Independent Preparation of Annual Financial Statements
In term of the Companies Act, all companies are required to compile annual financial statements in accordance with an applicable reporting framework, within six months of their financial year end.
We prepare Annual Financial Statements in accordance with International Financial Reporting Standards (IFRS) or International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs), regardless of the nature, size or complexity of your business, for personal use or for presentation to your company’s auditors.
Preparation of XBRL Annual Financial Statements for CIPC
The Companies and Intellectual Property Commission (CIPC) has made it mandatory for all qualifying entities to submit their Annual Financial Statements to them in XBRL format from 1 July 2018.
What is XBRL?
XBRL stands for eXtensible Business Reporting Language. This facilitates the electronic communication of business information in a standard format.
We specialise in doing the preparation, analysis and communication of the Annual Financial Statement information that is required to be reported to CIPC annually in this format.
Who needs to submit XBRL AFS?
Qualifying entities as per the terms of Section 33 of the Companies Act 71 of 2008, and regulations 28, 29 and 30 of the Companies Regulations of 2011 are defined as:
- All public companies
- All state-owned companies
- All non-profit entities
- All private companies and Close Corporations:
- With a Public Interest Score > 350
- Holding 3rd Party Fiduciary Assets > R5 million
- Required to be audited by its Memorandum of Incorporation
- Whose AFS are compiled internally and have a Public Interest Score > 100
- Whose AFS are independently compiled and have a Public Interest Score > 349
- Who opt for an audit voluntarily
What happens if my company does not sumbit XBRL AFS?
Failure to submit the CIPC Annual Returns – The deregistration of the entity and penalties may apply; and
Failure to submit XBRL AFS – An investigation will be done. After the investigation a compliance notice will be issued mentioning a deadline to comply. Failure to comply by the specified date, a fine may be issued or formal prosecution may be instigated.
Our Services Include:
- Statutory audits - a thorough examination with the highest level of assurance in terms of the Companies Act and other applicable legislation in accordance with the International Standards on Auditing.
- Voluntary audits – Required by board of directors or shareholders performed in terms of the applicable legislation in accordance with the International Standards of Auditing.
- Independent review - Analytical procedures conducted with limited assurance in accordance with International Standard on Review Engagements (ISRE2400).
- Compilation of financial statements based upon client information provided in accordance with International Standard on Related Services (ISRS4410).
- Special assignments such as Forensic audits and Agreed Upon Procedures.
National Treasury prepare, amend and update tax legislation. The South African Revenue Services (SARS) implement and enforce the legislation.
The application of relevant legislation places a considerable compliance obligation on the taxpayer (businesses and individuals – our clients). We assist our clients to meet the many and varied tax compliance requirements with regards to:
- Income Tax Administration
- VAT Administration
- Payroll Tax Administration
- Tax Planning Strategies
- Estate Duty and CGT Planning
- Any Other Tax Issues
- Corresponding with SARS on behalf of Clients
- Obtaining Tax Clearance Certificates
Company Secretarial Services
Business operations and entities require formal documentation to facilitate the formation and regulation of business relationships. The correct, complete and proper application and recording of ownership and management agreements and decisions is essential to modern formalised businesses.
We consult and assist our clients with the masses of regulations and tasks required to conform to and comply with the rules of company, corporate or trust ownership and administration.
Our Services Include:
- Company formations
- Company and close corporation conversions
- Changing company and close corporation names
- Changing directors of companies and members of close corporations
- Submission of company and close corporation annual returns and duties
- Increasing, converting, subdividing or consolidating share capital
- Redemption and repurchase of shares
- Amendments to Memorandum of Incorporation
- Preparation of minutes and resolutions
- Preparation of documents to effect share transfers and allotment of shares
- Maintenance of statutory registers and dealing with returns to the CIPC
- Change of financial year-ends
- Registration of defensive names
- Shareholder and association agreements
- Liquidations of companies and close corporations
- Trust formations – charitable, business, investment and family
- Registration of changes to trustees of trusts
- Trust deed reviews
- Amendments to trust deeds
- General trust administration
The accurate and timely processing and recording of financial information provides a business with a valuable tool for measurement, comparison, compliance and decision making. Accounting is the backbone of the business and financial world and accounting originated out of the need to record the effects of business endeavours in trade and commerce.
Accounting provides the financial snapshot that is required to make appropriate business decisions about the current status or the projected future status of a business.
Our Services Include:
- Processing of Monthly Accounting Records
- Preparation of Monthly Management Accounts
- Preparation of Annual Budgets
- Any other Required Accounting Service
Management & Advisory Services
We are actively consulting and advising our clients on many diverse and varied topics related to taxation, accounting and management matters.
Our clients require assistance with challenges relating to risk, compliance, viability, performance, returns and reward and we are suitably experienced and qualified to provide suitable advice, to facilitate the execution and implementation thereof and to generate value for our client.
Our approach is one of collaboration and innovation based on current and updated legislation. We seek business solutions that add value and endeavour to exceed our client’s expectations.
Our Services Include:
- Cash flows, projections and budgets
- Tax consulting
- Management consulting
- Business valuations
- Feasibility and viability studies
- Fraud prevention strategies
Payroll Administration Services
Let us take away your monthly headache and frustration that comes about with performing the monthly payroll in your organisation. We specialise in monthly payroll administration for small to large entities and we can help you save MONEY by reducing costs associated with running an inhouse payroll department i.e. NO MORE Annual License Fees, Consulting Fees, Stationery Costs, Staff Training etc.
All our monthly and weekly payroll services are processed through Sage VIP and clients are given access to the Sage VIP online ESS Portal “Employee Self Service”, where individual staff members can perform the following functions hassle free:
- View and print current and past payslips and IRP5’s
- Submit Annual, Sick and Compassionate leave forms
- View remaining leave balances
- Submit expense claims
- Submit overtime claims
Management can, at the click of a button, go online, review and approve the request by the relevant employee. Once the required approval has taken place, the data is automatically sent directly to the payroll system for processing. Thus, helping your organisation save time and money.
Our monthly A to Z of payroll services comprise the following:
- Monthly and weekly payroll processing
- Preparation of standard and personalised monthly payroll reports
- Issuing of electronic payslips
- Preparation and submission of monthly and bi-annual SARS Reports (EMP 201’s and 501’s)
- Completion and submission of Annual Workmen’s Compensation returns
- Preparation of UI19 forms
- Submission of IRP5’s to SARS and issuing of IRP5’s to employees
- Ad-hoc payroll services that your organisation may require