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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.
How to apply for estate tax amnesty
20 Jun 2019THE Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 6-2019 to provide guidelines for processing estate tax amnesty applications.
Who can avail?
The estate tax amnesty shall cover the estate of a decedent who died on or before Dec. 31, 2017, with or without assessments duly issued thereof, whose estate taxes have remained unpaid or have accrued as of Dec. 31, 2017.
The estate tax amnesty shall exclude the following:
A. Delinquent estate tax liabilities that have become final and executory and those covered by Tax Amnesty on Delinquencies; and
B. Properties involved in cases pending in appropriate courts:
1. Falling under the jurisdiction of the Presidential Commission of Good Government;
2. Involving unexplained or unlawfully acquired wealth under Republic Act (RA) 3019, otherwise known as the Anti-Graft and Corrupt Practices Act, and RA 7080 or an Act Defining and Penalizing the Crime of Plunder;
3. Involving violations of RA 9160, otherwise known as the Anti-Money Laundering Act, as amended;
4. Involving tax evasion and other criminal offenses under Chapter II of Title X of the National Internal Revenue Code of 1997, as amended; and
5. Involving felonies of frauds, illegal exactions and transactions, and malversation of public funds and property under Chapters III and IV of Title VII of the Revised Penal Code.
When do we avail?
The application for estate tax amnesty shall be filed within two years from June 15, 2019 or until June 15, 2021.
How much will it cost?
A rate of six percent shall be imposed on each decedent’s total net taxable estate at the time of death without penalties, at every stage of transfer of property. The minimum estate amnesty tax for the transfer of the estate of each decedent shall be P5,000.
What is the composition and valuation of the gross estate?
The gross estate of a decedent shall be comprised of the properties and interest therein at the time of their death, and such lifetime transfers included in the in the gross estate, as follows:
The gross estate shall be valued based on the fair market value as of the time of death of the decedent. Cash in bank in local or foreign currency shall be based on the peso value of the balance at the date of death, while proprietary shares in any association, recreation or amusement club shall be valued using the bid price on the date of death or nearest the date of death.
What are the deductions allowable to the gross estate?
The gross estate may be reduced by the deductions allowed by the estate tax law applicable at the time of death of the decedent. For a complete list of allowable deductions, please refer to Annex A of RR No. 6-2019.
Who can file?
The estate tax return shall be filed by the executor or administrator, legal heirs, transferees, or beneficiaries of the decedent.
How and where do we file?
The applicant needs to submit the following documentary requirements:
1. Estate Tax Amnesty Return (ETAR);
2. Duly validated Acceptance Payment Form (APF) with the proof of payment; and
3. Other related documentary requirements enumerated in the ETAR.
Depending on the classification of the decedent, the application must be filed with the following offices:
The Certificate of Availment of the Estate Tax Amnesty shall be issued by the concerned RDO within 15 calendar days from the receipt of the application for estate tax amnesty, together with duly validated APF and complete documentary requirements.
What are the benefits?
Upon full compliance with all conditions, the estate tax liability shall be considered settled and the taxpayer shall be immune from the payment of all estate taxes, as well as any increments and additions thereto, arising from the failure to pay any and all estate taxes for taxable year 2017 and prior years, and from all appurtenant civil, criminal, and administrative cases and penalties under the 1997 Tax Code, as amended.
Please be guided accordingly.
SOURCE: P&A GRANT THORNTON
Certified Public Accountants
As published in SunStar Cebu, dated 20 June 2019