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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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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.
The coronavirus disease 2019 (Covid-19) pandemic has had a disruptive effect on our lives and the economy. It is all over the headlines: missed sales targets, lost earnings, foreclosures and job losses. At times like these, organizations often consider downsizing or reducing the number of employees. However, downsizing as a management directive must be implemented as a last resort. Rather than take such drastic and irreversible measures, companies may want to reconsider other options and opportunities such as strategic organizational rightsizing.
Unlike downsizing, which is often associated with companies facing financial difficulties, rightsizing could be done even during an economic boom. Changing market conditions, fluctuating customer needs and new internal goals may cause some companies to rethink and optimize their workforce. Businesses may be required to let go of some employees, hire new talent and shift people around to meet the organization’s goals or targets. When done strategically, this is rightsizing.
There is a difference between rightsizing and downsizing. Contrary to popular belief, organizational rightsizing is neither a friendlier synonym nor a euphemism. While both ideas are related and have some similarities, they are different in their overall goals.
Downsizing is often a reactive response and the result of poor financial performance or mismanagement. It involves reducing the number of employees a company has in order to increase profitability and reduce redundancies.
On the other hand, rightsizing is a creative, proactive and constant process of managing an organization, making it more efficient, productive, competitive and profitable. It is much more than lowering the employee headcount. It is about revamping the organization to the appropriate, optimal or “right size” for its new business objectives. In fairy tales and business, this referred to as the Goldilocks principle—the porridge is not too hot or too cold, but “just right.”
What makes rightsizing strikingly different is that it does not wait for challenging circumstances to occur. It is proactive rather than reactive; it is a process rather than a one-time event; and most importantly, it is about achieving growth rather than scaling down.
While the method includes a relatively small number of staff layoffs, an organization that is rightsizing may then hire new employees with the skills and expertise it is missing.
Management may also shift individual employees to new roles to better use their in-house knowledge in other areas. Rightsizing may add a new layer of control to increase guidance or may reduce the hierarchy to improve communication. Sometimes, rightsizing may result in larger departments. It could also be streamlined or create project-based teams.
Rightsizing is a continuous activity that may take months or years. While this workforce strategy entails much change, it can lead to improved operations, including clear and measurable business goals, cross-functional alignment on these goals, and effective management of priorities. Rightsizing also leads to increased trust between functions, an understanding of roles across functions, a focus on customer needs and streamlined decision-making.
Determining the need to rightsize
To establish if rightsizing is the right move for your business, it is essential to review your overarching goals. Is your business meeting this year’s targets? Have both internal and external factors caused your objectives to change? Do your teams have the right skills?
Answering these questions can help your company determine if rightsizing is the right choice.
However, what does the rightsizing process entail? Many companies conduct an organizational audit to see if they have the best roles and people within their business.
They will also have to eliminate redundancies, so the business runs efficiently. Aligning the workforce with the company’s strategic direction is critical. Rightsizing also involves looking at emerging trends in the industry. If it seems that the market has taken a turn due to Covid-19 and community quarantines, then businesses need to be prepared to manage the shift in direction.
Rightsizing best practices
The rightsizing process takes the company from strategy to execution, but it does not have to be long or drawn out. Here are the necessary steps.
First, the company’s people or a consultant assesses the organization, including customer and employee feedback, as well as industry best practices.
After the consultant delivers a clear picture of the company’s health across multiple areas, the next step is to get alignment on the strategic goals and measurements that will drive better results and more efficiency.
Employee teams then look at the actual work that needs to be done to deliver customer needs. This definition of work will drive how each role is designed and how roles mesh in an organizational structure.
Once a structure is established, change management and communication are needed to shift people from their current ways of working. Sometimes, this requires a leadership competency assessment or new reward program structures. The organization must make clear what will not change during the shift or transformation in order to help “survivors” better understand and commit to the new paradigm. Finally, collect feedback regularly to assess how the change management process is going.
As strange as it sounds, rightsizing the organization and retaining employees are closely linked. Organizations must communicate openly and honestly with their people throughout the process to ease tensions and to build trust with teams.
One of the benefits of rightsizing are engaged teams that have the structure and resources to maximize their potential. Rightsizing also enables businesses to plan and meet their strategic objectives more effectively.
Strategic rightsizing is a useful tool in boom times but is necessary in challenging times.
Where and how businesses optimize sends symbolic messages that will live for a very long time. Remember: customers and employees do not forget. Taking a more planned approach that stays true to the company’s intent and minimizing any impact on quality and customers could well be the differentiator that better prepares your organization for the next normal.
Mailene Sigue-Bisnar is a partner and head of the Markets Group 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 mai.sigue-bisnar@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit www.grantthornton.com.ph.
As published in The Manila Times, dated 03 June 2020