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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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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.
A popular proverb says that “a journey of a thousand miles begins with a single step." In this sense, we have taken many steps towards moving away from our plastic-filled legacy, from banning single-use plastics such as straws in certain cities to encouraging the use of recyclable materials from the private sector. However, our journey has just started.
In a way, plastics are ingrained in our culture; instead of bottles of shampoo, majority of the population often opt for single-use sachets. Beverages served in sari-sari stores are often consumed from plastic bags and sipped through plastic straws. Can we really blame consumers for this plastic crisis, when we have built such a reliance on this ubiquitous material? Just as this problem has no singular cause, there is no single solution to undoing our plastic legacy. We must take a holistic approach to addressing this issue, with responsibility and accountability at its core.
This is where Extended Producer Responsibility (EPR) comes in. By recognizing that we must tackle this issue at its source, we can perhaps move towards a greener, more sustainable future. As the Chief Sustainability Officer of P&A Grant Thornton and a member (and recently inducted Director for Club Administration and Vice President) of the Rotary Club of Makati, I advocate for the urgency to act on this crisis.
On June 24, 2024, our Firm, P&A Grant Thornton, in collaboration with the Rotary Club of Makati, held a hybrid public forum on sustainability focused on plastic pollution and titled “Unwrapping Change: Transforming the Philippines from its Plastic Legacy thru EPR." Featuring speakers and panelists across different sectors, our discussions focused on creating a roadmap through small ripples of change towards sustainability, with the aim of making a big impact. During the event, the guest speakers and experts agreed that we must go beyond mere compliance in tackling this issue.
Plastic’s Global Chokehold
The plastic crisis is not just an environmental issue. In fact, it is a health crisis as well. According to a Forbes Article titled “Amid the Plastic Waste Crisis, A New Scientific Discovery Offers Hope” by David Retter, only 9% of plastic waste has ever been recycled. To put things into perspective, it is estimated that one garbage truck’s-worth of plastic enters the world’s ocean every minute. This constant influx of plastic pollutes our oceans and ecosystems, harming wildlife and destroying entire ecosystems.
Our reliance on plastic has also led to a myriad of health issues. For instance, microplastics—tiny particles of plastic born from the disposal and breakdown of consumer products—are linked to lung inflammation and a higher risk of lung cancer, metabolic disorders, neurotoxicity, endocrine disruption, weight gain, insulin resistance, and decreased reproductive health, according to a Forbes article by Mary Roeloffs.
Undoing a Legacy of Plastic: Turning Plan into Action
In our recently concluded public forum, which was attended by about 300 online and in-person participants, a key point was that we must take proactive steps in undoing the Philippine’s legacy of plastic. “This is the legacy we have inherited, but not the legacy we must pass on,” said DENR Undersecretary for Policy, Planning, and International Affairs, Jonas R. Leones, as he outlined current and future government initiatives towards circularity. The national government is working towards zero plastic waste by closing plastic leakage pathways, enabling plastic recycling, and managing plastic demand. Meanwhile, local governments are also moving towards sustainability with initiatives such as ordinances to ban plastics in certain cities.
As for the private sector, they are primarily expected to comply with EPR. Managing Director of Evergreen Labs, Erica Cardoso, a panelist at the event, cited the importance of purpose-driven, impactful initiatives that benefit both the environment and society. She pointed out the importance of collaborating with local government units and adjusting programs to the communities they serve. Keynote Speaker Rina Neoh, Secretary General of the ESG Association of Malaysia, offered practical advice to Filipino companies on how they can play a pivotal role in reducing plastic waste. She encouraged businesses to invest in plastic deposit machines, which have been successfully used in several countries to incentivize recycling. These machines allow consumers to return used plastic bottles and containers in exchange for a small monetary reward, thus promoting recycling at the consumer level.
To face this crisis on the consumer side, both individual and community initiatives must be started to reduce our reliance on plastics. These changes won’t happen overnight; our path towards undoing this legacy all starts with awareness and planning.
The Journey Ahead
Embodying the goals of EPR, rather than focusing on its stipulations and requirements, is the first step towards achieving a sustainable, circular economy. Everyone has a role to play, and small steps can truly create big ripples of change. It is up to each of us to pave the way for these small steps and direct them toward our greater goal.
Towards the conclusion of the forum, both P&A Grant Thornton and the Rotary Club of Makati, together with the different sectors represented by the speakers and panelist, pledged to continue working together in creating awareness of the plastic crisis and getting everyone involved for a holistic approach in combating the crisis and transforming the Philippines from its plastic legacy.
Now more than ever, let’s focus our efforts on bridging the gap between awareness, action, and accountability, and fostering a culture of innovation and responsibility that propels us towards a plastic-free future. This is going beyond compliance!
As published in The Manila Times, dated 17 July 2024