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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.
More than 80 percent of all businesses in the Philippines are family-owned. The nature of these businesses covers a whole range, from the small sari-sari stores to the big malls like those of SM and Ayala. Yet, despite the vast disparity in their sizes and profits, most family businesses share the same quest to preserve and grow their businesses.
In today’s interconnected, hyper-competitive economic climate, it’s essential for family businesses to have a strong team of advisors—individuals who can offer sound professional advice to help owners make the best possible decisions for both their business and their family.
Unfortunately, building and managing such a team can be a challenge—and, in some cases, it can actually cause more headaches than remedies. In a research conducted by the Society of Trust and Estate Practitioners (STEP), family business owners revealed that one of their top challenges was simply finding advisors with the ability to offer holistic advice—that is, advice that does not neatly fit into product-oriented professions.
Perhaps at the heart of the problem is the fact that some family businesses hire advisory teams that are essentially made up of competitors. Filipinos always like to have a second opinion. This is true not just for doctors, but even for business advisors; they often retain simultaneously two competing law firms or two competing financial advisors. Thus, the advisors are often unwilling, or unable, to talk to one another, leading to either a duplicity of advice or costly advisory gaps.
Additionally, advisors are typically trained to offer purely technical advice—and may have trouble applying it to the context of a family enterprise or recognizing the unique role that family relationships play in effectively putting that advice into practice.
The quarterback advisor
While inefficiencies surrounding the traditional way of offering advisory services are still too common, there are signs that, indeed, the times may be a-changin’. Business advisors now recognize that advising family businesses needs a different skill set. For instance, some advisors are now trained under a comprehensive standard of education and practices designed to enhance the skill sets of professional advisors, allowing them to offer advice that’s better suited to a family’s personal and business needs.
Similarly, advisors trained to work with family enterprises could offer both technical and interpersonal advice and are honed to understand a family’s specific goals so as to find the most appropriate solutions. In many ways, they act as a sort of quarterback—aligning advisors and transforming competitors into collaborators. They also work diligently to understand the nature of the family business dynamics, and how different relationships or life events could potentially impact the family enterprise as a whole.
Having an advisor hold this type of lead, or “quarterback” role, can benefit the family business in a number of ways, including:
Defining the needs of the family enterprise. Every family enterprise—like every family—is unique. A lead advisor will work with the family members to better understand the needs of the family and the business, including their primary concerns, future goals and dynamics.
Pre-qualifying advisors. Because they’ve spent years developing a strong network of accounting, banking and legal professionals, these lead advisors can save time by helping the family build a cohesive professional team that will work with the family system and their unique needs.
Fostering better-tailored advice. The family enterprise “quarterback” can help make sure there’s no significant duplication—or gaps—in their advisory services. They’ll also be able to recognize when an issue requires a solution or when it simply needs to be more effectively managed.
Enhancing communication. The lead advisor can take steps to ensure all advisory team members are on the same page and that no one is left out of the loop. This leads to more efficient and specific decision-making by all advisors.
Above all else, the family advisor must have the complete trust of the family members and must understand the unique dynamics of the family. For example, if all business decisions must first be approved by the matriarch, then the family advisor must be able to recommend how to make a particularly drastic measure acceptable to the matriarch. Sometimes, relying heavily or solely on financial or legal bases for a particular recommendation would not suffice to convince the decision makers in the family.
Ironically, some owners find it difficult to efficiently and effectively manage their own family enterprise’s advisory team. The team that is supposed to help and assist them can prove to be another additional friction point that must be separately managed. In such case, it is highly important to consider finding a family enterprise advisor to take the lead. Such a move could not only enhance the advisory services received, but it may even help the business owners save time and money and more importantly, heartache.
Atty. Lea Roque is head of the Tax Advisory & Compliance Division 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.