-
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.
What happens when a corporation is dissolved but the stockholders failed to liquidate the corporation and distribute the remaining assets of the corporation? May a stockholder who was deprived of his share in the remaining property demand to inspect the books of the corporation?
Under Philippine laws, a corporation which has been dissolved, has three years after dissolution to continue as a body corporate but only for the purpose of liquidating its assets and winding up its affairs.
During this three-year period, the corporate acts shall be limited to liquidation and it is no longer allowed to continue the business for which it was established.
Dissolution of a corporation in the Philippines is quite complicated. In my long years of practice, I have seen corporate dissolution to take years and sometimes, decades. The long process requires convoluted stages of securing clearances from various government agencies. Of course, the most difficult of all the processes is getting the tax clearance which can take as long as the longest-running telenovela you can think of.
Thus, it is not surprising that some stockholders become uninterested in the winding up process of their corporation and leave such task to a trusted business partner or consultant. Considering that most corporate liquidations can go beyond the three-year period, the right of such trustee to oversee the liquidation process until it is finally completed is valid even if it goes beyond the period.
Sometimes, stockholders resort to dissolving a corporation as a solution to the problematic operations of the corporation or to end the disputes among the stockholders. Little do they know that it may actually exacerbate the problems and fan the flames of distrust among them.
In one case (SEC-OGC Opinion No. 16-23 dated Oct. 5, 2016), it was represented that the stockholder has left the Philippines only to find out that their corporation which was supposed to have been dissolved actually continued business operations. Alleging that the assets of the dissolved corporation were never liquidated, the stockholder demanded access to the financial records and books of the corporation. However, the president of the corporation allegedly refused to grant access, noting that since the corporation has already been dissolved, the stockholder no longer has the right of inspection.
The SEC refused to rule on the issues, saying that the case involves an intra-corporate controversy which is within the jurisdiction of the Regional Trial Courts. It, however, laid down related laws and jurisprudence for guidance and information.
In the case of Clemente vs. Court of Appeals (G.R. No. 82407 March 27, 1995), the Supreme Court emphasized that the "(T)he termination of the life of a juridical entity does not by itself cause the extinction or diminution of the rights and liabilities of such entity... nor those of its owners and creditors."
In the case of Gokongwei vs. SEC, (G.R. No. L-45911, April 11, 1979), the Supreme Court explained that the right of inspection of the corporate books and financial records is an incident of the ownership rights of the stockholders over the assets and property of the corporation. It is necessary to afford the stockholder the right of self-protection. Such right exists even if the ownership is beneficial or equitable.
The SEC also emphasized that the right should be exercised to protect the interest of the stockholders as owners such as where the purpose is to find out the actual financial condition of the corporation and how his investment is being used.
As such, we can conclude that the right of the stockholder to inspect the financial records of the corporation is not terminated by the mere fact that the corporation has been dissolved. It should remain up to the time that the remaining assets are finally distributed to the stockholders.
It is clear that in some cases, terminating the operations of a corporation to end the seemingly insurmountable problems often leads to new sets of challenges. The stockholders need to be ready for a long and uphill battle. Like any aspect of running a business, the stockholders should be vigilant in seeing through the stages of dissolution. They need to properly coordinate with the board of directors and/or trustees to ensure that the remaining assets are properly distributed among the stockholders.
However, if all else fails, the stockholders may need to file a case in court to rule on the controversy and decide which party has the right to the remaining assets, if any.
With all the changes being introduced by the new Duterte administration, perhaps it is also time to look at simplifying the dissolution process in the Philippines to better protect the rights of stockholders.
Eleanor Lucas Roque is the head and principal of the Tax Advisory and Compliance Division of Punongbayan & Araullo.
As published in Business World dated 22 November 2016