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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.
Quoting a famous movie line walang personalan, trabaho lang, the new work-from-home reality proved these two concepts as inseparable — that we can cook, play with our kids, or book a Grab meal while working. This shift has strengthened our resiliency as a people and our culture of being a communal society. In our household, we assign tasks among household members: one takes care of marketing within the budget and chores are rotated among family members. In my case, I have never missed our 8:00 dinner — the same time at which our barangay siren sounds to indicate the start of curfew.
As I write this article, my cousin reminds me that we are on the 100th day in our community quarantine. If I may summarize, assuring our people’s health and ensuring a robust cash position for corporate survival has occupied most of our business leaders’ time in this period. We have built systems and processes and revisited our policies and procedures around those two areas — all within the confines of our homes-now-turned-offices.
What will the next 100 days look like? How do we prepare for recovery and the next normal? What recovery issues and governance challenges will occupy the board’s agenda in the short term?
Post-crisis recovery issues
A recent survey of 306 directors by the National Association of Corporate Directors (NACD) reveals that more than half of board members (54 percent) surveyed say that the changing way in which work gets done is the top post-crisis recovery issue of organizations. This shift in normalcy is a rising concern for boards. NACD Senior Manager Barton Edgerton states: “There is a strong consensus that, at least in the near term, companies will need to find ways to get work done differently than before the crisis and that some of this will likely be fueled by the acceleration of digital transformation.” Threats to cybersecurity and privacy have also surfaced around these new working styles.
The survey also shows that the following trends will have an impact on the post-crisis recovery of organizations: reduced global demand (35 percent), acceleration of digital transformation (32 percent), continued disruption of supply chains (29 percent), a major shift in customer preferences (28 percent) and greater concern for employee health (25), among others. These trends have pushed down traditional board governance issues on investor activism (4 percent) and emphasis on purpose over profit (3 percent) to the lowest ranks.
Governance challenge in the next three months
When asked about the top governance challenges the board expects to face in the next three months, many report that historical strategies are unlikely to survive the post-crisis years. Shaping a realistic post-crisis strategy (60 percent) is the top governance challenge listed by respondents in the NACD survey.
Board members also need to understand the risks stemming from the crisis and get up to speed on all the emerging risk dimensions of the crisis (46 percent). As more members require more interaction with senior management, striking a balance between good governance and not overburdening management (45 percent) is also among the top challenges. Other challenges include: overseeing financial health (45 percent), maintaining business continuity and resilience (32 percent), and managing internal controls with a remote workforce (24 percent), among others. These have pushed board succession planning (5 percent) and director recruitment (4 percent) to the bottom of the list.
While a plurality (48 percent) of board members report that they will continue to regularly communicate with management more than it had before the crisis, less than half (48 percent) of directors do not believe that virtual board meetings are as effective as in-person meetings. These results present another set of dilemmas in board and management dynamics, as restrictions are imposed on senior leaders, because of the age limitation under the quarantine guidelines and the expectation to adapt to today’s technology-driven next normal.
This dilemma brings to mind how my father was introduced to webinars and Zooming (Zoom meetings), and how my ten-year-old niece teaches her grandfather how to use a computer mouse and navigate through the various options and icons of Zoom.
Indeed, this next normal has brought our families closer and deepened relationships. It has allowed our family members to see the work we do to provide for them. It has also allowed us to spend more time with family and learn more about their daily routine, challenges, and sources of happiness, as well as and how we should be there for intimate moments. In the next normal, my highest regards go to colleagues who can work from home and simultaneously play, read, cook, bathe, pray, do chores or become one with their families.
Mhycke Gallego is a Partner of Advisory Services 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 23 partners and more than 900 staff members. We’d like to hear from you! Tweet us: @GrantThorntonPH, like us on Facebook: P&A Grant Thornton, and email your comments to mhycke.gallego@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit our website: www.grantthornton.com.ph.
As published in The Manila Times, dated 24 Juen 2020