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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.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 91-2024, which aims to provide clarifications and guidelines on the registration procedures in line with Revenue Regulations No. 7-2024 and 11-2024 under the Ease of Paying Taxes (EOPT) Act.
The following are the pertinent clarifications on registration procedures:
A. Persons required to register with the BIR
Every person subject to any internal revenue tax shall register either electronically or manually with the Revenue District Office (RDO) as follows:
- On or before the commencement of business for self-employed individuals, estates and trusts, corporations, and their branches, if any, including online sellers with or without physical stores;
- Before any tax payment for entities involved in One Time Transaction (ONETT);
- Employees, including foreign nationals, must be employed within 10 days; and
- Taxpayers covered under Executive Order No. 98, Series of 1999, involving all applications for government permits, licenses, clearances, and official documents.
Electronic applications can be done through any of the following portals:
- New Business Registration – https://www.bir.gov.ph/newbizreg/
- Taxpayer Registration-Related Application – https://www.bir.gov.ph/transportal/
- Philippine Business Hub - https://business.gov.ph/
- Online Registration and Update System (ORUS) – https://orus.bir.gov.ph/home
Commencement of business shall be reckoned on the date when the first sale occurred or upon the lapse of the 30 calendar days from issuance of the mayor’s permit, professional tax receipt or occupational tax receipt by the local government unit, or certificates of registration by the Department of Trade and Industry or Securities and Exchange Commission, as applicable, whichever comes first.
B. Certificate of Registration (COR)
A hard copy of the COR shall be displayed prominently in the business establishment for physical stores, while an electronic copy of the COR (eCOR) or Quick Response (QR) code generated from ORUS shall be posted in the seller’s website for online stores. For merchants without a fixed business place or online store, they shall keep in their possession the COR/eCOR subject to presentation upon request of any internal Revenue Officer.
C. Registration of Books of Accounts
- For newly registered businesses, manual books of accounts shall be registered before the deadline for filing the initial quarterly income tax returns (ITR) or annual ITR, whichever comes earlier. The timing of registration is before the full consumption of the pages of the previously registered books.
- For existing business taxpayers:
a. Before the use of the books for manual books of accounts, which is done before the full consumption of the pages of the previously registered books;
b. Within 15 days after the end of each taxable year unless extended by the BIR for loose-leaf books of accounts, which is done annually; and
c. Within 30 days from the close of each taxable year, unless extended by the BIR for computerized books of accounts, which is done annually.
The proof of registration is a QR code stamp generated by ORUS, which will be kept for record purposes. There is no need to go to the RDO manually unless the taxpayer is experiencing technical issues in ORUS with proof on the issue, or the taxpayer is already in the office premises of the RDO registering on the day of the deadline, or the taxpayer is a senior citizen.
D. Transfer of registration records to another RDO
The transfer of registration shall be done by mere filing of application (BIR form No. 1905). Documentary requirements, jurisdiction on the submission of application, and timeline on the completion of transfer depends on the type of taxpayer. Refer to RMC No. 91-2024 for the full list of requirements and procedures.
E. Closure of business with BIR
Closure of business registration shall be done by mere filing of application (BIR form No. 1905), with complete documents, namely the original list of ending inventory of goods, supplies, and capital goods, the original inventory list of unused invoices and supplementary invoices, and the original copy of COR, notices, and permits.
However, the BIR is not precluded from conducting audits in order to determine the tax liability of the taxpayer. Any tax liability shall be settled prior to issuance of tax clearance for business closure.
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 04 September 2024