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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.
Are you ready for the April 15 electronic ITR filing?
05 Apr 2016As the April 15 deadline for the filing of annual income tax return (ITR) is drawing near, taxpayers shall once again start flocking towards various revenue district offices (RDO) of the Bureau of Internal Revenue (BIR).
It is at this point that taxpayers should be reminded of the rules on those required to file electronically rather than manually. For those required to file electronically, the available electronic platforms of the BIR are: (a) Electronic Filing and Payment System (eFPS); and (2) Electronic BIR Forms Systems (eBIRForms).
The use of electronic platform by the BIR in the filing of returns and payment of tax through online banking system paves way to a more convenient mode for taxpayers to settle their tax obligations.
Not all taxpayers, however, are required to file their returns using the electronic platform. Only those who are mandated to use the eFPS and the eBIRForms as provided under pertinent Revenue Regulations, and those who have opted to file electronically, are required to do so.
Some of those mandated to file their returns via eFPS are as follows:
a. Taxpayer Account Management Program (TAMP) Taxpayers;
b. Accredited Importer and Prospective Importer required to secure the BIR-ICC & BIR-BCC;
c. All Licensed Local Contractors, Enterprises Enjoying Fiscal Incentives (PEZA, BoI, Various Zone Authorities, Etc.);
d. Top 5,000 Individual Taxpayers;
e. Corporations with Paid-Up Capital Stock of P10 million and above;
f. Corporations with Complete Computerized Accounting System (CAS);
g. Government bidders;
h. Insurance companies and Stock brokers;
i. Large Taxpayers; and,
j. Top 20,000 Private Corporations.
On the other hand, among those required to use eBIRForms and eFile include:
a. Accredited Tax Agents/Practitioners and all its client-taxpayers who authorized them to file on their behalf;
b. Accredited Printers of Principal and Supplementary Receipts/Invoices;
c. One-Time Transaction (ONETT) taxpayers; and
d. Those engaged in business, or those with mix income (both compensation and business income) who shall file a “NO PAYMENT” Return (exception under RMC No. 12-2015).
Being included in the list of those required to use eFPS or eBIRForm is crucial. It must be emphasized that a penalty of P 1,000.00 shall be imposed on those mandated to file their returns using eFPS or eBIRForms but fail to do so. In addition, a 25% surcharge shall be imposed on taxpayers filing to the wrong venue.
As between the two penalties above, a 25% surcharge could easily translate to millions or hundreds of millions of pesos, depending on the amount of tax due.
Also, it is important to note that those who are non-compliant with the mandate to file through eFPS and eBIRForms will be included in the BIR’s priority list for future BIR audits.
Aside from the correct mode of filing, another basic reminder is the timing of filing. April 15 has long been known as the traditional deadline every year for income tax filings. However, taxpayers should not forget that the filing deadline in the tax rules actually includes the phrase of “on or before ....”
Hence, taxpayers should not wait for the exact date to lodge their income tax filings.
Taxpayers have experienced difficulties in the previous years when filing on the exact date, including system crashes from the sheer volume of filing.
For those who miss the April 15, 2016 deadline, the 25% surcharge also applies, even if the ITR is filed using the correct mode, and 20% interest per annum shall also be charged until the filing is made by the taxpayer. Also for late filing, the 25% surcharge for “one-day” late filing can no longer be applied for cancellation under the current rules.
A worse scenario is willful or deliberate failure to file return and/or pay tax due. The surcharge imposable is 50% of the total tax due on top of the criminal prosecution in which the penalty prescribed, if found guilty, is a fine of not less than P10,000.00, and imprisonment of not less than one year but not more 10 ten years.
These reminders are very basic rules -- on the correct mode of filing the income tax return and on the deadline to file the same. However, it is interesting to note that there are still some who find themselves being assessed significant amounts for filing in the wrong venue or for late filing.
For those taxpayers who are required to file their ITR by April 15, it is important to not wait for the last day of filing, as huge penalties await for missing the deadline.
Gilbert e. Moreno is an associate with the Tax Advisory and Compliance division of Punongbayan & Araullo. P&A is a leading audit, tax, advisory and outsourcing services firm and is the Philippine member of Grant Thornton International Ltd.