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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.
Relaxed rules on receipt or invoicing requirements during ECQ
27 May 2020THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 41-2020 to relax the regulations on expired or expiring principal and supplementary receipts or invoices and authority to print (ATP). ATP applications and the use of expired principal and supplementary receipts or invoices have been extended without penalties, provided that:
The taxpayer is unable to apply for a new ATP due to the ECQ, or the application has been filed and received, but receipts or invoices have not yet been delivered due to the ECQ.
Receipts or invoices to be issued or used shall be stamped as “Emergency Extension for Use Until May 13, 2020.” If the ECQ is extended, as is the case for Cebu City, the date shall be 30 days after the last day of the ECQ or June 30, 2020.
The extension of the ECQ, however, has caused difficulties in issuing receipts and invoices, particularly for essential businesses that continue to operate during the ECQ. To address this concern, the BIR has issued RMC 47-2020, which allows the use of temporary receipts or invoices under the following cases:
Manually issued receipts or invoices are unavailable due to the expiration of the ATP receipts or invoices during the ECQ;
Manually issued receipts or invoices with an ATP or computer-generated receipts invoices with an approved permit to use or an acknowledgment certificate, whichever is applicable, are not accessible due to the closure of business establishments;
Mailing or sending issued receipts or invoices through postal services is impossible due to the non-observance of standard operating hours;
Sending or receiving duly authorized receipts or invoices at the business of the seller or the customer is unlikely due to the closure of most business establishments; and
Company personnel needed to scan the receipts or invoices are unavailable.
Existing tax rules and regulations provide that it is necessary to issue receipts or invoices with the requirements set by the BIR. For manual receipts or invoices, the requirements include a valid ATP. For computer-generated receipts, on the other hand, the requirements include an approved permit to use [Revenue Memorandum Order (RMO) 29-2002] or an acknowledgment certification (RMO 10-2020)
As such, the BIR suggests using the following alternatives:
BIR-printed receipts or invoices according to RMC 28-2019, as amended;
Scanned copy of receipt or invoice with an ATP, which shall be sent electronically to the customer in .jpeg, .pdf, or any equivalent format;
Computer-aided receipt or invoice in Excel file format not covered by an ATP, which shall be sent electronically in the file format prescribed under RMC 47-2020;
Supplementary receipts or invoices to be issued in place of the principal receipt or invoice;
Receipt or invoice using existing computerized accounting system (CAS) with an approved permit to use or an acknowledgment certificate; however, the said receipt or invoice shall be sent electronically in a file format prescribed under RMC 47-2020; or
Receipt or invoice generated by newly developed receipting or invoicing software or a CAS with a duly approved permit to use or acknowledgment certificate, which was used to create or issue the receipts or invoices temporarily. The receipt or invoice shall be sent electronically to the customer in .jpeg or .pdf file format.
To effectively adopt any of the workaround measures described above, strictly observe the following guidelines:
Submit a formal letter to the BIR on the implemented procedures within three days from the effectivity of RMC 47-2020 (May 6, 2020) with the following information:
Name of taxpayer
Registered address
Tax Identification Number
Temporary invoicing measures the taxpayer will adopt during the ECQ and the serial numbers of the invoices or receipts to be issued;
A statement that the taxpayer is amenable to a post-verification of reported sales during the ECQ, as ordered by the Commissioner of Internal Revenue
Signature of the taxpayer or authorized representative and their designation
The letter must be emailed to the following: (see table)
Upon lifting of the ECQ, taxpayers must provide or issue duly authorized receipts or invoices to their customers to cover all sales issued with temporary receipts or invoices under RMC 47-2020. These receipts or invoices are to be prioritized over current transactions. Indicate the actual transaction date on the authorized manual receipt or invoices; attach a copy of the temporary receipt for audit purposes.
For taxpayers who use a CAS where it automatically indicates the transaction date, show the actual transaction date on the receipt or invoice in any manner feasible. Consequently, these invoices or receipts will not be considered out-of-period.
A summary of temporary receipts or invoices issued shall be emailed to the respective RDO within 90 days from the date of the lifting of the ECQ.
Please be guided accordingly.
Source:
P&A Grant Thornton
As published in SunStar Cebu, dated 27 May 2020