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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.
Adjusting gears is essential for survival
15 Oct 2019A moral lesson can be gleaned from the circumstances surrounding the childhood of the greatest man who walked the earth, Jesus. This vital lesson also helps investors thrive in their business transactions, especially amidst fast-changing times.
After Jesus was born in Bethlehem, Jehovah’s angel appeared to Joseph in a dream, telling him to take the young Jesus and Mary and flee to Egypt. Joseph, Mary, and their son immediately made their escape in the night. This immediate response ultimately saved the life of the young Jesus from Herod’s order to kill all the boys two years of age and under in Bethlehem and the surrounding areas. The family’s readiness to adjust their gears, so to speak, as manifested by their loyal obedience to divine instruction, was crucial to the young Messiah’s survival.
In a business perspective, compliance to existing rules and regulations is essential to achieving commercial milestones. Focus must be given to new issuances, so that appropriate action can be adapted in due course.
One of the most patrolled enactments under the present administration is the 2019 Revised Corporation Code (RCC) of the Philippines. After it took effect on Feb. 23, the government’s corporate regulators issued various opinions applying and interpreting the RCC provisions. Keeping abreast of the views and opinions of the Securities and Exchange Commission (SEC) will help companies readily adjust their corporate wheels, ensuring timely compliance.
For the benefit of our avid readers, we have undertaken the exciting work of reviewing the recent opinions issued by the SEC – Office of the General Counsel (OGC). Below are some of our notes:
1. As long as the foreign corporation still exists legally in the place of incorporation, its license to do business in the Philippines remains valid, unless sooner surrendered, revoked, suspended, or annulled in the accordance with the RCC or other special laws. The SEC noted that Section 126 of the then (1980) Corporation Code has been reproduced under Section 143 of the RCC (SEC – OGC Opinion No. 19-33).
2. While Section 13 of the 1980 Corporation Code no longer appears in the RCC, because the minimum paid-up capital is no longer required upon incorporation, the term and concept “paid-up capital” survives and is still applicable under the fourth paragraph of Section 37 of the RCC on the increase of capital stock. The SEC mentioned that paid-up capital differs from paid-in capital, such that the former refers to shares actually subscribed for and paid, while the latter is the sum of the amount paid for shares of stock issued, plus additional paid-in capital (APIC), or the excess or premium paid over the par value of such shares (SEC – OGC Opinion No. 19-40).
3. Under Section 11 of the RCC, the corporate term of a corporation existing prior to and which continues to exist upon the effectivity of the RCC shall be automatically deemed perpetual without any further action on the part of the corporation. Since the automatic conversion of the corporate term to perpetual existence does not require an amendment of the articles of incorporation (AoI), the two-thirds affirmative vote of the outstanding shares to amend to AoI would no longer be required (SEC – OGC Opinion No. 19-28).
4. Based on Section 42 of the RCC, it is not mandatory for a corporation to seek prior SEC approval/advice to declare cash and stock dividends, provided that the requirements are complied with. For cash dividend declarations, the board of directors must approve such dividend declaration and there must be sufficient unrestricted retained earnings as of the last fiscal or calendar year. In addition to these requirements, the approval of the stockholders representing at least two-thirds of the outstanding capital and sufficient portion of the present authorized capital must be obtained in case of stock dividend declaration (SEC – OGC Opinion No. 19-23).
5. Section 139 of the RCC provides that a corporation whose corporate existence is terminated shall continue as body corporate for three years for the purpose of liquidation to enable it to settle and close its affairs, dispose of and convey its property, and distribute its assets. Hence, within a period of three years after the expiration of its corporate term, an entity may legally sell and transfer its remaining assets to complete the liquidation (SEC – OGC Opinion No. 19-34).
Since the law is in its infancy stage, we expect the SEC to be faced with more issues on applying and interpreting the RCC provisions.
For example, the statute does not require a minimum capital stock requirement for stock corporations, except as otherwise specifically provided by special law. Investors are granted leniency to register their desired businesses with the SEC giving birth to the juridical personalities of such corporate vehicles. Thereafter, companies will have the legal personality to freely enter into commercial dealings and transactions with the public.
For this, the SEC, being the government’s arm to implement the RCC, may consider looking at the minimum capital stock requirement of certain companies to ensure that the public will only invest in entities with sufficient funding and the ability to comply with agreed commercial terms. Otherwise, this leniency may be used to hide fraudulent transactions to the detriment of the investing market. The public relies heavily on the SEC’s expertise and experience concerning this matter.
Undoubtedly, it is crucial for all juridical entities to be updated with the views that the SEC will take. The willingness to adjust the gears of corporate vehicles will pave the way to economic success.
“Change is coming” was the introductory slogan of this current administration, and efforts are in place to achieve this goal. Consequently, public and private stakeholders should keep an eye on the changes and revisions being introduced in the system “for the scene of this world is changing.” – I Corinthians 7:31.
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Renato R. Balisacan, Jr. is a manager of Tax Advisory & Compliance division of P&A Grant Thornton
As published in BusinessWorld, dated 15 October 2019