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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.
Have you ever watched a video that looked and sounded real, only to discover it had been manipulated by Artificial Intelligence (AI)? If so, you have most likely encountered a deepfake. Deepfakes are digitally altered videos, audio, or images that mimic reality and are often unrecognizable by digital users. These alterations come across different domains through entertainment, politics, personal profiles, and businesses.
As AI algorithms and technology rapidly advance, deepfakes are becoming deliberately pervasive in digital media. This results in posing threats to individuals and businesses. Imagine seeing a video where your face is plastered on another person’s body, an audio recording that mimics your CEO’s voice, or a video about your business sharing controversial information on some issues. This shows that deepfakes could happen to anyone.
The Growing Threat of Synthetic Content
According to the Global Risk Report 2024, false information, such as misinformation and disinformation, has been ranked as the top global risk. Since AI no longer requires specialized skills to operate and is easily accessible to almost anyone, this has led to an outburst of false information and synthetic content. Moreover, the report stated that over the next two years, AI may have the capability to manipulate digital users, disrupt economies, and gravely affect our communication towards society.
Deepfakes represent a serious and escalating threat. For businesses, there are potential consequences of a deepfake attack, including financial loss, stock price manipulation, reputational damage, and legal consequences. The stakes are high, and the cyberthreats are real.
With this, this shows that there is a need for a call to action in strengthening cybersecurity. Given the rising threat of deepfakes, businesses must take proactive steps to safeguard their businesses and their people. Here’s what they must take note:
1. Answering unknown calls
One of the most common deepfake-related threats is the robocall scam. It usually occurs when you receive a call from an unknown number. If you answer, there’s no response but silence on their end. However, what you may not realize is that the caller is already recording your voice and your voice patterns. This captures enough audio to create a convincing mimicry of your voice. Through this, your synthesized voice can then be used in various malicious ways, from fraudulent phone calls to falsifying your consent in business transactions. It is important to ensure that whenever you answer a call, you have to think twice. Are you expecting a call from an unsaved number? Do you have the need to answer this call?
2. Use of AI Detection Tools and AI Imaging Apps
While detection tools are essential in identifying deepfakes, businesses must be cautious. Although these tools can detect cyberattacks, they may also be used to harvest your sensitive information while protecting you from other tools. A double persona, in a sense. For example, the use of third-party AI imaging apps on social media, such as seemingly entertaining apps that you voluntarily submit a photo of your face to generate AI images, can be used as a source for future deepfakes. If you continue to utilize these apps, it may put you and your businesses at risk as they collect your own personal information. With this, you must always ensure that your detection tools are official, certified, and regularly updated. Additionally, you must refrain from uploading your photos and personal information for the sake of amusement without considering the potential consequences.
3. Employee Training and Expert Consultation
Cybersecurity awareness should be an ongoing process. At P&A Grant Thornton, we use a cybersecurity system called Vigil@nt to keep training our people, especially since we are in the professional services firm. However, regardless of what industry, this is an imperative to the business. This training includes recognizing phishing emails, understanding the importance of strong authentication processes, and consulting with experts on what to do when incidents happen or are about to happen. A people-focused cybersecurity strategy is key to strengthening the business and maintaining a positive outlook for the future.
4. Updating Crisis Management Plans
In times of crisis, like a CEO or a board member being a victim of deepfake or false information, an outdated crisis management plan that does not consider how to deal with this issue can aggravate the situation. It’s crucial to keep crisis management plans updated at all times, especially as new threats like deepfakes emerge and technology continues to adapt and evolve. However, this responsibility doesn’t lie solely with the cybersecurity or IT team; everyone has a shared responsibility. Human Resources must address staff concerns, Marketing and Communications should manage public messaging, and every team member must remain vigilant yet alert.
5. Act fast and stay vigilant
People are often the weakest link in information security and are mostly targeted by cyberattacks. It is time to change that narrative by making people the strongest line of defense. If you notice something suspicious, whether it’s a phishing email, a strange phone call, or unusual activity, you must report it immediately to the IT department or your immediate manager. Collective vigilance can make all the difference in preventing an attack.
The threat of deepfakes is already here, and it’s growing. Hundreds of stories have spread stating individuals and businesses were victims of deepfake attacks. It is now time to take our awareness of cybersecurity seriously, especially since we are integrating our lives digitally. By staying vigilant and proactive, businesses and individuals alike can protect themselves from the potentially devastating consequences of deepfake attacks. Stay informed, stay secure, and always be on the lookout for the next wave of cyber threats.
As published in The Manila Times, dated 04 September 2024