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Audit approach overview
Our audit approach will allow our client's accounting personnel to make the maximum contribution to the audit effort without compromising their ongoing responsibilities
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Annual and short period audit
At P&A Grant Thornton, we provide annual and short period financial statement audit services that go beyond the normal expectations of our clients. We believe strongly that our best work comes from combining outstanding technical expertise, knowledge and ability with exceptional client-focused service.
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Review engagement
A review involves limited investigation with a narrower scope than an audit, and is undertaken for the purpose of providing limited assurance that the management’s representations are in accordance with identified financial reporting standards. Our professionals recognize that in order to conduct a quality financial statement review, it is important to look beyond the accounting entries to the underlying activities and operations that give rise to them.
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Other Related Services
We make it a point to keep our clients abreast of the developments and updates relating to the growing complexities in the accounting world. We offer seminars and trainings on audit- and tax-related matters, such as updates on Accounting Standards, new pronouncements and Bureau of Internal Revenue (BIR) issuances, as well as other developments that affect our clients’ businesses.
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Tax advisory
With our knowledge of tax laws and audit procedures, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments.
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Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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Corporate services
For clients that want to do business in the Philippines, we assist in determining the appropriate and tax-efficient operating business or investment vehicle and structure to address the objectives of the investor, as well as related incorporation issues.
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Tax education and advocacy
Our advocacy work focuses on clarifying the interpretation of laws and regulations, suggesting measures to increasingly ease tax compliance, and protecting taxpayer’s rights.
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Business risk services
Our business risk services cover a wide range of solutions that assist you in identifying, addressing and monitoring risks in your business. Such solutions include external quality assessments of your Internal Audit activities' conformance with standards as well as evaluating its readiness for such an external assessment.
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Business consulting services
Our business consulting services are aimed at addressing concerns in your operations, processes and systems. Using our extensive knowledge of various industries, we can take a close look at your business processes as we create solutions that can help you mitigate risks to meet your objectives, promote efficiency, and beef up controls.
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Transaction services
Transaction advisory includes all of our services specifically directed at assisting in investment, mergers and acquisitions, and financing transactions between and among businesses, lenders and governments. Such services include, among others, due diligence reviews, project feasibility studies, financial modelling, model audits and valuation.
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Forensic advisory
Our forensic advisory services include assessing your vulnerability to fraud and identifying fraud risk factors, and recommending practical solutions to eliminate the gaps. We also provide investigative services to detect and quantify fraud and corruption and to trace assets and data that may have been lost in a fraud event.
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Cyber advisory
Our focus is to help you identify and manage the cyber risks you might be facing within your organization. Our team can provide detailed, actionable insight that incorporates industry best practices and standards to strengthen your cybersecurity position and help you make informed decisions.
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ProActive Hotline
Providing support in preventing and detecting fraud by creating a safe and secure whistleblowing system to promote integrity and honesty in the organisation.
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Accounting services
At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities.
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Staff augmentation services
We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
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Payroll Processing
Payroll processing services are provided by P&A Grant Thornton Outsourcing Inc. More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department.
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Our values
Grant Thornton prides itself on being a values-driven organisation and we have more than 38,500 people in over 130 countries who are passionately committed to these values.
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Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
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Learning & development
At Grant Thornton we believe learning and development opportunities allow you to perform at your best every day. And when you are at your best, we are the best at serving our clients
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Global talent mobility
One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
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Diversity
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
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In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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Fresh Graduates
Fresh Graduates
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Students
Whether you are starting your career as a graduate or school leaver, P&A Grant Thornton can give you a flying start. We are ambitious. Take the fact that we’re the world’s fastest-growing global accountancy organisation. For our people, that means access to a global organisation and the chance to collaborate with more than 40,000 colleagues around the world. And potentially work in different countries and experience other cultures.
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Experienced hires
P&A Grant Thornton offers something you can't find anywhere else. This is the opportunity to develop your ideas and thinking while having your efforts recognised from day one. We value the skills and knowledge you bring to Grant Thornton as an experienced professional and look forward to supporting you as you grow you career with our organisation.
Technical Alerts
Utilization of preprocessed RELIEF and BOC Data in tax audits
This Tax Alert is issued to inform all concerned of a new procedure in the conduct of tax audits.
2017 Filing of AFS and GIS
The SEC issued a notice informing the public that its Head Office at the PICC, Roxas Boulevard, Pasay City will be closed from April 24 to 28, 2017 to give way to the hosting of the 30th ASEAN Summit and Related Meetings which will be held at PICC on such period. However, the SEC Satellite Offices located in the following venues are open for business transactions and receiving of reports and applications during the said period:
BIR clarifies: No changes on required documents for ITR filing
This Tax Alert is issued to inform all concerned on the latest policies regarding the filing of Income Tax Returns.
AASC Alert on Compilation Reports Required by BOA Resolution No. 03-2016
AASC Alert on Compilation Reports Required by BOA Resolution No. 03-2016 On February 24, 2017, the Auditing and Assurance Standards Council (AASC) issued its AASC Alert Series 002 of 2017, Questions and Answers on Compilation Reports Required by Resolution 03-2016 of the Professional Regulatory Board of Accountancy (BOA), to provide guidance to practitioners in the Philippines in applying the requirements of BOA Resolution 03-2016, Requiring the Submission of Certification by the Responsible Certified Public Accountants (CPAs) on the Compilation Services for the Preparation of Financial Statements and Notes thereto. The Alert has been discussed with and agreed by the BOA and that the necessary BOA written confirmation on this is forthcoming. Backgroud BOA Resolution No. 03-2016, dated January 19, 2016, requires that the financial statements and notes thereto of an entity shall be prepared either by: the CPA employed by the organizations or the CPA contracted by the organizations to perform the compilation services. Resolution 03-2016 also requires the CPA who prepared the financial statements to prepare and sign a certificate on the preparation of financial statements in accordance with an applicable financial reporting framework. This certificate shall be attached to the audited financial statements that are submitted to the regulatory offices. The format of the certificate is prescribed in Annex A of the resolution. In another resolution, Resolution No. 70-2016, the BOA adopted, among other standards, Philippine Standard on Related Services (PSRS) 4410 (Revised), Compilation Engagements. PSRS 4410 (Revised) deals with the responsibilities of a practitioner (defined as a professional accountant in public practice) when engaged to: assist management with the preparation and presentation of historical financial information without obtaining any assurance on that information and report on the engagement in accordance with this PSRS. Question 1: What form of report should a practitioner issue in connection with the requirements of BOA Resolution 03-2016? When a practitioner is engaged to provide compilation services to an entity, the practitioner's association with the financial statements under PSRS 4410 (Revised) is communicated through a report in writing that includes the elements set forth in paragraph 40 of this PSRS. The report should contain an explicit assertion of the practitioner's compliance with this PSRS. This report shall be attached to the audited financial statements that will be filed with the regulatory offices. An illustrative practitioner's report for an engagement to compile financial statements using a general purpose financial reporting framework is provided in the Appendix of the AASC Alert (see attached). The Certificate in Annex A of BOA Resolution No. 03-2016 applies only to CPAs in commerce and industry who compiled the financial statements of their employer organization. This Certificate is not applicable to practitioners who were engaged to provide compilation services in accordance with PSRS 4410 (Revised) since CPAs in public practice are bound to comply with the reporting requirements of the standards on audit, review, other assurance and related services engagements. Question 2: When should the compilation report be dated? Paragraph 41 of PSRS 4410 (Revised) states that the practitioner shall date the report on the date the practitioner has completed the compilation engagement. Paragraph A62 of PSRS 4410 (Revised) explains that when completing the compilation engagement, the practitioner should appropriately consider the process that exists within the entity for the approval of the financial statements by management, or those charged with governance (TCWG). In our jurisdiction, there is an established process that management or TCWG are required to follow for the preparation and finalization of the financial statements of the entity. Therefore, the completion of the compilation engagement should not be earlier than the date of approval of the financial statements by management. Accordingly, the compilation report date should be the same as the approval date of the financial statements by management or TCWG. See attached copy of AASC Alert. P&A Accounting Alerts are issued to keep our clients updated with the latest developments in financial reporting. These are not intended to be a substitute for professional advise. If you would like to unsubscribe, or add a colleague or a friend to our mailing list, please let us know by return e-mail. For inquiries and suggestions on how the Accounting Alert may be even more useful to you, e-mail Mabel.Comedia@ph.gt.com or Jerald.Sanchez@ph.gt.com or call 988-2288.
Under Control—Applying IFRS 10, Consolidated Financial Statements
Under Control—Applying IFRS 10, Consolidated Financial Statements Assessing when one entity controls another (in other words, when a parent-subsidiary relationship exists) is essential to the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS). The control assessment determines which entities are consolidated in a parent's financial statements and therefore affects a group's reported results, cash flows and financial position. Under IFRS, this control assessment is accounted for in accordance with IFRS 10, Consolidated Financial Statements. IFRS 10 redefines 'control' IFRS 10 was issued in May 2011, and was part of a package of changes addressing different levels of involvement with other entities. IFRS 10 redefines 'control' and provides extensive guidance on applying the definition. It is unusual for IFRS 10 to affect the scope of consolidation in simple situations involving control through ownership of a majority of the voting power in an investee. However, more complex and borderline control assessments need to be reviewed carefully. Consistent application of IFRS We have gained extensive insights into the application of IFRS 10 and we have developed general guidance that supports the commitment to high quality, consistent application of IFRS. We are pleased to share these insights by publishing 'Under Control? A practical guide to applying IFRS 10, Consolidated Financial Statements.' The guide has been written to assist management in applying IFRS 10. More specifically it aims to assist in: understanding IFRS 10's requirements identifying situations in which IFRS 10 can impact control assessments identifying and addressing the key practical application issues and judgments See attached copy of this publication for details. P&A Accounting Alerts are issued to keep our clients updated with the latest developments in financial reporting. These are not intended to be a substitute for professional advise. If you would like to unsubscribe, or add a colleague or a friend to our mailing list, please let us know by return e-mail. For inquiries and suggestions on how the Accounting Alert may be even more useful to you, e-mail Mabel.Comedia@ph.gt.com or Jerald.Sanchez@ph.gt.com or call 988-2288.