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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.
SINCE the beginning, banks have been cryptocurrencies' number one critic. With the support of their big brothers, the central banks, they have launched copious warnings to the investing public about concerns and risks associated with these types of digital assets. Concerns about cryptocurrency range from money laundering, terrorism financing, and fraud to privacy of user information. Furthermore, banks have pointed out that cryptocurrencies have no intrinsic value; hence, cryptocurrency investors should be prepared to lose their investments anytime.
However, it is ironic that these banks are now heavily investing in crypto and other blockchain-related companies. This information is based on the July 2021 report released by Blockdata, an Amsterdam-based blockchain research firm. The said report disclosed that 55 of the top 100 banks in the world by asset under management (AUM) have such investments either directly or through subsidiaries. Based on ranking, the report enumerated Barclays, Citigroup, Goldman Sachs, J.P. Morgan Chase & Co., and BNP Paribas as the top five most active investors based on number of investments in blockchain companies. It is also worth mentioning that 23 of the top 100 banks in the world by AUM are building custody solutions or investing in the companies that provide them. Banks earn fees as custodians of these digital assets. Though basis varies, custodianship fees are primarily based on the value and vulnerability of the asset. There, again, banks have found an oasis in the middle of a pandemic that otherwise would have dried the tanks.
Based on the May 2021 Global Digital Asset Management Industry Report, the global market for digital asset management is estimated at $3.8 billion in the year 2020 and is projected to reach a revised size of $15.5 billion by 2027, growing at a compound annual growth rate of 22.2 percent over the period of 2020 to 2027. It's a flourishing market that banks cannot forego to have a foothold over. Banks, as traditional asset custodians of capital markets, have recognized the growing global demand for digital asset custodianship to help manage the use of digital assets, and noted that digital assets carry additional risks as compared to traditional assets.
A digital asset custodian operates in a similar fashion to a traditional asset custodian, wherein the primary role is to safekeep an investor's assets and usually safeguard it with a private key. However, unlike traditional asset custodianship whereby the client is the one holding the private key and the asset is kept in the vault of the custodian, the digital asset custodian already has custody by holding the private key on behalf of the investor and thus ensuring that no unauthorized party can access it. Restricting access to a private key is the most important role of the digital asset custodian since most transactions, depending on the type of distributed ledger technology used, are irretrievable once executed. Likewise, if the private key is lost or stolen, recovery of a digital asset by its rightful owner may be tough unless the digital asset is a representation of an actual asset. For example, a security token, where an actual asset may remain secure, and a new token or digital asset can be issued. This is similar to a traditional instrument such as shares of stock, bonds, and units in an investment fund.
At the core of this business process, the safety of the assets is the primary consideration in entrusting the asset to a custodian. Coincidentally, digital assets have the following built-in security features: (a) these are usually reflected on distributed ledgers in the form of random binary digits, which provide security for a transaction because the record of transfers are secured on an independent ledger that is not easy to modify; and (b) these can only be accessed through public and private keys. These keys enable the investor to use the digital asset. Like traditional assets bearing built-in security features, these are still susceptible to loss.
What are the benefits of having a digital asset custodian as compared to self-custody and exchange wallets?
Like traditional asset custodians, digital asset custodians have institutional-grade security controls to provide certainty over safekeeping, which facilitates cryptographically secured trade settlements, exchange, and clearing. Assets under custodianship are insured as well, giving recourse for investors. This lifts the burden of self-carrying digital assets that are susceptible to hacking and mitigates the counterparty and commingling risks from exchange wallets on possessing the private key and the digital asset itself, by extension. However, the disadvantages are the high cost of custodianship for retail investors and regulatory uncertainty.
A bank's investments on blockchain companies will enable its traditional custodianship to be modernized to serve for the peculiarities and risks associated with digital assets. Setting foothold in this market has not been without tackling a multitude of challenges, ranging from cybersecurity and storage solutions to operational efficiencies, because digital asset transactions involve a multi-stage process.
In the Philippines, in collaboration with Hex Trust, a Hong Kong-based digital assets custodian, the UnionBank of the Philippines will be the first local bank to pilot digital asset custody for its own employees with the oversight of the Bangko Sentral ng Pilipinas (BSP) as it prepares the groundwork for a secured system for digital asset investors. As of July 31, 2021, the BSP has approved 15 virtual asset service providers (VASPs). These VASPs are guided by the BSP's Circular 1108, issued last January 2021, which covers capital requirement, scope, operations, and reporting obligations of VASPs in the country. In July 2021, the local bourse, the Philippine Stock Exchange, has expressed its intention to host the trading of digital assets to protect investors. However, until now, the local bourse is still waiting for the rules and regulations from the Securities and Exchange Commission on how digital assets will be governed.
So, if banks cannot change the investing public's craze over cryptocurrencies and other digital assets, they offer trust solutions for investors' safety and comfort. Ultimately, the success of a custodian comes down to investors' trust. Therefore, it is imperative for custodians to establish safe, efficient, and stable operations amidst the current regulatory uncertainties.
As published in The Manila Times, dated 01 September 2021