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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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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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Fresh Graduates
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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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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.
Quitting as a tool
30 May 2018As a parent and as a partner at P&A Grant Thornton, quitting is a topic that I always find slippery. The decision to quit—particularly its grayness, which is sometimes oversimplified into “quitting is bad and persisting is good” — makes this topic very interesting. In every activity or project we undertake, and even in the relationships we get ourselves into, we choose to either quit or persist. In this article, I do not intend to look at quitting as either good or bad, but as a tool for further growth.
For a number of years, I have been paying for gym membership, only to find myself using the gym facilities for just the first few months of each year—after which, a million excuses prevent me from stepping foot on a gym floor again. My goal for signing up for membership in the first place was to have a flat tummy, and maybe some washboard abs. This year, I finally decided to quit paying. To continue paying for something that I perennially have not been able to complete is absurd.
When I had that goal in mind, I knew it would be difficult. Nevertheless, I pursued it. Every year, however, was the same story. Apparently, I do not have enough conviction to go to the gym when I do not feel like it. Having washboard abs was not enough incentive for me.
There are times when we just need to revisit the goals that we have set for ourselves, revisit our reasons for doing certain activities. The reasons may sometimes not be compelling enough. In my case, I revisited my reasons—from obtaining washboard abs to making sure that I incorporate exercise into my daily routine for a healthier lifestyle. It is now something more attainable and more compelling. It is now something I can do without spending time and resources on gym memberships.
Always revisit your whys. If, at some point, you realize that it is not compelling enough, quit it if you must. Quitting became a tool for me to refocus my energy and resources on something more compelling.
A few months back, my eldest daughter wanted to stop her ballet lessons. I highly discouraged her from doing so. I discouraged her, because I really thought she had the talent for it (this is me being a biased father); I thought of all the time and resources that we have already spent for her ballet classes. I was too concerned over the sunk cost.
Sunk cost keeps us from abandoning a particular activity, even if the activity is no longer working for us, because we have already invested so much time and effort in it that we do not want that investment to go to waste by quitting. Suck up the sunk cost, and move on. If we want to be persistent in an endeavor, persist for the right reasons. Sunk cost will never be one of them. Quitting can be a tool to stop you from further wasting resources on something that is no longer working.
A corollary question to ask is: when should we persist? Persist if you are still excited about the vision. Persist if you still strongly believe in whatever it is that you are doing. Persist if you firmly believe that the obstacles you are currently facing are fixable.
After nine seasons of cementing its position as one of the greatest television shows of all time, Jerry Seinfeld, the producer of Seinfeld, turned down offers of up to $100 million to do a 10th season. He was clearly successful, but he decided to quit. For Jerry Seinfeld, it was all about timing. He wanted to end his show on a high note. He did not want to wait for his show to decline before he pressed the eject button. He might have already seen the writing on the wall: his show, though very successful, might already be about to enter its downturn. Maybe the industry landscape was changing or maybe he was running out of ideas to continue with the show; whatever it is, he knew it was time to quit.
Another reported reason was that he no longer agreed to another year because he wanted to pursue other dreams, such as starting a family—something that he clearly would not be able to do if he decided to continue with the show.
There are two things that we can learn from here. The first is to quit at the right time, and the other is to look at the opportunity cost.
Quitting at the right time means that, even while you are currently successful, quitting is still an option. If you think that what is working now may no longer work in the near future, it would be better to stop doing whatever is working now and look for something else that can potentially be successful.
The other lesson is about opportunity cost. Opportunity costs represent all that you are not currently able to do, because you continue to stick to whatever it is you are currently doing. Even if you are engaged in a successful endeavor based on the metrics you have set, you are not able to do something else that could provide you with more growth than what you are currently experiencing. So quit even if you are ahead, even if you think there is much to gain in the short term, as long as you envision the long run will be more enriching. For Jerry Seinfeld, the more enriching dream could have been the family and the quality of life that he never had while the Seinfeld TV show was on. Quitting could be a tool that would allow us to look for growth opportunities within or outside the environment we are currently in.
Quitting is not all that bad. Quitting can be a tool for growth. Quit for the right reasons and with growth in mind. As long as we are always striving for growth, quitting is a tool that is available to us. Just do not abuse it.
Anton Ng is a partner, Audit & Assurance 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 900 staff members. We’d like to hear from you! Tweet us: @PAGrantThornton, like us on Facebook: P&A Grant Thornton, and email your comments to anton.ng@ph.gt.com or pagrantthornton.marketscomm@ph.gt.com. For more information, visit our Website: www.grantthornton.com.ph.
As published in The Manila Times, dated 30 May 2018