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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.
Three Pinoy friends are waiting to catch a jeepney for a ride home. A jeepney stops in front of them, but only two seats are vacant. What do you think will happen next? They will either give this a miss and wait for the next one, or get on board, with one of them having to sit on another’s lap. Is this a familiar story?
In my discussions with University of the Philippines Professor Jovy Peregrino, visiting professor to the Busan University of Foreign Studies, he emphasized this practice as being part of our sama-sama culture, of our need to relate to one another. This relatedness is demonstrated in various ways: from our attempt at establishing a connection with a fellow Filipino when we are out of the country (‘Huy, taga saan ka? when a kababayan acknowledges our sutsot. After a brief response, we follow it up with ‘Kilala mo si …?’), to walang patid na kwentuhan’ with a good friend we have not seen since high school, to being allowed to join as a ‘salimpusa’ in a neighborhood school during our kindergarten days.
These behaviors demonstrate that relatedness is innate and deeply rooted among Filipinos, and that walking together, side by side, may have cultural roots.
In Greece, where the landscape is suitable for herding, animals are normally guided by one or a few herders from one grazing area to another. In China and other parts of Asia, where the landscape is suitable for farming, farmers need to plant rice seedlings together, simultaneously. Otherwise, one could be left in the middle of the rice paddy and prevent the whole community from completing the plot (at worst, slow ones could be trapped in the middle of the paddy). Scholars say this gave rise to the cultures of (Western) individualism and (Eastern) collectivism.
After living as an expatriate in the United Kingdom (UK) and Spain, I brought home with me westernized behaviors, including observing the ‘keep right’ rule, i.e., we walk on the left side and stand on the right side when using the escalator. Walking promotes resistance exercise, and being on the right side is a courteous way of allowing those in a hurry to pass by. Especially in the London subway, I found this practice making sense, as some escalators were long and you might miss your train. At times, the escalator speed would increase to accommodate and move more people faster.
Interestingly, this ‘keep right’ rule has found its way to our escalators.
In my observation, however, this gives rise to a cultural conflict. Imagine this scenario: two Filipinos walking slowly side by side on an escalator, talking animatedly, re-establishing connections. Then someone from the back comes dashing through the queue up the steps until he is compelled to slow down abruptly because the two are blocking his path.
If we follow the walk-stand orientation, we may be promoting individualism, since we will suddenly find ourselves alone on the escalator step. Maybe this example is just a drop in the bucket, but the ripple effect will impact our deeply seated norm.
If we allow the stand-only orientation, we may be strengthening our culture of relatedness (and perhaps, by extension, of teamwork and collaboration). Despite our busy schedules and fast-paced lifestyle, we still give ourselves that moment to nurture relationships.
From this perspective, our relatively shorter escalators add little value, if at all, to the time gained by walking ahead.
In January, the Nanjing subway system abandoned this practice, because the equipment was wearing unevenly, and found that 95 percent of the escalators showed severe damage on the right side. A UK study also showed that a stand-only orientation moved more people within a shorter time period than a walk-stand orientation.
Is this desire to walk faster on an escalator a reflection of today’s Twitter patience (i.e., a very short patience level)? Do we sacrifice culture for efficiency? Are we at the tipping point of a culture shift? How may we apply the ‘keep right’ rule to other areas, or is it more applicable elsewhere (such as in our expressways)? Could this be a reason policy implementation failures arise, as they are not aligned with culture and norm?
I want to share my thoughts on the impact of adopting foreign rules and practices on Filipino culture. In our role as policy makers, there is no better example than the ‘keep right’ rule in influencing change, and that we develop rules with a conscious determination of what we hope to change and what unintended consequences it brings with it. If we are, indeed, on the verge of fully shifting to this ‘keep right’ practice, I pray that, subliminally, this practice will shape a behavior that we will carry beyond the escalator (e.g., driving on the expressway, paying the right taxes, avoiding bribery); but, at the same time, still allowing our culture to be rooted in relatedness.
Otherwise, we shall see the two Pinoy friends get on the jeepney and leave their friend behind to wait for another one.
Mhycke Gallego is a partner for advisory and head of knowledge management 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 800 staff members.
As published in The Manila Times, dated 29 November 2017