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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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Behind the Numbers: People of P&A Grant Thornton
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The next generation isn’t your only succession option
07 Mar 2016By: Jeff Pocock
Many of the business owners will likely choose the traditional route by passing their businesses onto the next generation. For those hoping to preserve their legacy and maximize their business’s ROI, however, this isn’t the only option.
While keeping it in the family may seem like the best gift you can give, in reality only 30 percent of businesses will survive the second generation. A more effective route would be to explore other succession options available to you—a process that will require a little soul-searching and a lot of planning.
Step 1: Determine the value of your business.
Before you even think about drafting a succession plan, get a valuation first. Determining the value of your business will give you an idea of what your goals for succession could be—and help you effectively set the expectations for other stakeholders in the business. It will also allow you to set the dining room table, so to speak, and have a productive conversation with your prospective successors. When you have firm numbers in hand, it’s easier to gauge a successor’s interest—and determine if they’re really interested in the job—or if another route would ultimately make more financial sense.
Step 2: Establish your succession goals.
Often, business owners equate succession planning with “tax planning.” In actuality, succession planning extends far beyond taxes. It’s an opportunity to sit down and determine what your goals are—and then develop a roadmap to achieve those goals. Are you thinking about starting a new venture? Need extra funds to send a kid through university? Hoping to continue earning money from the business even after you retire? Are the proceeds going to be enough to support your lifestyle in retirement? Each decision will require a different succession timeline and level of liquidity. Perhaps this process is more aptly called “transition planning.”
When brainstorming succession goals, consider these questions:
What do I want to achieve personally?
Who are the stakeholders and what do they want?
What level of contingency planning is needed?
What do I want to achieve from a business perspective?
What are my personal financial needs—desired versus possible?
Step 3: Weigh your options
Once you’ve determined your succession goals, it’s time to evaluate your liquidity options. While passing the torch to the next generation may be the easiest succession option, it doesn’t give you much liquidity. Selling your business outright is more likely the way to go if accessing maximum liquidity is what you’re after—but there are also many options in between (options that might better suit your goals, if you’re not ready to leave your business quite yet). A management buyout is an elegant solution to ensure your business continues its momentum, preserves your legacy and can also provide you with significant liquidity—but there are also debt recaps, equity recaps and leveraged buyouts, which all come with varying levels of control and liquidity.
Ultimately, how you choose to leave your business—and who you choose to leave it to—are very personal decisions. Decisions that don’t have to be settled with one “right” answer. There are many, many ways to achieve your desired goals and preserve your legacy. You just need the proper roadmap to help you uncover them.
The author is a Partner 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
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Notes to editors:
About P&A Grant Thornton
P&A Grant Thornton is a leading professional services firm with a proven track record of high-quality work. P&A provides value-added services to clients through a client-caring team of audit, tax and business professionals who utilize leading-edge systems and technology and are guided by the highest standards of quality, integrity and competence.
About Grant Thornton International Ltd*
Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, actionable advice through a broad range of services. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to solve complex issues for privately owned, publicly listed and public sector clients. Over 31,000 Grant Thornton people, across 100 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work.
Grant Thornton International is a non-practicing, international umbrella entity organised as a private company limited by guarantee incorporated in England and Wales. References to "Grant Thornton" are to the brand under which the Grant Thornton member firms operate and refer to one or more member firms, as the context requires. Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by member firms, which are not responsible for the services or activities of one another. Grant Thornton International does not provide services to clients.
*All references to Grant Thornton International in the press release and this “Notes to editor” section are to Grant Thornton International Ltd. Grant Thornton International Ltd is a non-practicing, international umbrella entity organized as a private company limited by guarantee incorporated in England and Wales.