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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.
I felt bad for my kids for calmly enduring the heat and the darkness. I felt bad for my wife because I knew I disappointed her even if she made no mention of it.
It was entirely my fault. Not that of the bank, which supposedly received my payment, nor that of Meralco, which disconnected our electricity supply. It was nobody’s fault but mine.
At about five in the afternoon, my daughter messaged me through Telegram (a new mobile app) that there was still no electricity at home. They had no power even before noon. I replied by telling her that Meralco would have it reconnected within the day. “Yeaayyy!!! Thank you, Papa,” my daughter replied with delight, which made it even more crushing. She would only call me “Papa” when she’s trying to be sweet and cute. She said “thank you,” though I was the reason why her younger sister was roaming around the house shirtless because of the heat.
So I came clean. I told her that it was my fault, that it was I who messed up with the payment and that I was the reason they were suffering the consequences. Her reply (“Oh, okay. It’s oki”) crushed me further. Here’s a child, bored and maybe patiently dealing with a cranky little sister and with nightfall looming, telling me that everything was okay.
This guilt needed an outlet. Sadly, my wife was at the receiving end. My wife did not fault me for this; not her tongue, not her fingers, and not even her eyes. After learning that there’s no electricity at home, she told me to consider auto-debiting the electricity payments. I snapped at her. I snapped at her because probably, I was in my “I’ll-get-angry-first-because-I-know-I-am-at-fault” mode. I said “Okay! Okay! Okay!” in a tone that she did not deserve.
“Why are you angry with me?” she asked. Maybe I apologized to her, maybe not, I couldn’t remember anymore. All I could remember saying was, “This had been weighing me down all day,” in a tone that could only be expected from a helpless child.
She reached out to me, with her hand touching my shoulder and letting it run down my back. I guess that was all I needed at that moment: a moment of honesty with myself and a supportive wife beside me. Upon reaching home that night, we still had no electricity. I saw my kids sleeping in the living room because it was unbearably hot inside their bedroom. We slept through the heat.
There are a number of insights from that incident which I have reflected on:
“It’s not what happens but how you react to it that matters.”
“Take responsibility for your mistake and do not pass the blame.”
“Learn from your mistakes.”
But there is another lesson that seems to be equally important but which is often taken for granted. Continuing with my story: the moment I saw our darkened house from afar, I contemplated on transporting my family to a hotel for the night. That was the right thing to do for my kids, right? I had to atone for my mistake. As I walked inside the house, flashlight in hand, I asked myself: What am I really trying to accomplish with this decision? To assuage my guilt? To spare my wife and myself from spending the night without electricity?
That night, we just stayed home because I couldn’t find the right answers that would convince me to transfer to a hotel. And what message would I be sending to the kids? We stayed put because I felt that there was no long-term benefit to such a decision.
Life is not about the quick fixes and overnight solutions. Life should be treated as a long game no matter how short your life on earth would eventually be. Your decision after your initial reaction to a failure is just as important as that first move. Every decision should be based on being able to meet the desired objective, with the long game in mind. Let’s not fall for the short game, the knee-jerk reaction, the instant gratification, especially at the expense of our long-term vision.
My overnight hotel solution could have made me win the short game. It would have relieved my guilt to see my kids happy in the hotel room. I would definitely have had a restful sleep as well. But I think it would not help me win the long game of life. Experiencing the consequences of my own mistake could leave a more lasting mark on me than the alternative. Also, an escape to the hotel that night would have denied me and my kids a learning experience on developing patience, cultivating gratefulness and extending grace to one another.
We will fail more than once in this lifetime. We’ll fail ourselves, our family, our organizations. Yes, we have been bombarded with lessons on how to react and learn from our failures. But we often forget to think about the long game in responding to these failures. Every decision that we make for ourselves and for our organizations should not only consider the ‘now’ but also the ‘twenty years’ later.
I’m still not using the auto-debit charging from my credit card. Stubbornness is another issue for another day. But I’m now remitting payments earlier and my daughter makes sure that she’ll always remind her Papa to pay the electricity bills before the due date. It is irrelevant if you agree or not with the decision that I took. Forget the short story, but don’t forget the long game.
Anton Ng is a partner at 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 more than 850 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 19 July 2017