-
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
-
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.
-
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.
-
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.
-
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.
-
Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
-
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
-
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.
-
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.
-
In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
-
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.
-
Fresh Graduates
Fresh Graduates
-
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.
-
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.
Happy compliant selling
05 Mar 2019Do you want to run your own business? Before going into that dream of becoming your own boss, you might want to review the requirements for responsible entrepreneurs, especially tax-wise.
After deciding how you want to conduct your business — whether as a sole proprietor, as a part of a partnership, or as a corporation — a responsible entrepreneur ensures that the business complies with tax requirements. You, as a business owner, must start your venture right.
The Bureau of Internal Revenue (BIR) recently released two issuances providing guidelines for new business registrants. Revenue Memorandum Circular (RMC) No. 28-2019 prescribes the use of Bureau of Internal Revenue (BIR)-printed receipts or invoices, while RMC No. 29-2019 provides guidelines on keeping, maintaining, and registering books of accounts. The aim of both RMC Nos. 28-2019 and 29-2019 is to make doing business in the Philippines easier pursuant to Republic Act No. 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
Why is it so important for entrepreneurs to be aware of these two recent regulations? Before commencing business operations, business entities are required by the Tax Code to issue duly registered accountable forms and to maintain duly registered books of account. Corresponding sanctions, at most criminal liabilities, may be imposed for failing to do so.
Under Section 237 of the Tax Code, as amended, all persons subject to an internal revenue tax must, at the point of each sale and transfer of merchandise or for services rendered valued at P100, issue a duly registered receipt of sale or commercial invoice. Under RMC No. 28-2019, new business registrants are required to secure Authority to Print (ATP) for principal receipts/invoices upon registering with the BIR. However, securing an ATP for duly authorized receipts or sales invoices may take time.
Securing the ATP may take one to two weeks from the time of application with the Revenue District Office where the business is registered. This because the BIR ensures that the official receipt or commercial invoice complies with invoicing requirements. After securing BIR approval for the proposed receipt or invoice, the business needs to find an accredited printer to produce the first few booklets of the receipt or invoice. This process will take another one or two weeks. You have already lost a month just to obtain the receipt.
RMC No. 28-2019 has now addressed this problem. For businesses to immediately commence business operations after BIR registration, they shall be allowed to use a BIR-printed receipt/invoice (BPR/BPI) while waiting for the registered receipts/invoices. The BPR/PBI is valid for 15 days from the date of registration. The number of booklets of BPR/BPI to be issued, though, is limited to the estimated number of transactions for the period. The business entity, however, may opt to use their own registered receipt or invoices once they become available, even before the lapse of the fifteen days.
The BPR/BPI shall be issued as principal evidence in the sale of goods, properties, or services or in the lease of properties. Thus, the BPR/BPI can be used for claiming expenses as a deduction from ordinary gross income or claiming input tax credit subject to existing rules and regulations on invoicing requirements for taxation purposes.
Please note that only the BIR is allowed to print and issue the BPR/BPI.
A business must maintain books of account. Pursuant to RA No. 11032, however, this is no longer required for registering with the BIR.
Maintaining books of account may be done in the following manner: 1) Manual books of account; 2) Loose-leaf books of account; or 3) Computerized books of account (with the permit to use) pursuant to Section 232 of the Tax Code, as amended. Under RMC No. 29-2019, books of account shall be kept at all times in the taxpayer’s place of business. Such books and registers, together with the records, vouchers, and supporting papers and documents prescribed by the BIR must be kept intact, unaltered, and unmutilated. Keeping two or more sets of records or books of account is prohibited.
The manual books of account must be registered before the deadline for filing the quarterly income tax or annual income tax, whichever comes earlier. Entries in the manual books must be handwritten. Computer printouts pasted/glued on or inserted in the manual books have corresponding sanctions under existing regulations.
If the business opts for a loose-leaf book of account, they must maintain a computer printout of the said books and have it permanently bound. Loose-leaf books of account and other accounting records, together with a sworn statement attesting to the correctness of the entries made, and the number of all invoices, receipts, and books of account used for the period must be submitted to the RDO where the business is registered. The business must submit these documents within 15 days after the end of the taxable year or within 15 days from closing the business, whichever comes earlier.
New businesses that opt to have computerized books of account must first secure a permit to use (PTU). Securing the PTU is a lengthy process. Thus, it is advisable for new businesses to first register either a manual or loose-leaf books of account. Filing computerized books of account and other accounting records shall be in electronic format (usually in CD format). Submit the records to the business’ RDO within 30 days from the close of the taxable year.
As your business grows, please be aware that businesses whose gross annual sales, earnings, receipts or output exceeding P3 million are required by RMC No. 29, 2019 to have their books of account annually audited and examined by an independent certified public accountant.
Making your first sale is fun. Remember, however, that you are required to comply, at least with the BIR. While it is true that complying with the regulations will not bring in revenue, neglecting them will definitely drain your funds.
Regulatory compliance is sometimes a struggle. For these matters, it is best to consult experts. After all, it is your business to sell your products and services, not to perfect compliance matters.
Many businesses say, “Happy selling,” but it is best if we say, “Happy compliant selling.”
Eliezer P. Ambatali is a manager of the Tax Advisory and Compliance Division of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing services firms in the Philippines.
As published in BusinessWorld, dated on 05 March 2019