CYL Inc. maintains client accounting records on a monthly and / or annual basis using the Pastel accounting program. Regular financial reports are generated to enable clients to monitor performance and control expenditure.
CYL Inc. also assists clients with the maintenance up of accounting records at their premises utilising programs and equipment owned by the client.
CYL Inc. utilise the latest auditing software from CaseWare to expedite the audit process and assist in the production of annual financial statements that comply with the International Financial Reporting Standard.
Whilst our audits are structured primarily to verify the information contained in the financial statements and thereby provide the basis for reporting to shareholders, we also strive to provide management with appropriate comments on the accounting and other systems currently in use and suggestions for the improvement thereof.
Our audits are based on the PROBE Approach to Auditing which concentrates on ensuring a structured and objective-orientated approach to each engagement, the foundation of which lies in:
Emphasis on audit planning structured by way of risk analysis
Objective-orientated control evaluation and audit testing
The use of analytical review for substantive testing whenever possible
As each client is unique, and circumstances change, our audit programs are reviewed annually and revised to meet the specific needs of the client.
CYL Inc. provides existing and prospective clients with advice on the structuring on their business entities, registration and statutory requirements, business management, computer systems, valuations and in various other areas where clients are in need of outside and independent input and ideas.
COMPANIES AND CLOSE CORPORATIONS - FORMATION & SECRETARIAL
The formation of and administration of Companies and Close Corporations requires a knowledge and attention to detail that CYL Inc. is well placed to provide. All secretarial duties are attended to including:
Formation of Companies
Maintenance of statutory records
Amendments to Memorandum of Incorporation (Companies)
Amendments to Founding Statements (Close Corporations)
Transfer of share holding or members interests
Change in name
Directors - changes in and registration of particulars
Special resolution - lodging and registration thereof
as well as the many other tasks that are required of Directors, Members and Company Secretaries.
ESTATE PLANNING & ADMINISTRATION
Successful estate planning is vital to protect the assets of clients for future generations and starts with an analysis of the financial position of the client and careful consideration of the needs of the beneficiaries. Thereafter a Last Will and Testament is prepared to suit the needs of the client, with the input and assistance of the client's attorneys.
As time progresses the financial position of the client and the needs of the beneficiaries change. Periodic reviews of the provisions of the Last Will and Testament are essential to ensure that the provisions thereof remain valid and applicable.
When the Last Will and Testament ultimately requires execution, the involvement of CYL Inc. throughout the planning of the Estate ensures that the administration of the Estate proceeds smoothly and with the minimum of anxiety and worry for the family and beneficiaries. Often, assets are left in a Testamentary Trust for the benefit of the Beneficiaries and CYL Inc. also provides services with regards to Trusts.
CYL Inc. is committed to remaining abreast of the latest developments in Information Technology and maintains close ties with various suppliers in the Information Technology industry. In doing so CYL Inc. is ideally placed to assist clients with the selection of the correct Information Technology solution to meet their requirements.
The voluntary liquidation of a business is often an appropriate method of terminating the existence of a business and CYL Inc. accepts appointment as Liquidator to client companies and close corporations on this basis.
CYL Inc. uses the VIP payroll program to process salaries and wages to client requirements. VIP software complies fully with the requirements of the South African Revenue Service "New Income Tax System" (NITS) and thus reduces the administration burden currently placed on clients.
Despite assurance to the contrary by government, the country is still awaiting the simplified taxation system that has been promised it. In the interim, the taxation system grows more complicated by the day.
CYL Inc. provides a full spectrum of taxation services for clients including:
Advising clients on matters of taxation
Maintaining taxation records
Preparation and submission of provisional tax returns
Application for extensions of time to submit returns
Preparation and submission of annual income tax returns
Verification of assessments and statements of account
Objecting to incorrect assessments and the monitoring of replies thereto
Inter Vivos and Testamentary Trusts form an integral part of Estate Planning and CYL Inc. are ideally positioned to advise clients on the formation of their Trusts and thereafter to assist in the administration, financial accounting and annual reporting required in respect thereof.
Any Trust requires the services of Trustees who are charged with the administration of the assets thereof and the directors of CYL Inc. are able to and offer themselves to act in this capacity.
CYL Inc. assists clients with the management of their investment portfolios.
In line with the practice advocated by the South African Institute of Chartered Accountants, and following discussion and agreement with our clients, CYL Inc. issues engagement letters for each separate engagement.
The engagement letter sets forth our understanding of the terms and objectives of our engagement, and the nature and scope of the services that we will provide. It does not seek to limit our professional responsibilities below the standards that are expected of our profession.
Whilst we are in the business of selling time, it is important to us that clients feel free to call on us without the feeling that the "clock is running". We can assure you that we feel obliged to keep our fees down. However, we will never compromise on quality.
Our fees are based on the degree of skill involved, the level of training and experience of staff engaged and the time necessarily occupied on the work and are subject to review each year. Fees are charged separately for each class of work undertaken and will be billed at appropriate intervals during the course of the year.