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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.
The new key success factors: Cleanliness and health and safety practices
06 May 2020Having studied and practiced management over many years, I seldom come across companies stating that among their key success factors (KSFs) are cleanliness and health and safety practices. At most, these are practiced, but neither expressly recognized nor stated as KSFs (e.g., there are clean rooms in semiconductor manufacturing plants, and there are health and safety standards for food processing).
Under the new normal, cleanliness and health and safety practices shall play a prominent role, and this should be clearly communicated to stakeholders, especially to customers. This is particularly critical to companies in the service industry, such as hotels and restaurants, and even in professional services, such as accountants and lawyers.
Hotels should emphasize their cleanliness policies — not just how they change their linens and sheets, but more important, how they disinfect their rooms and other high-touch or high-use areas, such as swimming pools, gyms and restaurants. Hotel staff should observe cleanliness and sanitation. Health and sanitary items (i.e., alcohol and sanitizers) that were present before the enhanced community quarantine should remain visible and accessible. I was intrigued when, after I “Googled” the Hilton hotel chain, I read: “Hilton is defining a new standard of hotel cleanliness.” The article said Hilton was partnering with Reckitt Benckiser, which makes Lysol disinfectants, and the Mayo Clinic to elevate its hygiene protocols, from check in to check out.
Restaurants and dining establishments should also elevate their health and safety protocols. While most restaurants have adapted to the curbside pickup and delivery models, they should anticipate the reopening of their dining areas soon. Guests will be few and wary during the first few days and weeks, and maybe even months, as they continue to observe physical distancing. However, diners should be reassured right away on the health regime implemented by restaurants.
Similar to those in hotel operations, cleanliness and sanitation practices should be clearly manifested by chefs and cooks in the way their food is prepared and cooked, as well as by waiters and servers in the way the food is served and the dishes are cleared out. One chief executive officer of a restaurant chain said standards of cleanliness would be higher once they reopen the dining areas: food preparation would be more stringent, waiters would be required to wash their hands thoroughly and regularly every time before they deliver the food or clear the tables. All restaurant staff would be required to wear gloves.
Professional service organizations, such as accounting and law firms, have to observe health and safety measures to avoid infecting their people when they visit their clients’ offices or premises. One best practice is conducting a health check survey, during which each staff member is asked about his or her potential vulnerabilities. Vulnerable employees must continue working from home. Organizations should consider providing a transport system where employees are not exposed to others during their ride to and from the office. Work at the office must be rotated or segregated into two batches: one set of identified personnel would work for a specific period and another would work for another period. This work arrangement makes it easier for organizations to do contact tracing, should one person be infected, and easier to isolate and test one batch of personnel. Other best practices include maintaining physical distancing at work, where safe distance areas are clearly marked, and regularly disinfecting work areas.
This pandemic has drastically changed customer behaviors and expectations. Thus, organizations have to adopt new business models, metrics and KSFs.
Jessie Carpio is a partner and division head of Audit & Assurance at 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 jessie.carpio@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit www.grantthornton.com.ph.
As published in The Manila Times, dated 06 May 2020