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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.
Five steps to more effective debt financing
06 Jun 2016By: Wes Priebe
Debt can play a pivotal role in helping to grow a business—but only if you do it right. That means financing your working capital needs with short-term debt—like operating loans and accounts payable, funding capital assets with term financing or leases, and matching repayment terms on your loans with your business’s cash flow ability.
These five steps can help you properly structure your debt most effectively:
1. Choose the right lender
The financial health of your business will usually dictate the type of lender that fits your business risk level. Generally, lower-risk businesses will deal with lower cost traditional or senior debt lenders, while higher-risk borrowers are more likely to pay the higher borrowing costs charged by subordinated debt, mezzanine or asset-based lenders. In all cases, be sure to work with a lender who understands your business and industry, particularly as these industry-focused lenders frequently offer better terms and pricing.
2. Understand your financing covenants
When entering into a financing agreement, borrowers are typically expected to maintain certain covenants or key ratios. If these covenants are not maintained, lenders can increase your cost of borrowing or even pull your financing. As such, it’s important to understand what can adversely affect these covenants.
Typically, lenders establish covenants in three areas:
- Working capital (current ratio) is calculated by dividing your current assets by your current liabilities and measures your business’s efficiency. It can be negatively affected by suffering business losses; using cash flow to fund expenditures; or shareholder draws that exceed the funds available after debt servicing.
- Debt servicing is the cash required to cover your debt’s principal and interest payments. This is calculated by taking your earnings before interest, depreciation and amortization (EBIDA) and dividing this by your annual payments. If you are struggling to service your debt, this may be an indication that your business is not generating enough profit or that your initial debt was improperly structured.
- Leverage (debt-to-equity ratio) is the amount of debt your business has in relation to its equity, and is calculated by dividing your total debt by your net equity. You may find yourself over-leveraged if your debt is increasing at a faster rate than your equity.
3. Monitor your performance
It is important to monitor your borrowing covenants on a monthly, quarterly, semi-annual or annual basis—depending on the frequency your lender sets. If you do notice that any of the required covenants are not being met, be sure to notify your lender and take corrective action. It can also help to monitor industry trends, as well as key performance indicators (KPIs), so you can more quickly determine how you are performing within your industry.
4. Plan
By using business plans, forecasts and/or budgets to monitor your financial performance—and updating them on a regular basis—you can make ongoing adjustments to improve revenue, reduce expenses and plan for growth. By continually managing your plan, you are able to make adjustments to the forecast in the event of a decline in your financial results—positioning you to take corrective action. Being proactive typically increases your lenders willingness to continue working with you.
5. Maintain critical relationships
Last, but not least, aim to develop a strong relationship with your lenders so they will support you through your financial cycles; and with your business advisors, who can help you set KPIs, monitor financial performance, benchmark your company against industry norms and connect you with the right lenders.
The author is a Principal at Grant Thornton LLP Canada. Grant Thornton International Ltd. is a leading global business adviser that helps dynamic organizations unlock their potential for growth. Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd. For inquiries, you may direct them to 988-2288 ext. 760 or visit our website at grantthornton.com.ph
As published in Philippine Daily Inquirer June 6, 2016