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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.
Yearend blues
26 Jan 2017DECEMBER 31. For normal people, it is the day to turn a new leaf in their life and leave behind the good and bad memories of the previous year so they can look forward to a great year ahead. For the people preparing the Company’s financial statements whose fiscal year ends on December 31, it is the most dreadful day of their life. On the other side of the spectrum, for the ones who will be reviewing and auditing the Company’s financial statements, it marks the start of a busy season. In short, the accountants and the auditors become immortal starting December 31.
So what’s new? Isn’t that an annual thing? The accountants and the auditors should have been used to this already. Yes, it could be routinary to some but every year, it seems that there is something new that would throw off the rhythm of these ruffled auditors and accountants. Apart from the annual updates to the accounting standards which could have a material impact on the financial statements, December 31, 2016, promised to be the most memorable day in the life to these accountants and auditors.
For the accountants, who already endured a total of 60 hours just to comply with the Continuing Professional Development (CPD) units for accreditation purposes with the Board of Accountancy (BOA), it is the time that they are put in the spotlight, along with the company management. A compilation certificate should be attached to the financial statements of the Company, duly signed by the Certified Public Accountant (CPA) employed by the Company provided that the annual gross sales/receipts/revenues are over P10,000,000.
These CPAs in commerce and industry must also comply with the BOA Resolution that they should submit the financial statements to the Company’s external auditors not later than two months after the end of the accounting period; so in the case of the financial statements for the year ending December 31, 2016, the deadline would be on February 28, 2017. The good side of all these changes for the CPAs in commerce and industry is that they would be able to ascertain financial reporting updates without having to rely on their external auditors. At the end of the day, the preparation of the financial statements of the Company always rests with the management, with the help of its most trusted CPAs in the organization and not their contracted external auditors.
For the auditors, a new and enhanced report is expected for this year. Among the notable changes include the arrangement of the various sections of the auditors’ report wherein the Opinion would now be presented first, followed by the Basis for Opinion section. Also, there will be a new section to communicate Key Audit Matters (KAM) in the auditors’ report for financial statement audits of listed entities. There will also be an enhanced auditor reporting to going concern including the description of the respective responsibilities of management and the auditor for this going concern. If and when a material uncertainty exists, a separate section is presented under the heading, “Material Uncertainty Related to Going Concern.”
In addition, the auditors’ report will also include an affirmative statement about the auditor’s independence and fulfillment of relevant ethical responsibilities, an enhanced description of the auditor’s responsibilities and key features of an audit and the new and revised reporting requirements relating to other information that are included in the Company’s annual report.
With these changes in the auditor’s report, the communicative value to users is boosted even as the interaction between the auditor and the user is stimulated and made more robust. The user would also now fully understand what the audit is and what is the role of auditors in it.
After all, the overall objective of the auditors is to enhance the degree of confidence of the intended users to the financial statements.
So, to the accountants and the auditors, may the odds be in your favor.
Mark Solatorio is manager of the Audit & Assurance Division, P&A Grant Thornton Cebu.
As published in Mindanao Times, dated 26 January 2017