Financial Services
Core deliverables
The objective of financial statements is to provide information about the financial
position, financial performance, cash flows and changes in net assets of an entity
that is useful to a wide range of users. Financial statements also show the results of
the stewardship of management, and the accountability of management for the
resources entrusted to it.
Financial Reporting
Preparation of financial statements
We prepare financial statements for public and private entities.
It is important for users to be informed of the measurement basis (or bases) used in
the financial statements because the basis on which the financial statements are
prepared significantly affects their analysis. In deciding whether a particular
accounting policy should be disclosed, management considers whether disclosure
would assist users in understanding how transactions, other events and conditions
are reflected in the reported financial performance and financial position. Therefore,
we will assist management in compiling significant accounting policies as well as the
disclosures. This will also serve as a way of skills transfer and will in addition, to
improve the chances of getting a positive audit outcome.
Review of accounting policy for compliance with the reporting standards.
We will review the current accounting policies in the previous annual report in order
to identify any gaps. The review will be in terms of the relevant reporting standards
and/or legislations. This will enable the client to comply with the relevant reporting
standards and/or legislations. Once the accounting policy gaps are identified,
recommendations will be made and management will approve the recommendations
before the accounting policies are updated.
Inventory Management
We develop an inventory listing template, where all inventory items are numbered
and recorded and develop controls around addition and deletion of inventory items
due to ordering and sales.
We advise clients of inventory valuation methodologies.
We perform inventory stock counts to ensure and confirm the accuracy of inventory
listing.
We assess impairments and damage to inventory on regular intervals.
Applicable Financial Reporting Standards and Legislation.
- International Financial Reporting Standards. (IRFS)
- Generally Recognised Accounting Practices. (GRAP)
- Public Financial Management Act. (PFMA)
- Municipality Financial Management Act. (MFMA)
- Companies Act.
Asset management
Assets are the drivers of business value. We manage and ensure compliance with
applicable IFRS reporting standards when managing clients’ assets. Assets are
categorised in two categories, current and non-current assets.
Non currents assets are assets that are expected to be used for period of 12 months and longer and current assets expected to be used within 12 months.
Non-current Assets
Our approach entails the development of fixed asset register to manage the
existence, completeness and valuation of assets. On fixed asset register we record
acquisition date of assets, useful lives, deprecation and disposal date.
We ensure that all assets are correctly and timeously recorded.
Current Assets
Examples of current assets: Inventory, Trade receivables (Debtors) and cash.
Audit readiness
We review client’s financial workbooks and prepare audit files with a drive to achieve
clean audit reports.
Internal Controls
We develop and design controls to manage human errors, risk of fraud and inherent risks that are associated by running a business.
We have a team of qualified and experienced professionals who design, assess and advise on the effectiveness of clients’ internal controls system around the management of company’s resources.
We develop internal controls systems that are tailor made to our clients.
The controls development covers initiation, processing and execution of transactions.
Tax Calculation
Calculation of company’s tax liability.
Filing of VAT returns.
Calculation of employee’s tax.
CONTACT INFORMATION
E-mail: info@ppmg-sa.co.za
Phone: +27 (0) 71 634 3996
Mobile: +27 (0) 71 634 3996
207 Alectra Crescent, Doornpoort, Pretoria, 0186