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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.
Internship, Practicum, On-the-job training (OJT); we call it by different names. But it is simply an opportunity offered by business establishments mostly to students interested in their industry—a supervised practical training for students at the company’s offices.
In the Philippines, the Commission on Higher Education (CHED) had set the guidelines for student internship program under its memorandum order CMO No. 23 Series of 2009, or the guidelines for student internship program in the Philippines (SIPP). The CMO states that the objective of the SIPP is to provide tertiary students the opportunity to acquire practical knowledge, skills, desirable attitudes and values in reputable establishments or industries.
The CMO has set the guidelines not only for schools and students, but also for business establishments that will accept interns.
But how much does OJT impact the students? Is learning actually taking place in the business establishments? Is the internship program an effective training method? And does it really prepare students for their future work?
There are several factors that contribute to the effectiveness (or ineffectiveness) of OJT. These include, but are not limited to, (a) the program, (b) the entity-trainer, and (c) the student-trainee
The program, according to the CMO, is something that the entity-trainer and the student-trainee’s school should agree on. This should include the tasks that will be assigned to the student-trainee during the internship. While the tasks are supposedly properly defined, there are still classic horror stories of students made to prepare coffee for their entity-trainers, do personal errands for the company’s employees, file papers the whole day or help in the cleaning of the office.
The good news is that times have been changing! Nowadays, most entities-trainers have shifted their mindset from just getting additional manpower (with the acceptance of interns) into offering a meaningful learning program that would attract target students to later join them. Internship, for some entities, has become a recruitment tool.
Thus, meaningful tasks that are often given now have become job-specific; for example, an accounting student-trainee preparing and posting journal entries, or a Journalism student attending a press conference and writing about it, or an IT student troubleshooting a hardware failure.
The student-trainee also plays a significant part in determining the effectiveness of the OJT program. The student-trainee’s attitude (towards the work specifically assigned) and personality (as it fits in the work environment) are critical to the success of the program.
I remember one of our interns (who eventually became our staff member after passing the CPA boards) telling me that she learned a lot from her OJT. So I asked her, “What exactly did you learn?”
“Patience, flexibility, and the importance of the quality of work,” she answered and proceeded to tell her experience revolving around such values. Clearly, this student-trainee embraced every opportunity presented to her.
In the Philippines, as the CMO stated, the evaluation of the implementation of internship programs rests with the CHED. Unfortunately, no reports or documents related to this matter are accessible for public use. Incidentally, many studies abroad conclude that OJT is the most effective form of job training.
A research published in the Journal of European Industrial Training identified that while OJT can be effective, there are actually four levels of effectiveness. These are: (1) Reaction of trainees (students’ satisfaction with the program), (2) Learning results (developed skill by the student-trainees), (3) Job behavior (the student-trainees’ conduct towards work), and (4) Returns to the organization (the student-trainees’ contribution to the bottom line).
At the firm level, the entity-trainer can gauge the effectiveness of OJT through post-evaluation, with the use of exit forms or by conducting focus group discussions with the interns or deliberate observation on the work of the interns; after all, one term for OJT is observational learning. Students, given the right environment for the assessment, are usually forthright in their comments if they learned anything and enjoyed (or not) their time with the company. These are indications of whether the internship program has actually reached Levels 1 and 2 of effectiveness.
On the other hand, Levels 3 and 4 deal with the student-trainee’s work ethics and whether the student-trainee contributed positively to the attainment of the entity’s mission and vision. This is manifested when a student-trainee, after graduation, joins the entity-trainer and takes part in its operations.
So, are students really learning OTJ? Are they able to acquire practical knowledge and skills necessary for their future work? Mostly now, the answer is “Yes.”
While many entities-trainers still pass on many routine administrative tasks to the OJT trainees, still many entities are now enlightened about the OJT program and are passing on more meaningful and impactful work to the trainees.
The OJT program makes it inevitable for entities to create opportunities that are supposed to contribute to the students’ work competencies.
I believe the other important question to ask now is, “Are business entities really learning about and contributing to the OJT program?”
Elah Andal Perez is a senior manager, People & Culture of P&A Grant Thornton. P&A Grant Thornton is one of the leading Audit, Tax, Advisory, and Outsourcing firms in the Philippines, with 21 Partners and over 700 staff members.
As published in The Manila Times, dated 28 September 2016