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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.
Red teaming. Perhaps you have heard of the phrase. Some may have yet to encounter it. A few may have already mastered it. Others may have unknowingly done it.
But what is it? 134 days after absorbing every page of Red Teaming: Transform Your Business by Thinking Like the Enemy—my last book for 2019—I now have a deeper appreciation for red teaming. I have learned that it helps us do what we do better. It challenges our plans and the assumptions on which they are based. It makes us aware of our biases and limitations, and presents tools and techniques for overcoming them. It focuses on critical and contrarian thinking to stress-test our strategies.
Red teaming traces its roots to the military. The term “red team” is believed to have dated back to the early 1800s, when the Prussian army (known today as the German army) began using war games to train its officers in the safety of a war room, using wooden blocks as stand-ins for military units. One group would develop a battle plan, while another group would assume the role of the enemy, with the intention of exposing the flaws of the other group’s tactics. The Prussian army usually wore blue uniforms, so the home team was represented by blue blocks; while the enemy was represented by red blocks. Eventually, other armies across the globe adopted the approach, which branched out to other organizations, such as government, quasi-government entities, nonprofit organizations, and private corporations.
As Red Teaming author Bryce Hoffman shared, the red team’s job is not necessarily to be right. Its job is to put the whole team in a position to think harder and question its own assumptions. It may have been called other names—devil’s advocate, out-of-the-box thinker, white hat, or disruptor—but it has served the same purpose: to be innovative and transformative in the ways a team has been operating. To such a degree, it shifts the focus away from groupthink and complacency.
Over the years, I have worked with teams of varying personalities and experience. It pays to question the unquestionable and think about the unthinkable to stay relevant in an environment where change happens—whether it is hiring and training the right talent, maintaining a sustainable and responsive compensation structure, pursuing a worthwhile business prospect, offering competitive services and pragmatic solutions to clients, or weathering out a team’s limitations.
The techniques of red teaming are wide-ranging from the widely used SWOT analysis to evaluate a plan’s strengths, weaknesses, opportunities and threats through a quad chart and the Five Whys, developed by Toyota, to identify the root cause of strategic problems, to the more thorough String of Pearl Analysis to recognize vulnerabilities and unintended consequences in a plan and the Analysis of Competing Hypotheses, developed by the United States Central Intelligence Agency, to make analytical judgements on complex problems with substantial data.
A few months ago, we adopted Outside-In Thinking during our 2019 Executive Conference in analyzing the broader environment of our firm and in working our way back to the internal environment to identify opportunities that can influence the direction of our strategic goals.
Being involved with the Kapatid Mentor Me Program of Go Negosyo, the advocacy of the non-stock, non-profit organization the Philippine Center for Entrepreneurship, has also given me the privilege to collaborate with business leaders in helping empower budding entrepreneurs. When most entrepreneurs ask how can they make money from their investment, the mentoring program uses contrarian techniques, such as Devil’s Advocacy and What-If Analysis, in testing popular opinions and developing hedges against an uncertain future. Questions, such as what does commercial success look like, what is the biggest threat to the success of the strategy, and where is the weakest link in the supply chain—when answered right—can catapult the entrepreneur to the next level.
Most of the top corporations in the Philippines have employed one or a combination thereof of the tools and techniques of red teaming. For instance, 3M Philippines, through the leadership of its President and Managing Director, Ariel Lacsamana, applied the 15% Principle to spark creative ideas that can make a long-term impact on consumers, helping transform its failed sandpaper business into a USD 30-billion adhesive empire.
Whatever the method, red teaming’s ultimate goal is to make a real difference in the teams, organizations, or other entities we collaborate with. Its impact even encompasses those who have yet to handle or supervise teams, as red teaming influences the mindset of an individual to better evaluate one’s decisions and perspectives in work and life. “Change before you have to” is the earnest advice of General Electric Chief Executive Officer Jake Welch in dealing with challenges and taking advantage of opportunities.
Fundamentally, red teaming needs a lot of courage. We need the courage to respectfully speak objective truth to those in power. We also need the courage to be well-mannered in allowing our perspectives to be challenged and taking advice from our people, as red teaming is not a challenge to leadership. On the contrary, it complements leadership by empowering leaders to make better decisions through well-informed analyses and alternative options. It cannot prevail over bad leadership, as it needs the support of an engaged leader to be effective. However, it can make a good leader a great one.
So, are you ready to red team? After all, in the words of Steve Jobs, we are to “think different.”
Sheena Marie Daño is a Senior Manager in the Tax Advisory and Compliance and Business Process Solutions divisions of P&A Grant Thornton Cebu and Davao offices. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing firms in the Philippines, with 23 Partners and over 900 staff members. We are in Makati, Cavite, Cebu, and Davao. For comments on this article, please email sheena.dano@ph.gt.com or PAGrantThornton@ph.gt.com. For our services, visit www.grantthornton.com.ph. Follow us on Twitter: pagrantthornton and FB: P&A Grant Thornton.
As published in Mindanao Times, dated 04 February 2020