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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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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.
Physical exhaustion, sleepless nights, and anxiety are among the words that some might use to describe the experience of taxpayers and their accountants in this tax season just concluded, an ordeal heightened by the effects of the pandemic and lockdowns.
Thinking about the tax filing season, I remember Sisyphus, from Greek mythology, who was made to push a boulder up a hill, only for it to roll down every time he approached the top, condemning him to repeat this action for all eternity. I hope taxpayers do not compare their burden to that of Sisyphus.
HEAVY IS THE HEAD THAT WEARS THE CROWN…
Bewildered by the rapid surge of COVID cases, the government reacted by implementing another strict lockdown in a bid to quell the spread of the virus. As the nation continues to grapple with safety and travel restrictions, speculation and calls for the extension of the April 15 deadline grew louder.
The Bureau of Internal Revenue (BIR) heeded the taxpayers’ calls, but it answered in a different manner. By releasing Revenue Memorandum Circular (RMC) No. 46-2021, the BIR allowed for a “pseudo-extension” of the filing of income tax returns. While the deadline remained April 15, taxpayers were given the opportunity to file a “tentative” Annual Income Tax Return before the deadline. They may then amend their tentative returns on or before May 15, 2021. If the amendment results in the additional payment of taxes, there will be no penalty, while any resulting overpayment may be carried over as credit against tax due in the succeeding period.
While the RMC provided a bit of relief for taxpayers during the tax filing season, a number of problems and mishaps loom on the horizon. Some mistakes can be expected due to the hasty preparation of tax returns just to meet the April 15 deadline. Hence, while the April 15 filing season may be over, taxpayers should revisit the income tax returns they have filed. Caution is warranted to avoid possible tax exposure in future audits by the BIR.
While the RMC could be seen as far from perfect, it is an unalterable fact that the government needs the taxes to address the effects of the COVID-19 pandemic, among other problems — a challenging dilemma, to be sure. Indeed, heavy is the head that wears the crown.
ONCE MORE UNTO THE BREACH, DEAR FRIENDS
With the April 15 filing season now over, what should the taxpayers look forward to? Do recall that the BIR did not do away with some of their audits and assessments during the tax filing season. With the pandemic far from over and with the government’s ever-increasing need for more funds, taxpayers might expect more active assessment cases and BIR audits in the foreseeable future.
In relation to tax assessment cases, the BIR recently issued RMC No. 52-2021 which paused the runtime on the statute of limitations on assessment and collection of taxes while the Enhanced Community Quarantine (ECQ) was in effect, including any extensions thereof and for 60 days thereafter. RMC 52-2021 applies to those in areas within the “NCR Plus Bubble” and other locations under ECQ.
With the suspension of the running of the statute of limitations, taxpayers hope that they will be allowed more breathing room for the meantime, as the April 15 filing has just come and gone and amendments to tax returns loom.
This could also open an opportunity for taxpayers to prepare and ensure that their records and supporting documents are kept intact and are readily available once the BIR conducts its audit. Needless to say, for taxpayers, preparing for the fast-approaching BIR assessment season is key to avoid any lopsided assessments.
As a new chapter of the taxpayers’ journey unfolds, which may or may not be filled with surprise and which may either be for the better or for the worse, taxpayers and accounting professionals alike, all equally positioned and burdened by this pandemic and forced to adapt in this era of ever-changing government policies, can take heart in Shakespeare’s Henry V: “Once more unto the breach, dear friends, once more.”
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.
John Patrick L. Paumig is an associate from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
As published in BusinessWorld, dated 20 April 2021