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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
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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
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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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Tax reform for real
14 Nov 2016These past few days have been nerve-wracking because so much had happened, both locally and in the international scene. I am quite certain that majority of us took to our social media to air out our opinions on the various current events and the hashtag #mytwocents was often used for these. More of that, one of the current developments that I am most concerned about is the tax reform agenda primarily because I am one of the many taxpayers who will be affected by it. Every pay slip, taxes seem to extract a huge cut from our earnings and they take quite a burden especially for those who do not see their taxes working for them.
During the recent campaign period, one of the platforms of our now President Rody Duterte is on tax reform. True enough, a few months into his presidency, the Duterte administration submitted to the Congress its proposed Tax Reform for Acceleration and Inclusion Act. The first of five packages of the proposed tax reform program focused on “putting more money in people’s pockets” and “funding investments for the Filipinos for a more inclusive growth.” The former pertains to reforms personal income tax (PIT) system while the latter on certain reforms for VAT and excise taxes. My discussion will be centering on the former.
Based on the proposed PIT system, at the drop of a hat, I agree to the proposed changes. The principal reason is that I believe the reform in the PIT system is the truest sense of “putting more money in people’s pockets.” The package proposes to reduce the individual income tax rates for all individual taxpayers (except for those that are, should I say, “ultra” rich) and exempting those whose annual income is P250, 000 and below. Such would increase the take-home pay and result in a lot of savings – a longed-for desire for every taxpayer, including me. Higher disposable income would somehow increase the purchasing power of the taxpayer, which is I think is good for our economy. Based on the infographics released by the Department of Finance (which was also based on the Bureau of Internal Revenue sample data), about 83% of the total individual taxpayers would be exempt from income tax with the proposed reform, while under the current tax schedule, those earning over P10,000 still has a tax due.
The proposed amendment also addresses the fact that we need to update our tax system. Just pondering on which among our taxes have not been adjusted for nearly 20 years, I think the PIT system is one of them. The amendment also addresses the issue on inflation. Prices of the commodities have increased over the years and yet the value of our income is not at par to that change and what is worse, we get to be taxed higher.
I believe we are due for this change. I know there will be some who would opposed the proposed tax reform but I hope the tax reform agenda will be given a chance to be carefully reviewed and thereafter approved. Cutting out all the expletives, one of the things the President would want to achieve in his administration is to alleviate the plight of the Filipino people and I think this tax reform is one of the real positive changes we would want to happen. #taxreformnow.
Ms. Punay is the senior Manager of the Audit & Assurance Division, P&A Grant Thornton Davao Branch. Her company is one of the leading audit, tax, advisory and outsourcing companies in the Philippines with 21 partners and over 800 staff members.
As published in Mindano Times, dated 14 November 2016