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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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Behind the Numbers: People of P&A Grant Thornton
Discover the inspiring stories of the individuals who make up our vibrant community. From seasoned veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
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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.
Tax Alerts
VAT audit program for TY 2015 onwards
Under the VAT audit program of the BIR for 2015 and thereafter, taxpayers will be selected based on two sets of criteria. Taxpayers that will be subject to the regular VAT audit will be selected based on the criteria under RMO 20-2012.
Limited audit for tax refunds
In this RMO, the BIR clarified that companies which have filed applications for tax refund/TCC shall still be subject to mandatory audit regardless of tax type. However, the Letter of Authority that will be issued shall cover only the specific tax type which is the subject of the application for refund/TCC.
Suspension of all audit activities now fully lifted
This Tax Alert is issued to inform all concerned that the suspension of all audit activities pursuant to RMC 70-2016 is now lifted. All field audits, filed operations, or any form of business visitation in execution of LOAs/eLAs/Audit notices, LNs, or Mission Orders can already be conducted starting today, September 1, 2016. This is to ensure that collection of correct taxes at the times prescribed by law are enforced by the bureau.
eFPS inaccessible from August 26 at 5:00 PM to August 30 at 6:00 AM
This Tax Alert is issued to inform all concerned on the alternative mode in filing all tax returns through eFPS from August 26 5:00 PM to August 30 6:00 AM. A scheduled maintenance will be conducted starting today, August 26 at 5:00 PM to August 30 at 6:00 AM. In line with this, taxpayers are advised to use the eBIRForms facility in efiling tax returns and pay either electronically (debit notes) or over-the-counter (cash or checks)
BIR resumes audit activities on RATE cases
This Tax Alert is issued to inform all concerned that suspension of BIR audit activities pursuant to RMC 70-2016 is now partially lifted. In line of this RMC, all field audits, operations, visitations pursuant to audit notices in the implementation of LOAs pertaining to Run After Tax Evader (RATE) cases shall be resumed in accordance with existing BIR rules and regulations This is taken to encourage voluntary compliance with internal revenue tax laws and to allow BIR to continuously investigate criminal violations of the tax code.
Proposal to impose filing fees on motions for reconsideration
The BIR has posted in its website an advisory requesting for comments on the following proposal. Proposal: 1. Imposition of a filing fee upon filing of a Motion for Reconsideration (MR) to the Commissioner on a full or partial denial of the protest to a FAN/FLD (final decision on disputed assessment or FDDA). Existing regulations on handling BIR assessments provide that If the protest to the FAN is denied, in whole or in part, by the Commissioner’s duly authorized representative, the taxpayer may either: (i) appeal to the Court of Tax Appeals (CTA) within thirty (30) days from date of receipt of the said decision; or (ii) elevate his protest through request for reconsideration to the Commissioner within thirty (30) days from date of receipt of the said decision. 2. Rate: 1/10 of 1% of the basic tax assessed subject of the MR 3. The MR shall not be given due course unless the filing fee is paid. 4. Legal basis: Administrative Order No. 31 (Oct 1, 2012) as implemented by DOF-DBM-NEDA joint Circular No. 1-2013 (Jan 30, 2013) which directs and authorizes heads of bureaus to rationalize their rates of fees and charges, increase their rates, and impose new fees and charges. The filing fee shall be part of an RMO that will be issued prescribing the rules in handling administrative appeals on disputed assessments.
Guidelines in establishing PERA
This Tax Alert is issued to inform all concerned on the guidelines and procedures in establishing Personal Equity and Retirement Account (PERA). Accreditation of PERA Administrators 1. The Audit Information, Tax Exemption and Incentives Division (AITEID) shall be the BIR’s PERA processing office. Applications for accreditation (BIR Form 1941) shall be accepted only PERA administrators who were issued a “Qualification Certificate” issued by the concerned Regulatory Authority (BSP, SEC or IC). 2. Certificate of Accreditation (BIR Form 2336) shall be issued to the PERA Administrator, and a copy to the RDO/LTS having jurisdiction over the PERA administrator, for monitoring and to ensure maintenance of a separate books of accounts for PERA contributions and related transactions. 3. Accreditation shall be valid until suspended or revoked for violations or non-compliance.
Issuance of tax exemption rulings to NSNP educational institutions
This Tax Alert is issued to put in proper context the nature and tax status of non-stock, non-profit educational institutions pursuant to the Constitutional provisions. The Philippine Constitution provides that all revenues and assets of NSNP educational institutions used actually, directly and exclusively for educational purposes shall be exempt from taxes and duties. This is further reiterated in Section 30 of the NIRC. There are only two requisites: (a) the school is non-stock and non-profit; and (b) the income is actually, directly and exclusively used for educational purposes
BIR lifts suspension of some June 2016 issuances
This Tax Alert is issued to inform all concerned that suspension of some revenue issuances as promulgated under Section 69-2016 is now partially lifted. The following issuances, among others, are now in effect: Issuance Number Title/Description of issuance REVENUE MEMORANDUM ORDERS (RMO) RMO No. 22-2016 Prescribing the policies and procedures for the Issuance of electronic Certificate Authorizing Registration (eCAR) http://www.grantthornton.com.ph/newsroom/technical-alerts/tax-alert/2016/Certificate-of-authorizing-registration-be-issued-only-through-electronic-system/ RMO No. 28- 2016 Authorizing the policies, guidelines and procedures in implementing the Memorandum of Understanding between the Home Development Mutual Funds and the BIR in electronic filing of tax returns thru eBIR Forms and issuance of eCAR RMO No. 30- 2016 Prescribing guidelines, policies and procedures for replacement of spoiled/bad order and factory defected internal revenue stamps under the Internal Revenue Stamps Integrated System (IRSIS) RMO No. 31- 2016 Amends RMO No. 13-2014 particularly on the public auction sale of absolutely forfeited and seized properties RMO No. 32- 2016 Further clarifying and amending certain policies, guidelines and procedures in the issuance of importer/broker clearance certificates relative to the accreditation as importer/customs broker RMO No. 33- 2016 Prescribing uniform procedures for the implementation of Internal Revenue Stamp Integrated System (IRSIS) RMO No. 34- 2016 Amending the prescribed format for the Notice of Denial that shall be prepared by concerned Regional Offices relative to Applications for Compromise Settlement and/or Abatement of Penalties
Clarifications on issues regarding RMC 70-2016
This Tax Alert is issued to clarify certain issued regarding RMC 7-2016 providing that all field audit and other operations of the BIR are suspended until further notice. The following are NOT SUSPENDED. 1. Audit of cases where there are deadlines imposed by law, such as processing of claims for refund. 2. Service of Assessment Notices (PAN, FAN, FLD, FDDA) for TY 2013 and prior years and Assessment Notices that have been signed as of June 30, 2016. 3. Processing of complaints by taxpayers/informers, which should be done under the "No contact with taxpayer" policy. 4. Sending of notices/reminders/follow-ups to stop-filer cases. 5. Issuance of collections letters, notice of seizure/levy for enforcement of collection of delinquent accounts. 6. Sending of letters to third parties (e. LRA, LTO, RD, Local Assessment office) for verification of property holdings of delinquent taxpayers. 7. Field audit and examinations for cases prescribing on or before Oct 31, 2016: • LOA covering all taxes for TY 2013 and prior years • LOA covering specific tax types prescribing on or before oct 31, prescriptive period reckoned depending on the tax types The following are SUSPENDED: 1. Implementation of Mission Orders issued prior to July 1, 2016