public Interest Entity auditor under the AFRC regime. • The firm’s governance framework includes engagement quality reviews, internal quality monitoring and clear partner accountability. • No disciplinary actions against TARGET CPA were identified in public records, and the Audit Committee is satisfied with the firm’s governance, industry expertise and communication plans.
All other information in the Company’s earlier circular remains unchanged.
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