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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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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
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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
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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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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.
ONE look—and your heart starts pounding through your chest like a big bass drum. In your tummy, butterflies are throwing a party. You’re seeing stars, and you feel like you’re floating in a dream. Just thinking about it keeps you up all night, tossing and turning in bed.
We all know that feeling. At one point or another, we were, or perhaps are still, afflicted—or rather, affected—by it. I’m talking about that crazy not-so-little thing called “tax.”
That’s how I used to feel every time I check my pay slip. With the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, though, I now feel nauseous every time I ask about the new prices of commodities (Hint: It is highly unlikely anyone will be putting down some sugar on you for free, Adam Levine.)
It turns out, love and tax are a lot alike. Heck, tax could very well be love, dare I say it.
Before you conclude this pure absurdity and head for the exit, hear me out.
Taxation, in essence, is the pooling and redistributing of resources so that society is better off. Progressive taxes are intended to shift the burden to those with a higher ability to pay, setting the groundwork for social justice by creating a wider and more equitable distribution of wealth. It is the citizens’ solidary efforts in nation-building by taking a portion of oneself—income earned by sweat and blood, and offering it for the common good; like carrying an injured person to safety until they are nursed back to full health and are a productive member of society once again. If that doesn’t speak love, I don’t know what does.
Three..two..one.. BOOM!
Like a moment of attraction, the TRAIN law took off with a glorious explosion of fireworks! The implementation of the law on January 1, 2018 could not be more fitting to usher in the new year with promises of brighter days ahead. Those who were under that midnight sky peppered with neon lights stood in awe and were swept by a wave of emotions—foreign, sweet, perplexing, but mostly hopeful and optimistic—especially for the anticipated revisions in the income tax brackets. Mid-income earners were the most eager, for there would be no more deductions for taxes from their salaries from that day forward. Ah, the magic of beginnings.
Tax, like love, involves compromise.
Alas, all the kilig that new love brings soon would wane; the smoke settles down and our vision clears. We now see that there are flaws to our otherwise perfectly imagined dream: For one, the increase in the excise tax rates on petroleum products doth sharply sting. With the increase in transportation costs, we can only expect an increase in the price of everything else.
But the danger is not so much in rising prices, but in the proliferation of mass distrust in the government. The frustrating automobile excise tax and other contentious provisions put the intentions of the law in a dubious light, creating widespread suspicion and further resistance, endangering the relationship between the country and its people. This relationship wasn’t as good as we thought it would be, and what was inherently one grand manifestation of love appears to have been perverted by the greed and selfishness of those who want to serve their own interests.
Nevertheless, it is a truth indelibly chiseled into the script of life that the genuinely good things will— inevitably come with the terrible things, and
Tax, like love, focuses on the good, believes in the best, and nurtures a grateful heart.
When it comes to love and, in this case, to love of country, often the challenge is remaining steadfast during difficult times and seeing through the imperfections of the law (while, of course, continuously improving the law and its implementation) in the name of all the good that is made possible through our sacrifices.
However, it can be tough to keep on loving when our taxes seem to be paid in vain, and we’re not getting the services we think we deserve.
It is in light of this predicament that the Bureau of Internal Revenue (BIR) took a rather pleasing twist in their tax campaign this year. Launched last February 12, 2018 with the slogan “Salamat Sa’yo”, the campaign brings the spotlight back to the true change-makers in society: taxpayers. Instead of the usual explicit solicitation of taxes that postures taxes as a burden to the public, the BIR’s approach acknowledges the common person’s significant role in the betterment of every Filipino’s life and society as a whole through our contributions, no matter how small. Through taxes, we are able to feed the hungry, clothe the naked, shelter the homeless, and fulfill so much more of our moral responsibilities. That is the positive way to change the typical notion of taxes and to empower the Filipino people!
Sometimes, a little perspective can go a long way. Hopefully, it will be 20 years into the future when we can finally see the government projects that our taxes fund come to fruition.
Tax, like love, makes the world go round…
Paying taxes isn’t the most pleasant thing to do, especially when, most of the time, we feel like we’re not getting any benefits. But what we feel isn’t necessarily the situation. At times love works from the inside, and in silence. For the first time in years, the government has expressed a listening ear to the cries of the people with the passage of the TRAIN law; years of unrequited, taxpaying love are finally being vindicated.
Just as taxes are the lifeblood of the government, it is love that keeps us alive, in spite of countless evidence to the contrary. Our laws, which are a concrete expression of such love, are authored upon that very foundation. The increase in fuel taxes is intended to augment worsening traffic conditions while, at the same time, to reduce the use of fossil fuels in order to protect our environment. As a whole, the tax reform program is aimed towards inclusive growth, improved infrastructure, and public services for a more comfortable life for every Filipino.
Love, for our country and for our fellowmen, is the invisible thread that weaves us together in our shared responsibility of keeping a civilized society by paying our taxes and using them for the right purposes.
Love, in the form of taxes, allows us to make a difference and transform lives, because it propels us into action, however crazy and unconventional as its demands may be. All along we’ve been deeply in love, enough to have been paying our taxes despite hardly getting anything in return, enough to have been waiting and holding on to the hope that tomorrow will be better than today.
It is seldom easy at the start, and change can be daunting. But if we badly want change, perhaps we can afford being crazy enough to give TRAIN a chance and see where it takes us, with love as our compass.
Ms. Castro is an associate of tax advisory and compliance of P&A Grant Thornton, Cebu branch. P&A Grant Thornton is a leading audit, tax, advisory, and outsourcing company in the Philippines, with 21 Partners and over 850 staff members with branches Makati, Cavite, Cebu and Davao. For comments on this article, please email charlene.decastro@ph.gt.com or PAGrantThornton.marketscomm@ph.gt.com.
As published in Mindanao Times, dated 21 February 2018