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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.
The new year always bring new hope and a new perspective. It is as if we are all bright and eager to start the year with a clean slate. For some, the new year also inspires them start a business.
If you’ve watched the South Korean drama series “Start-up,” you probably got the urge to start your own business. For those unfamiliar with it, the show centers on aspiring entrepreneur Seo Dalmi, who crosses paths with a venture capitalist and three tech developers nicknamed Samsan Tech. Dalmi’s goal is to become the CEO of her own company, which she eventually achieves with the help of Nam Dosan and his fellow developers while getting mentored on the side by business expert and venture capitalist Han Jipyeong.
Besides entertaining viewers with its endearing plot, the show also teaches them lots of business concepts and processes on how to launch a business, examine business risk, and analyze various markets and competition. It gives viewers great insight on what it takes to start a business. If you want to become a business owner, you may want to watch this show.
With coronavirus vaccines expected to become available in the Philippines soon, we hope that life would eventually go back to normal this year. Viable business opportunities will once again ignite the passion of our young entrepreneurs. Some industries predicted to thrive next year include agriculture and infrastructure. Now is the best time to formulate business ideas and craft business models catered to these two industries to increase your chances of success in 2021.
In any country, graduating from a business course or knowing business concepts is not enough. Besides knowing the theories on running a business, there are numerous regulatory guidelines and policies an aspiring business owner should consider if he or she decides to set up an enterprise. These include business registration, arranging ownership, catering to investors, and setting up taxes.
Registering your business
Once you finalize your business concept and name, you should decide on whether your business is a sole proprietorship, partnership, corporation or cooperative.
Once you’ve decided, you’ll need to know the registration requirements for the business type you’ve chosen. Registration documents vary for each business structure, and operations cannot start unless these are secured. For single proprietorships, the enterprise should apply for a business name and register with the Department of Trade and Industry. For partnerships or corporations, a certificate of registration must be secured from the Securities and Exchange Commission. For cooperatives, they must be registered with the Cooperative Development Authority.
Next, a business must also comply with the registration requirements of other government agencies. For a business operating inside a village or subdivision, a homeowner’s clearance is often needed; so’s a village clearance. Once these requirements are completed, securing a business license or mayor’s permit from your local city hall is the next step. You must apply for a taxpayer identification number from the Bureau of Internal Revenue and register books of accounts, as well as secure an authority to print invoices or official receipts. If your business has employees, it must be registered as an employer with the Social Security System, Home Development Mutual Fund, and Philippine Health Insurance Corp.
Considering foreign ownership
Once your business is up and running, you are on your way to success. Depending on your need for capital, expertise or entry to foreign markets, you may consider taking in foreign investors. The business landscape in the Philippines encourages foreign investments. Foreigners can invest in all activities except those listed on the Foreign Investment Negative List, which identified businesses or activities requiring partial or full Filipino ownership.
Under Negative List A, the Constitution specifies that certain businesses and industries have restricted foreign ownership. Sectors such as mass media, small-scale mining and private security agencies prohibit foreign equity, while others have a certain limit. Negative List B restricts foreign ownership to businesses and industries involving security and defense that may post health risks and have a negative moral impact. There are also restrictions placed to protect small and medium enterprises.
Land and properties owned by foreign investors/corporations
Corporations with partial foreign ownership are allowed to acquire private land as long as the foreign equity does not surpass 40 percent. Foreign investors can own real properties, such as buildings and condominium units, subject to certain limitations on total foreign ownership. They can also fully own the building as long as they don’t own the land on which it stands. These can also be leased according to conditions set by the Investor’s Lease Act.
Enterprise incentives
Tax incentives are also available to registered enterprises, foreign investors and corporations investing in activities the government has identified as investment priorities. Incentives include fiscal and nonfiscal ones set by different authorities and implementing agencies. Available incentive schemes depend on the location, business activity and registration. For example, foreign companies and investors can apply for accreditation with the Philippine Economic Zone Authority to claim benefits. There is a bill seeking to standardize the available incentives that is anticipated to be approved early this year.
Resilience is key
Starting a business will surely present birth pains and challenges along the way. These should not discourage aspiring business owners. The pandemic is a great example of how businesses are still pushing forward despite adversities. The key to life, as well as running a business, is having a strong sense of resilience and adaptability.
A business’ capability to stay strong despite many setbacks is what makes it stand out against the rest. A business owner must be able to identify opportunities behind every challenging situation. The measures taken to ensure resilience and adaptability include a sound business concept, talented people, expert advisors, and a solution-oriented management.
Operating a business seems overwhelming when you first think about it. It takes a lot of courage, hard work and perseverance. As we start the new year, are you ready to start your new business?
Atty. Lea Roque is a principal of the Tax Compliance and Advisory Division of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing firms in the Philippines with 24 partners and more than 900 staff members. We’d like to hear from you! Tweet us: @GrantThorntonPH; like us on Facebook: P&A Grant Thornton; and email your comments to lea.roque@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit www.grantthornton.com.ph.
As published in The Manila Times, dated 06 January 2021