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We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.

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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
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.
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.
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.

Tax Advisory and Compliance

We help you identify the opportunities and pitfalls that can significantly affect your...

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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.
Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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.
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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We believe there is an optimal solution to every business challenge. Using our Firm's breadth and depth of specialized expertise, we work with you to find...

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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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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.
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.
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.
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.
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.

Business Process Solutions

We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related...

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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.
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.
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.

Japan Desk

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With our unique culture and opportunities, our organisation is a place where you can grow. Wherever you are in your career, we help you to make a difference...

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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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Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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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If you wish to develop your talents to the fullest and build a fulfilling career, join P&A Grant Thornton, where you will be part of a dynamic...

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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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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.

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If you would like to join Grant Thornton, you may have a few questions about our organisation, how we do business, our culture and our global opportunities....

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Industries

By ensuring that our clients are matched with professionals most familiar with their industry, P&A Grant Thornton aims to provide a seamless onboarding...

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Consumer products

Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets,...

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Education

Our vision is to help learning institutions and business organisations go beyond and create powerful learning cultures through technology integration,...

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Energy and natural resources

Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...

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Financial services

Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...

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Not for profit

Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...

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Outsourcing

The outsourcing industry is one of the fastest growing sectors in the Philippines. Growth in the industry is at an annual average rate of 20%. The industry is...

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Public sector

Across the globe, countries are moving towards leaner, more commercial, locally focused, and responsive government and public sectors. At P&A Grant Thornton,...

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Real estate and construction

Opportunity and optimism have emerged within the retail estate and construction industry. At P&A Grant Thornton, it’s our goal to help you benefit from these...

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Technology, media and communications

At P&A Grant Thornton, we’ll work with you to capitalise on all opportunities, manage the inherent risks the industry has to offer, and provide relevant...

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Travel, tourism and leisure

Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At P&A Grant Thornton, we know...

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Retail industry

With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...

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Tax Notes

2024 Filing of Annual Financial Statements and General Information Sheet

08 Apr 20243 min read

Contents

The Securities and Exchange Commission (SEC) issued Memorandum Circular No. 02-2024 last February 06, 2024, aimed at providing measures for the orderly filing of the Annual Financial Statements and General Information Sheet of corporations.

I. Annual Financial Statements (AFS)

All corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations whose fiscal year ends on December 31, 2023, shall file their AFS through eFAST based on their SEC registration or license number ending in:

1 and 2 - April 29-30, May 2-3, 6-10
3 and 4 - May 13-17, 20-24
5 and 6 - May 27-31/June 3-7
7 and 8 - June 10-11, 13-14, 17-21
9 and 0 - June 24-28/July 1-5

The filing schedule of the AFS above should not apply to the following corporations:

Those whose fiscal years end on a date other than December 31, 2023 – filed within 120 calendar days from the end of their respective fiscal years.
Those whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed, those considered as public companies, and other entities covered under Sec.17.2 of the SRC – filed within 105 calendar days after the end of fiscal year.
Those whose AFS are being audited by the Commission on Audit (COA).

Late filings after the due dates provided shall be accepted starting July 8, 2024, and shall be subject to the prescribed penalties, which shall be computed from the date of the last day of filing.

The AFS to be submitted, other than the consolidated financial statements, shall be stamped “received” by the Bureau of Internal Revenue (BIR) or its authorized banks. For companies that filed their AFS through the e-AFS system, they shall attach the system-generated Transaction Reference Number issued by the BIR in lieu of the manual “received” stamp.

The following shall submit Annual Audited Financial Statements (AAFS):

a. Stock and non-stock corporations with total assets or liabilities of Php600,000.00 or more.

b. Branch offices/representative offices of stock foreign corporations with an assigned capital of Php1,000,000.00 or more.

c. Branch offices/representative offices of non-stock foreign corporations with total assets of Php1,000,000.00 or more.

d. Regional Operating Headquarters of foreign corporations with total revenues of Php1,000,000.00 or more.

Corporations which do not meet the threshold above may submit their AFS, certified under oath by the corporation’s treasurer or chief financial officer.

General Information Sheet (GIS)

All corporations shall file with the Commission their GIS through eFAST within 30 calendar days from:

a. For stock corporations – the date of the actual annual stockholders’ meeting.

b. For non-stock corporations – the date of the actual annual members’ meeting.

c. For foreign corporations – the anniversary date of the issuance of their SEC licenses.

For One Person Corporations (OPC), the SEC Form for Appointment of Officers shall be submitted within 15 days from the date of issuance of the OPC’s Certificate of Incorporation or within 5 days from when the change was reflected.

Please be guided accordingly.

Source:

P&A Grant Thornton

Certified Public Accountants

P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd.

As published in SunStar Cebu, dated 08 April 2024