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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.
Now that the gifts have been unwrapped and the countless Christmas parties are done, we now look to the preparations for the new year. Some of us are probably still enjoying the much needed vacation while some of us are back at the office looking forward to the next set of holidays which start tomorrow. Soon after, we will bid adieu to 2015 and welcome the new year -- what better time to look back at the events that shaped our lives in the past year?
This year started with good news for salaried individuals with the announcement of additional non-taxable benefits. Starting 2015 with a cheer, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 1-2015 on Jan. 5, listing as non-taxable de minimis benefits the P10,000 per taxable year received by an employee by virtue of a collective bargaining agreement (CBA) and productivity incentive schemes.
Then, on Feb. 12, Republic Act No. 10653 was approved increasing the non-taxable bonus to P82,000 from P30,000 per taxable year. To implement the law, the BIR issued Revenue Regulations No. 3-2015 and made the law retroactive from Jan. 1, 2015. The non-taxable bonuses were made specifically applicable to salaried employees and did not include income of self-employed individuals and income generated from business by individuals.
Buoyed by two pieces of good news early in the year, 2015 also became the year when the clamour for tax reform took center stage. Taxpayers and businessmen joined forces to bring attention to the need to lower our tax rates and bring social justice to the Filipino employees.
I am thankful that the call for tax reform is finally building momentum. It is true that the bills in Congress for tax reform have been shot down by this administration. However, the fact that there are sympathetic Congressmen and senators is already a step in the right direction. Even the media has taken notice and newspaper articles and blogs discussing the need for tax reform always give me great hope that perhaps, one day soon, we will have the reform the Filipino workers so rightfully deserve.
There are at least six bills in the House of Representatives and three bills in the Senate proposing to reduce the income tax rates and adjust the tax brackets of individuals. The support for these bills has gained traction from all sectors of our society. The 32% top tax rate for individuals is unconscionably high and the tax brackets which impose the 32% rate on any income above P500,000 per annum robs some of our citizens of much needed funds to provide a decent life for their families.
With the approach of the 2016 elections and the turnover of government, most of the pending bills must be refiled and the process must start once again. However, this time, I am confident that taxpayers are finally seeing hope that the new set of elected lawmakers will support the call for social justice.
Based on the 2014 Annual Report of the BIR, withholding tax on wages remains one of the major sources of tax. Of the total P1.3 trillion in tax collected in 2014, P232 billion came from withholding tax on wages of the Filipino workers. This represents 81% of total income tax collections from individuals. The remaining 29% or P51 billion represents income tax collections from professionals and individual business owners.
Compare the P232 billion from workers to the P187-billion corporate income tax and P268-billion tax withheld at source from corporations and we will readily see how grossly overtaxed the Filipino worker is. To compound matters, not all salaried workers are subject to income tax. According to the 2014 Annual Report of the BIR, there are about 13 million registered compensation earners. Of these, those earning salaries which are not more than the prescribed minimum daily wage are not subject to income tax. Considering that a high percentage of Filipino employees are earning only minimum wage, the burden of taxation on individuals falls heavily only on the employees who are earning above minimum wage.
With the general elections coming in 2016, it is every voter’s responsibility to ensure that the candidates elected have a genuine desire to bring about social justice especially to the overtaxed middle class. We should all be critical of the candidates’ tax agenda and how they propose to alleviate the burden on Filipino workers while at the same increasing tax collections from noncompliant taxpayers.
We greet 2016 with a fervent hope that the call for tax reform will finally be heard by whoever is the next resident of Malacañang. The fight for tax reform will not end with the close of 2015. It is my hope that the dawn of the new year will bring about renewed enthusiasm and unwavering support for the reform agenda. 2016 is coming and we should all celebrate a fresh opportunity to join hands and push for much needed tax reforms.
A very prosperous and just 2016 to us all.
Eleanor Lucas Roque is the Head of the Tax Advisory and Compliance division of Punongbayan & Araullo.
