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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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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.
The power to tax is the power to save more lives
28 Apr 2020The government has extended the enhanced community quarantine (ECQ) in certain high-risk COVID-19 areas to May 15. In addition, for moderate- and low-risk areas, a modified form of general community quarantine (GCQ) will be implemented beginning May 1. During these extraordinary times, social distancing is the new normal and staying at home is a civic duty. More importantly, more and more people are lending a hand to communities.
The government needs our support to ensure victory against this pandemic now more than ever. However, let us remind ourselves of an equally important civic duty: paying our taxes.
The Supreme Court has held in numerous decisions that taxes are the lifeblood of the nation. Without taxes, the government would be paralyzed for lack of the motive power to activate and operate it.
In Revenue Memorandum Circular (RMC) No. 42-2020, the Bureau of Internal Revenue (BIR) laid down the guidelines for filing and paying Annual Income Tax Returns (AITRs) for the taxable year 2019.
Specifically, the RMC provides the following filing and payment instructions for various types of AITR:
1. Manual filers — use the pre-printed return available in the Revenue District Office (RDO) or the downloadable return found in the BIR website or the return in the Offline eBIRForms Package v7.6
a. With tax due/payment
• Pre-printed return available in RDO
Fill out applicable fields then file and pay the return with any Authorized Agent Banks (AAB) or, in places where there are no AABs, to the Revenue Collection Officer (RCO) under the RDO.
• Return downloaded from the BIR website
Print the return and fill-out all the applicable fields then file and pay the return with any AAB or to the RCO under the RDO
• Return in the Offline eBIRForms Package v7.6
Fill out the return then after successful validation print the return and file and pay with any AAB or to the RCO under the RDO
b. Without tax due/payment
• Manual filing is not allowed. The “no payment” return shall be filed through the Offline eBIRForms Package v7.6 by submitting the return online
2. eBIRForms filers/users — use the Offline eBIRForms Package v7.6 in filling out the return.
a. With tax due/payment — after filling-out the return, submit the return online then print the return and the Tax Return Receipt Confirmation (TRRC) from the eBIRForms System. File and pay the return, together with the TRRC, with any AAB or to the RCO under the RDO (if availing of online payment, the AITR shall be submitted online)
b. Without tax due/payment — file the “no payment” return through the Offline eBIRForms Package v7.6 by submitting the return online
3. Electronic Filing and Payment System (eFPS) Filers/Users of the following:
a. BIR Form Nos. 1700, 1701, and 1701A With or without tax due/payment — file thru the Offline eBIRForms Package v7.6 and pay, together with the TRRC, with any AAB or to the RCO under the RDO by following the procedures stated above on item no. 2 (eBIRForms filers/users)
b. BIR Form Nos. 1702-EX, 1702-MX, and 1702-RT With or without tax due/payment — file and pay thru the eFPS facility by using the old version of the returns in the Efps RMC No. 42-2020 also provides alternative modes of online payment for qualified taxpayers.
In addition, Revenue Regulations (RR) No. 10-2020 provide for the extended filing and payment of AITR until May 30. To encourage taxpayers to file and pay before the extended deadlines, Section 4 of RR No. 10-2020 provides that taxpayers who file prior to the extended deadline can amend their returns on or before the extended due date without penalty, even if the amendment results in additional taxes. The BIR was quick to advise that eFPS filers filing within the extended deadlines may disregard the penalties automatically computed under the eFPS and pay only the basic tax due.
With the further extension of the ECQ, Section 3 of RR No. 10-2020 will be operative, as it provides that, if the ECQ period is extended further, the filing and payment of returns and submission of reports and attachments falling within the extended period shall be further extended for 30 calendar days from the lifting of the ECQ. Thus, taxpayers will automatically be given more time to file and pay tax returns. Will this further extension also apply to taxpayers located in low- and moderate-risk areas under GCQ? Looking at the provisions of RR No. 10-2020, it may not, since the term used is “ECQ.” But it would still best if the BIR issues a clarification on this, especially for those areas/regions that are currently for reevaluation, such as Antique, Iloilo and Cebu, among others.
The BIR recently issued several guidelines to address further developments and to ensure the safety of taxpayers. Obviously, the government should be credited for doing its best to accommodate all taxpayers to the extent possible. It would not take me by surprise if the BIR issues another set of guidelines for clarity.
Will authorized agent banks (AABs) be able to manage the influx of taxpayers, especially those who need to file and pay over the counter? Is there a contingency plan in case an AAB cannot accommodate the number of filing and paying taxpayers?
Robust tax collection will support our government in the most important fight of our lives. Contrary to the doctrine from a notable case decided by the US Supreme Court that “the power to tax involves the power to destroy,” I truly believe that, during this time of need, the power to tax is the power to save more lives. By continuing to pray and work together as one nation, let us rise up to the challenge by doing our part and showing the world that Filipinos are indeed world-class champions.
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.
Daryl Matthew A. Sales is a manager of Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
As published in BusinessWorld, dated 28 April 2020