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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.
Why failure can be good
11 Jul 2017The 2017 NBA championship is now part of history and the Golden State Warriors emerged as the winner. Their failure to win the 2016 NBA finals may have made them stronger, enabling them to win 4 -1 against last year’s champion, the Cleveland Cavaliers. The Warriors definitely learned from their failures.
Our own organizations and personal careers may also face their own ups and downs. But why do certain entities fare better than others in terms of bouncing back from failure? According to John Harmeling, chief marketing officer at Grant Thornton in the US, companies that are comfortable with failures are nimbler, more innovative and successful.
One of the interesting things they do at Grant Thornton is the ‘failure talk’. Every time the senior members of the marketing department meet, they always reserve 10 to 15 minutes to discuss their failures. One would volunteer and describe how he or she ‘failed’ at something; then together they’ll explore what went wrong and share the lessons.
This exercise enables them to be more comfortable with failure. By openly talking about it, they become more at ease with the prospect of failing in their own ventures. This, in turn, makes them more adventurous and less ruled by fear. And the more you become comfortable with failure, the easier it is for you to innovate.
There are at least four positive effects of espousing a culture that encourages people to try something new without fear of failure:
1) You can move on quickly
An admission that you made a wrong decision allows you to move on quickly. I applied this principle very early in my career. I was convinced that the early admission of my failure to my superiors would free me from worrying about the possible consequences of my mistakes. This allowed me to move on quickly to the next task at hand.
Early admission doesn’t totally free you from the consequences of your failures, of course. Some of my superiors would get mad while some just kept silent. In all instances, however, I realized that admitting it right away did not only help me quickly move on, but I also was able to gain my superior’s trust. Admission of failure lets me move onwards and upwards. The same can be said for organizations.
Organizations often resist a shift of direction because such can be seen as an admission of failure. However, if the current situation is already hampering the business, then a quick shift in direction could reap benefits sooner rather than later.
2) Your vision will be clearer
Too often, we stubbornly stand by bad decisions for the wrong reasons. Sometimes we’re afraid of upsetting the person who came up with the idea, especially if they happen to be our boss. So we let certain projects continue even if we know full well that it is doomed to fail. Being truthful in that situation is certainly difficult. But I believe that it is always good to be honest at the onset rather than regret later that you did not do anything. If you are afraid of failure, you are at risk of trying to justify everything, which is dangerous. Justifying everything could lead you to a path away from your original vision.
3) Ideas will flow
Employees must be free to air their ideas, however sensible or crazy. And they’ll only do that if they know they’ll not be shot down. Do you sometimes have this impression of your superiors that, even if you think you have the best idea on earth, you will just keep it to yourself because you know that they will always have a better idea? I do. I must admit I am also guilty of this.
In my daughter’s place of work, every employee is required to regularly share ideas. For this to work, they are requested to send it to the company president. Every idea is welcome. Based on my experience as well, an idea from one of our office cleaners helped us put a stop to unauthorized entry of strangers to our office. His suggestion more than a decade ago is still being followed up to now.
4) Success will be bigger
If you want to win big, you need to take risks – even though failure is a possibility. By contrast, if you’re risk-averse, you’ll miss out. Mr. Ben Punongbayan, at age 50, together with his co-founder Mr. Joe Araullo, established P&A. For me, it was a big risk. They invested most if not all of their resources in the firm, hired the best talents and got an office space that was bigger than their initial requirements. When a call to invest in technology came, they immediately invested without worrying too much about the bottom line. Now, after almost 30 years, P&A has indeed grown bigger and many lives have already been shaped and impacted (including mine) because of their boldness to take risks.
Balance risk with opportunity
I agree with John Harmeling that we have no choice but to get comfortable with failure, take calculated risks, encourage a culture of trial and error, and learn by sharing experiences. The key is to ensure that we have effective feedback loops – re-deploying resource and investment towards those ideas that are working out.
Innovate through trial and failure, be agile and nimble and instill a culture that lets everyone thrive in an environment where they are encouraged to have ideas. We cannot all be Golden State Warriors but we can be warriors in facing failures.
Paz Malubay is a Partner at P&A Grant Thornton. She is also the EVP & managing director for Payroll of P&A Grant Thornton Outsourcing, Inc. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing firms in the Philippines, with 21 Partners and over 850 staff members. For your comments, please email paz.malubay@ph.gt.com or PAGrantThornton.marketscomm@ph.gt.com. For more information about P&A Grant Thornton, visit our website www.grantthornton.com.ph.
As published in The Manila Times, dated 12 July 2017