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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.
Over the past decades, the way we do or operate businesses has evolved significantly, with the improvement of our technology through the introduction of mobile phones, laptops and, of course, the internet. Advances in technology allowed us to do the things we thought before we could never do. We are now actually living in the future, since October 21, 2015, was the date when Marty McFly and Doc Brown traveled forward in the movie, “Back to the Future: Part II”. However, we have yet to fully exploit most of the benefits of technology in our workspace.
Based on my observation, most people still report to a physical workspace despite having the capacity to be able to work from home through their laptops or desktops – a strategy most employers do not commonly consider. Working from home or off-base has not been uncommon among the workforce as online jobs, with English as second language (ESL) tutorial services being the most popular one. ESL is a thriving industry here. Recently, a major Chinese company plans to hire up to 2,000 more online English teachers from the Philippines.
Several factors have risen which triggered the workforce to discuss the possibility of having to work off-base; some of these include the worsening traffic conditions of the urban centers where most of the offices are located, unlikely office environment situation, and many others.
Last May 22, the Congress passed by a 22-0 vote, the Senate Bill No. 1363 or An Act Institutionalizing Telecommuting in the Workplace and for Other Purposes, which shall also be known as the “Telecommuting Act of 2017.” The Senate passed the bill, hoping to partly unclog the traffic at Metro Manila and other urban centers in the country, such as Metro Cebu and Metro Davao, while at the same time provide employers and employees a new work arrangement.
Benefits of working off-base
There are several key benefits of allowing employees to work off-base, as reported by several studies.
Employees will be able to minimize the time spent on the road especially during peak hours of the morning and evening, thus, decongesting the number of vehicles on the road. According to Felino A. Palafox, Jr., a renowned architect, urban planner and environmentalist, on average, residents of Metro Manila spend 1,000 hours on the congested roads every year. The logjams of the country’s major cities are, of course, due to the increasing number of people coming to the city for work. The major parts of the cities also do not have enough mass residential areas to house workers from areas outside the bounds of the commercial districts to minimize the time of transportation.
Working off-base provides employees with flexibility in performing their work, which oftentimes drives productivity. This allows employees to choose their own working time and place, be it at the nearest coffee shop, public library or wherever they feel comfortable, reducing the stress that comes from work.
In 2016, Grant Thornton in Australia implemented what they called “GT Flex-appeal”, which allowed its employees to work flexibly. The program was based on a 2012 report by the Diversity Council of Australia which revealed that organizations that embrace flexibility increase in performance, productivity, and adapt to change faster.
“Flexibility in all roles is fundamental in allowing our people to balance their work and personal commitments. This will become increasingly more important in catering to the needs of our future leaders – millennials that highly value workplace flexibility. Only organizations that embrace workplace flexibility will attract and retain the best people in the market,” said Greg Keith, CEO of Grant Thornton Australia.
Based on the 2016 Labor Force Survey of the Philippine Statistical Authority, 45.5% of the country’s current workforce is composed of millennials ranging from 15 to 34 years old. According to a report by Colliers International, Flexible Workspace – Here to Stay, a millennial-friendly workplace design, in advanced Asian markets, is based on three key amenities: collaborative space, relaxation rooms, and provision of food and drink. However, provision of these amenities in traditional Asian office environments is limited, partly due to the general lack of space in crowded city centers, and partly for cultural reasons.
Companies which have allowed employees to work off-base have also minimized certain overhead costs including electricity usage and have opened up more spaces for some employees. Companies would be able to save up energy costs in the long run and divert these savings to other endeavors. Based on the study conducted by Global Workplace Analytics, a leading research firm on emerging remote workplace strategies, employers can save over US$11,000 per half-time telecommuter, or persons working off-base, per year.
Concerns from the employer’s perspective
Working off-base has already been discussed in recent years but employers have, however, raised some concerns with regard to its implementation. Some of the employers’ concerns include the delivery of required level of quality outputs from its employees, the protection of sensitive data stored on the devices of the employees including its transmission online, and the decreasing level of interaction and/or collaboration among employees and their employers.
The implementation of the work off-base arrangement is somehow dependent on the level of trust and confidence between the employers and its employees and how well the employees are fit for such type of working arrangement. In implementing the WOB arrangement, not all employees will be granted with the opportunity to avail such, due to some assessments on the employees’ performance and behavior. At the onset, employers must be able to establish uniform standards or criteria for selection in order to avoid jealousy among employees.
SGS Philippines, one of the companies implementing WOB work arrangements enumerated certain qualifications from employees in order to avail the arrangement: (a) employees must not have pending deliverables at the time of application; (b) must not have received any recent disciplinary action from management; and, (c) must not have any performance challenge or issue during the last six months.
Andrew Macarayo is the Audit In-Charge of Audit Assurance Division, P&A Grant Thornton. P&A Grant Thornton is one of the leading Audit, Tax, Advisory, and Outsourcing firms in the Philippines, with 21 Partners and over 850 staff members. We are in Makati, Cavite, Cebu and Davao. For comments on this article, please email andrew.macarayo@ph.gt.com or PAGrantThornton.marketscomm@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 the Mindanao Times, dated 11 July 2017