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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.
As a woman myself, there is one phenomenon that has been a cause of great concern for me. Around 2021, news agencies picked up on the mass exit of women from the labor force, both internationally and in the local scene. They dubbed this exit as the “she-cession”. And even in relatively gender-equal Philippines, which had seen a steady rise in the number of working women from 2017 to 2019, there was a considerable drop in numbers by the time the pandemic rolled in, and women accounted for 44% of job losses by 2020.
The “she-cession” is further amplified by the fact that the pandemic exacerbated old problems and brought new stressors that have since put working women at a disproportionate disadvantage compared to their male peers. Suddenly, women found themselves more prone to burnout, due in no small part to the sheer amount of work that fell on their shoulders.
Suddenly, women were taking on the lion’s share of domestic responsibilities. They reported devoting a daily average of 7 hours to housework, helping their children adjust to distance learning, and generally just taking care of their families – which is a significant increase from their daily average of 4 hours prior to the pandemic. Even when you exclude this “second shift” at home, women were doing more in their professional environments too. But even as women leaders shouldered the brunt of enacting engagement and inclusion initiatives, their efforts went unrecognized, as found by a report from the management consulting firm McKinsey & Company. Worst still, reports show that most women working from home worry and feel pressured over missing career opportunities by not being in the office, especially knowing that their male colleagues are on-site.
The compounded effects of the she-cession are perhaps the most apparent indicators that gender disparity is still a problem in the corporate setting. But the solution to this growing chasm between male and female staff is not as simple as a return to the office. In fact, surveys suggest women and working parents are still more likely to want the flexibility of WFH arrangements despite the additional challenges.
Stopgaps for the she-cession
What management can do instead is to improve support for its female staff. Despite fears that the she-cession might reverse or completely dissolve the progress that has been made toward gender equality in the workplace, Grant Thornton’s own research found that the proportion of women in senior management roles increased to 32% in 2022. Granted, it is an incremental increase from the previous year’s 31%, but it is still a forward progress and still above the 30% tipping point required to introduce change. This suggests that while conditions might be dire, they can still be remedied.
In fact, we are on track to right this wrong. Both as a reaction to the circumstances of working women globally and as an attempt to attract and retain female talent, most companies have started implementing engagement and inclusion initiatives. In the Philippines, Grant Thornton saw that only 1% of mid-size firms have yet to take action towards a more gender-equal working environment. Here are some considerations when implementing inclusion strategies:
Assure equitable conditions for new working practices
One important thing to understand is that women are not disadvantaged by flexible working practices per se. The continued global increase in women leaders at a time of primarily remote working arrangements proves otherwise. Women are instead empowered by the ability to work when and where they feel most effective.
However, whatever benefits this arrangement may have for employees and organizations alike will apply only if management provides ample assurance that women’s performances are tracked and duly compensated without bias. Therefore, establishing working models focused on deliverables and output, and creating a metric that will provide equal opportunity and reward for the quality of this output, is important to allay women’s fears of being second-class employees and not feeling valued by their organizations.
Recognize and encourage leaders in progressive action
As previously mentioned, women leaders are at the fore of enacting diversity and inclusion initiatives within companies. However, McKinsey’s Women in the Workplace 2021 report also showed that women managers were more likely to provide varied support for their employees, and this ranged from providing emotional support to ensuring manageable workloads and preventing burnout.
The importance of these efforts is twofold. A corporate culture that prioritizes employee well-being works to retain and attract talent of all demographics, as well as assuage stakeholder pressure to achieve gender parity and sustainability. Considering the positive effects of implementation, it is vital for organization members of all genders and ranks – senior leaders included – to show support and be held accountable for their contributions to creating a safe and inclusive environment.
Adopt bias training
In line with the previous point, management may also consider investing in continuous and perhaps mandatory employee education regarding bias and discrimination. As emphasized in Mai’s column from last week, we as a society have perhaps grown complacent with our casual stereotyping and division of responsibilities based on gender. Not only is this mindset steeped in rigidity, but it can also be harmful to companies in the long run. It robs companies of diverse and creative perspectives, and with the war on talent still at its peak, management simply cannot afford to overlook and undervalue the women that make up half of the labor force.
Rather than consider the past few years as being “one step forward and two steps back” for gender parity, personally, I think we are at a turning point. Going forward, bridging the gap for female workers will require more than simply aiming for a 50% split of men and women in senior roles. Cultural changes must be embraced and championed by all members of an organization to achieve true equity. The best thing companies can do right now is to strengthen implementation to enact real and measurable change for women.
As published in The Manila Times, dated 16 March 2022