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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.
On financial statements, general information sheet
17 Feb 2020As the old adage goes: Tis impossible to be sure of anything but death and taxes. But even taxation, like many things, is not certain. It continues to change and evolve with the times; as a result, taxpayers across sectors need to stay up to date on the latest government issuances and regulations.
On January 21, 2020, the Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) No. 2, providing organizations with new measures for filing their audited financial statements (AFS) and General Information Sheet (GIS).
Audited financial statements
If your organization’s fiscal year ends on December 31, 2019, file the AFS according to the last numerical digit of your company’s SEC registration or license number. This provision also applies to branch offices, regional headquarters, and regional operating headquarters of foreign corporations.
If the last digit of your organization’s SEC registration or license number is 1 or 2, the dates for filing are from April 20 to 24. If your company’s SEC registration or license number ends with 3 or 4, file from April 27 to 30. If the last digit of your business’ SEC registration or license number is 5 or 6, the filing dates are from May 4 to 8. If the last digit of your organization’s SEC registration or license number is 7 or 8, file your audited financial statements with the SEC from May 11 to 15. Finally, if your company’s SEC registration or license numbers ends with 9 or 0, the filing dates are from May 18 to 22.
SEC satellite and extension offices in Cebu, Iloilo, and Davao are governed by the same 2020 coding schedule described above. However, corporations may file on or before their respective filing dates.
But what if your organization follows a fiscal year ending on a date other than December 31, 2019? In that case, such companies should file their AFS within 120 calendar days from the end of their fiscal year.
Broker dealers whose fiscal year ends on December 31 must file SEC Form 52-AR with the SEC depending on the last numerical digit of their registration number, as prescribed by the SEC. Broker dealers whose fiscal year ends on a date other than December 31, on the other hand, must file their SEC Form 52-AR within 110 calendar days after the close of their fiscal year.
If your organization’s securities are listed on the Philippine Stock Exchange (PSE) or are registered—but not listed on the PSE, continue to observe the due date for filing AFS (within 105 calendar days after the end of the organization’s fiscal year) as an attachment to the annual report (SEC Form 17-A). The same rules, which are stipulated in the Implementing Rules and Regulations of the Securities Regulation Code, apply to public companies covered under Sec.17.2 of the Securities Regulation Code.
The filing schedule prescribed by the SEC does not apply to organizations whose AFS are audited by the Commission on Audit. Such entities must attach the following to their AFS: (a) an affidavit signed by the President and Treasurer (or Chief Finance Officer, where applicable), attesting to the fact that the company promptly provided COA with the financial statements and supporting documents and that the audit of COA had just been concluded, and (b) a letter from COA confirming the information in the said affidavit.
All corporations may file their AFS on or before the first day stated in the coding schedule above, regardless of the last numerical digit of their registration or license number. Late filing or filing after the respective due date shall be accepted beginning May 25, 2020 and shall be subject to penalties, which shall be computed from the date of the last day of the filing schedule stated above.
The AFS, other than the consolidated financial statements, shall be stamped as “Received” by the Bureau of Internal Revenue (BIR) or its authorized banks, unless the BIR allows an alternative proof of submission, such as bank slips, for its authorized banks.
What kind of information should the AFS include? The basic components of the AFS, which are listed on SRC Rule 68, as amended, shall be submitted by filers. Failure to comply with any of the formal requirements under SRC Rule 68, including the prescribed qualifications for independent auditors and/or any material deficiency or misstatement that may be found upon evaluating the specific contents of the AFS, shall be considered by the SEC a sufficient ground for imposing penalties. The SEC’s acceptance and receipt of the financial statements shall be without prejudice to such penalties.
General Information Sheet
Stock corporations shall file their General Information Sheet (GIS) within 30 calendar days from the actual date of the organization’s annual stockholders meeting. Non-stock corporations shall file their GIS within 30 calendar days from the actual date of their organization’s members meeting. Foreign corporations shall file their GIS within 30 calendar days from the anniversary of the issuance of their SEC license.
With the foregoing, may we all be guided properly to avoid fines and penalties.
Jojie Esponilla is a Payroll Specialist of the Business Process Solutions Division of P&A Grant Thornton Cebu office. 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 jojie.esponilla@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 Mindanao Times, dated 17 February 2020