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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.
Bicameral conference committee report on the proposed Corporate Recovery and Tax Incenti.....
18 Feb 2021BELOW are the highlights and relevant provisions of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE):
A. Corporate Income Tax (CIT)
1. Starting July 1, 2020, CIT rate for corporations will be reduced as follows:
i. Reduced CIT rate of 20 percent shall be applicable to domestic corporations with net taxable income not exceeding P5,000,000 and with total assets not exceeding P100 million (excluding land on which the business entity’s office, plant and equipment are situated)
ii. Reduced CIT rate of 25 percent shall be applicable to all other domestic and resident foreign corporations.
2. Effective Jan. 1, 2021, nonresident foreign corporations shall be subject to 25 percent income tax based on gross income.
3. For the period beginning July 1, 2020 until June 30, 2023, minimum corporate income tax rate shall be one percent, instead of two percent.
4. Improperly accumulated earnings tax is repealed.
5. The option to be taxed at 15 percent of gross income if allowed by the President subject to certain conditions is repealed.
B. Deductions from gross income
1. An additional deduction equal to 50 percent of the value of labor training expenses incurred for skills development of enterprise-based trainees enrolled in public senior high schools, public higher education institutions, or public technical and vocational institutions duly covered by an apprenticeship agreement and for which a proper certification must be secured from the Department of Education, Technical Education and Skills Development Authority or Commission on Higher Education shall be allowed, provided that such deduction shall not exceed 10 percent of direct labor wage.
2. Due to the proposed reduction in CIT rate, interest arbitrage shall be reduced to 20 percent of interest income subjected to final tax, and will be further adjusted in case final tax on interest income will be adjusted in the future.
C. VAT exempt transactions
1. Adjustment of threshold for VAT exempt sale of residential real property:
- Residential lot – P2,500,000 and below
- House and lot and other residential dwellings – P4,200,000 and below
Effective Jan. 1, 2024 and every three years thereafter, the above thresholds shall be adjusted to its present value using the PSA’s consumer price index.
2. Additional VAT exempt transactions:
a. Sale, importation, printing or publication of books, any newspaper, magazine, journal, or any educational reading material covered by the United Nations Educational, Scientific and Cultural Organization agreement on the importation of educational, scientific and cultural materials, including the digital or electronic format thereof (requirement to appear at regular intervals is removed)
b. Sale or importation of the following goods from Jan. 1, 2021 to Dec. 31, 2023:
- capital equipment, its spare parts and raw materials, necessary to produce personal protective equipment component;
- all drugs, vaccines and medical devices specifically prescribed and directly used for the treatment of Covid-19;
- drugs, including raw materials, for the treatment of Covid-19 approved by the Food and Drugs Authority for use in clinical trials
3. VAT exemption of sale or importation of prescription drugs and medicines for cancer, mental illness, tuberculosis, and kidney diseases will start on Jan. 1, 2021 instead of Jan. 1, 2023.
D. Refund of taxes
1. The 90-day period to grant refund shall also apply to applications for refund of taxes erroneously or illegally paid or penalties imposed without authority under Section 204 (C) of the Tax Code. In case of full or partial denial, the taxpayer may appeal the decision to the CTA within 30 days from receipt of denial. (currently applicable to VAT refund only).
E. Percentage tax
For the period from July 1, 2020 to June 30, 2023, the rate of percentage tax shall be one percent (currently three percent).
Source:
P&A Grant Thornton
Certified Public Accountants
As published in SunStar Cebu, dated 18 February 2021