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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.
Trust and understanding: Boosting employee satisfaction during the pandemic
Ramilito L. Nañola
28 Apr 2021
As the coronavirus disease 2019 (Covid-19) pandemic continues to push both the public and private sectors to embrace digital transformation, public institutions as well as companies are stepping up their game in innovative ways. These include investing in efficient network systems, cybersecurity programs, remote devices and automated health systems all of which aim to improve people experience.
With another quarantine lockdown in full swing in Metro Manila, work-from-home arrangements are predicted to be the norm for the rest of the year. Digital transformation has become a nonnegotiable for companies who wish to stay ahead. Some of the challenges addressed by innovation include those in communication, scheduling, employee performance management and maintenance of company culture.
How businesses have adjusted
According to Statista’s third quarter of 2020 research results, out of the world’s seven largest economies, the United Kingdom was the most negatively affected by the pandemic.
In the third quarter of 2020, the GDP (gross domestic product) growth rate of the United Kingdom stood at minus 9.6 percent compared to the previous year. In Asia, the GDP of India contracted by minus 7.5 percent. Only China experienced a positive GDP growth rate of 4.9 percent during the same period.
In the Philippines, data from the Philippine Statistics Authority show that in the fourth quarter of 2020, the economy maintained its growth rate of minus 8.3 percent, while the annual growth rate of GDP for 2020 was revised downward from minus 9.5 percent to minus 9.6 percent. These numbers are dismal, but businesses remain to be positive as investments in innovation and digital solutions for human resource, retail, manufacturing, hospitality and travel continue to become more promising.
Several business models emerged from the effects of the pandemic, including maintaining a revenue stream, offering online services and remapping processes. While these strategies are being used to help business operations stay afloat, concerns on how companies are keeping their people satisfied arise.
Prioritizing employee welfare
As companies settle into the new normal, the focus must shift to people management. With employees in a work-from-home setup, human resource leaders must still strive to build a culture of trust and open communication. Now more than ever, there is a need to deepen connection ties with employees. Looking out for the safety of the workforce must be done through a direct, personal approach. Asking them about their current levels of satisfaction is clearly not enough. Connecting with employees must be done in a more in-depth, personal manner.
In a study by McKinsey, companies were found to be successful in transitioning to the new work arrangement in the first phase of the pandemic. Advances in psychological techniques, behavioral science, advanced analytics, two-way communication channels and other technologies can help leaders target specific aspects of the employee experience.
However, modes adopted to boost employee satisfaction vary across businesses. While the measures earlier cited are commendable, each employer must carefully consider the right set of measures it will undertake to improve the welfare of its employees, including issues on limited resources. In such cases, being transparent and articulating such issue to employees must be made.
The first way to keep employees satisfied is to listen to their needs while keeping their trust. Employees should be encouraged to participate in events where company leaders are present, like town halls, surveys and discussions. These can be spaces where employees can speak transparently. Through these discussions, companies can collate information that can be used to formulate strategies for effective leadership.
Furthermore, timely addressing employee concerns must be prioritized. This can be achieved by creating digital channels where staff and leaders can engage with each other directly. As concerns on health and safety become common issues, compromising situations must be acted upon immediately via two-way communication channels that can be monitored.
Another way to keep employees’ trust is to develop a plan aimed at implementing changes beyond the pandemic. Open-ended changes made to important parts of business operations must be communicated efficiently.
Company management must also be trained in coaching and training, as they should be attuned to the evolving needs of each team member. This practice builds motivation and trust and maintaining this trust is critical to employee engagement.
Keeping your people happy
Once the workforce returns to offices, companies must be prepared to welcome employees in various aspects. The common notion that the office is employees’ “second home” should be maintained. This is the vision that P&A Grant Thornton aspires to embody in all its undertakings making employees feel that the company is their second home.
As part of its initiatives to boost employee welfare, P&A has recently opened the doors of its new office in the 29-hectare business space of Vertis North. Because of its strategic location that is easily accessible via Quezon City’s main thoroughfares, employees residing in the North can have a hassle-free commute amid strict travel restrictions. As their travel time is considerably reduced, P&A employees can use extra time allotted for commute for their personal activities. They can have more time after work to spend with their families and friends; hence, employees can have a work-life balance. The setting up of a new office is also anticipated to reduce the firm’s contribution to carbon emissions and air pollution by letting employees with cars reduce their vehicle emissions when they travel to a nearer office location.
Business operations and stability are understandably the first concerns of business leaders.
However, boosting the satisfaction of people who operate the business, the company’s workforce should not take a backseat. The workforce is undoubtedly a company’s backbone. Employee satisfaction is not the concern of human resources alone. Improving employee engagement should be a firm-wide initiative.
With Labor Day in the Philippines just around the corner, business leaders must not forget the team of talent behind them. Cultivating a culture of trust and open communication is one step to show employees that they matter. During these times, employers must go beyond the expectations of employees as part of initiatives to help them adapt easily at work which can, in the long term, translate to increased work productivity.
Ramil Nañola is a partner of the Audit & Assurance division 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 pagrantthornton@ph.gt.com. For more information, visit our website: www.grantthornton.com.ph
As published in The Manila Times, dated 28 April 2021