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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.
Let’s keep pace
24 Oct 2017“The scene of this world is changing. I can’t live in the past.
Please help me to keep running because we’re moving fast…”
The quote is part of the lyrics of a music video, “Keep the Pace.” Undeniably, there is a need to keep pace as we witness various organizational, communication, and technological advancements.
The idea applies even to government regulators, especially now that commercial operations have become more complex and modern. Since the linkages among business organizations have become cybernetic and virtual, they are present in various jurisdictions. Such progress presents challenges.
In the 2016 Doing Business report by the World Bank Group, the Philippines ranked 103 out of 189 economies. In the next year, the economy made a significant jump to number 99, according to the World Bank. While this upward movement seems promising, there is no room for complacency. The government needs to keep up since the ability to manage the challenges of modernization encourages investors to participate in the Philippines’ economic pursuits.
One of the items on the current administration’s socioeconomic agenda is to increase competitiveness and ease of doing business. Many government agencies are doing their share in this regard.
In 2016, the Department of the Interior and Local Government (DILG), the Department of Trade and Industry (DTI), and the Department of Information and Communications Technology (DICT) issued Joint Memorandum Circular No. 01-2016. The circular states that there is a need to further impose stricter performance standards for business permit processing and on regulatory processes to further improve the competitiveness ranking of the Philippines in global surveys. A more compelling reason, says the circular, is to ensure the preparedness of cities and municipalities to more intense global competition arising from the 2015 Association of Southeast Asian Nations (ASEAN) Economic Integration.
Since the Philippines is the host of this year’s ASEAN Summit, it is timely to remember the features of this circular. It also serves as a reminder for the concerned government offices to assess the status of their compliance with Joint Memorandum Circular No. 01-2016.
Under the circular, all cities and municipalities are enjoined to follow revised standards for processing business permits and licenses. A single or unified business application shall be used in processing new applications, which consolidates all the information on a business registrant needed by various government departments. The unified form shall be made available using the channels for dissemination and be made available for download either in the city/municipality websites.
The standard steps and processing timeline for all cities and municipalities is likewise provided in the circular. Moreover, a maximum of two signatories is required for the processing of new business applications and business renewals. Cities and municipalities shall set up a business one-stop-shop for business registration.
The circular also espouses the computerization and automation of business permit processes. Cities and municipalities are further encouraged to develop online mechanisms for both new business registrations and permit renewal applications.
Another agency that is keeping pace with technological progress is the Philippine Economic Zone Authority (PEZA).
On Sept. 27, PEZA issued Memorandum Order No. 012-2017, simplifying the issuance of certifications on (a) available incentives and (b) entitlement to 5% gross income tax (5% GIT) to qualified registered enterprises and ecozones/IT parks and center developers/operators. Applications for the issuance of necessary certifications shall now be made online. It shall apply to PEZA Enterprises and PEZA Developers/Operators entitled to PEZA incentives.
Since it is the most recent PEZA issuance, which took effect only on Oct. 15, let us review some of its salient features:
1. All requests for certifications on Available Incentives and Entitlement to the 5% GIT shall be made on the “Request for Certification Form,” which may be downloaded from the PEZA website.
2. The Request Form should be signed by an official responsible for the PEZA enterprise. The e-mail address of the official responsible for executing the Request Form shall be indicated on the request form.
3. The accomplished Request Form shall be scanned and e-mailed to the Office of the PEZA Director-General for entry in the PEZA Document Tracking System. The Request Form shall then be verified and evaluated by the concerned PEZA personnel.
4. Only PEZA Enterprises and Developers with complete PEZA reports shall be endorsed for processing and subsequent PEZA approval/signing of the Certifications on Available Incentives and Entitlement to 5% GIT.
5. The PEZA enterprise will then be informed that the certification is available for release upon paying the filing fee to the PEZA Zone Office. Upon receipt of the said payment, the certification will be sent to the e-mail address indicated on the Request Form.
6. Each PEZA certification shall bear a Quick Response (QR) code that may be used to access the certification from a smartphone or computer.
7. The PEZA entity may print multiple copies of the certification.
The memorandum also highlights the importance of further improving ease of doing business with PEZA.
Without a doubt, such issuances prove that government regulators are keeping pace with the developments brought about by modernization and commercialization. Although the government plays a vital role in driving the nation’s economy, the responsibility should not be placed on its shoulders alone. Constant coordination and cooperation among all stakeholders (both public and private) is the key to achieving economic prosperity.
Renato R. Balisacan, Jr. is a manager with the Tax Advisory and Compliance division of P&A Grant Thornton.
As published in BusinessWorld, dated 24 October 2017