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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.
On TRAIN 2 — Are we excited to board?
08 May 2018It has been months since the Tax Reform for Acceleration and Inclusion (TRAIN) 1 took effect, on Jan. 1. There were mixed sentiments from taxpayers with respect to TRAIN 1. Some were happy with more take-home pay for their families; others believe that the increase in take-home pay was more than offset by the spikes in the prices of oil, as well as basic and prime commodities. While there is unending debate and analysis about TRAIN 1, everyone is now looking at another tax reform bill: TRAIN 2 is fast approaching. Are we excited to board?
TRAIN 2 proposes to gradually lower the corporate income tax rate from 30% to 25% under House Bill (HB) 7214 and to 20% under HB 7458. TRAIN 2 also aims to revisit the tax incentives granted to companies.
ON LOWERING THE CORPORATE INCOME TAX RATE
While there are contentious discussions on the timing and possible conditions for lowering the corporate income tax rate in the Philippines, the reduction of tax is definitely a welcome development. While the Philippines imposes a corporate income tax rate of 30%, other countries impose lower rates. In Malaysia, the rate is 25%; in Singapore, 17%; in Thailand, 20%. Thus, the reduction of the Philippine corporate income tax rate will enhance the country’s competitiveness and will, consequently, encourage more multinational companies to invest in the Philippines.
The increase in investors and companies in the Philippines will create more jobs for our citizens, and this impact could be seen as the most concrete positive effect on Filipinos. Further, a lower corporate income tax rate leaves more after-tax profits on the table, creating a pool of profit for possible additional compensation that companies and workers can bargain over.
More employment and higher compensation can result in more spending for goods and services, which could help boost the economy.
ON TAX INCENTIVES FOR COMPANIES
TRAIN 2 also discusses modernizing tax incentives for companies. The Philippines has more than 200 laws granting various types of tax incentives. In relation to this, the government is considering limits and other parameters to granting tax incentives to companies. One of the items being considered in the proposed Package 2 of TRAIN is to limit Philippine Economic Zone Authority (PEZA) incentives to a maximum of 10 years and to change the 5% tax on gross income earned to a 15% tax on net income.
This tax incentive issue is crucial, as the government has admitted that some companies and individuals will be hit by the proposed changes to the incentive system.
As an example, PEZA grants an income tax holiday (ITH) of maximum of 8 years, a “perpetual” 5% tax on gross income earned (GIE), and zero value-added tax (VAT) on local purchases, among others. With TRAIN 2 pushing its way in, a complete overhaul of the incentives regime that could reduce the tax benefits is expected.
With this overhaul, many businesses could be discouraged from investing or expanding in the Philippines. Several organizations may plan for or experience business restructuring or, at worst, may leave and close their businesses depending on the magnitude of the tax incentive reduction. Consequently, layoffs will be inevitable.
The challenge for our government is to prevent the possible negative impact of the proposed changes on granting tax incentives. We trust that the government’s economic advisors will fully evaluate the pros and cons of shaking the tax incentives status quo.
While the tax incentives are being analyzed, our government should think of other ways to keep investors or companies engaged in the Philippine economy.
We already have TRAIN 1. TRAIN 2 is fast approaching. We don’t know how the other TRAIN packages will develop. Let’s hope that all these tax reforms would contribute to our country’s economic growth and to the people’s welfare.
Maricel P. Katigbak is a manager with the Tax Advisory and Compliance Division of Punongbayan & Araullo.
As published in BusinessWorld, dated 08 May 2018