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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.
In an effort to help businesses restore good standing, the Securities and Exchange Commission (SEC) introduced its Amnesty Program in 2023, with over 81,700 companies participating and successfully complying with their reportorial requirements. This year, to continue the gains from the Amnesty Program, the SEC rolled out a new initiative with the same aim, the Enhanced Compliance Incentive Program (ECIP).
Covered Violations
The ECIP covers unassessed and/or those already assessed but not yet paid violations by corporations, including branch offices, representative offices, regional headquarters (RHQ) and regional operating headquarters (ROHQ) of foreign corporations. These violations include: (i) non-filing and/or late filing of General Information Sheet (GIS) for the latest and prior years; (ii) non-filing and/or late filing of Audited Financial Statements (AFS) and its attachments; and (iii) violations under Memorandum Circular (MC) No. 28, s. 2020, or the SEC requirement to create and/or designate an e-mail account address and cellphone number for transactions.
ECIP Fees
For non-compliant and delinquent corporations, a Php20,000 ECIP Fee is imposed provided that the entity will (i) submit the latest reportorial requirement due at the time of application, and (ii) comply with MC No. 28 through the SEC MC 28 submission portal. For suspended and revoked corporations, the ECIP Fee is 50% of the assessed fines and a petition fee of Php 3,060. It is to be noted that the ECIP Fee only corresponds to violation of timeliness, and the penalties for erroneous contents in the report are separate. Moreover, the payment of the ECIP Fee neither confers compliant status nor automatically lifts suspension or revocation. Corporations are still required to comply with the requirements set by SEC as well as payment of the relevant fees.
Filing of Application and Supporting Documents
In filing, a web-based Expression of Interest Form (EOI) and Application for Availment of ECIP shall be filed by the duly authorized representative or resident agent corporation through the Electronic Filing and Submission Tool (eFAST). The applicable ECIP Fees shall likewise be paid. Then, the following documents should also be uploaded: (i) the latest due AFS or Amended AFS and its attachments, and (ii) the latest GIS or Amended GIS. For non-compliant and delinquent corporations, once the submitted documents have been evaluated and deemed compliant, a Confirmation of Payment (COP) will be issued to their registered email address.
For revoked and suspended corporations, the petition fee shall first be settled before the assessment of 50% of their fines and penalties that will be sent to their registered email address. The Petition to Lift Order of Suspension/Revocation must also be submitted to the designated SEC emails depending on their respective jurisdiction, alongside the supporting documents. For the complete list of supporting documents, please refer to SEC MC No. 13, s. 2024. The applicant should then wait for the verification of its corporate status. After payment and evaluation of documents submitted, a COP will be issued to their registered email address. The corporation’s status will then be updated, subject to the processing and issuance of the Lifting of Revocation and/or Order of Revival.
If the documents are found to be incomplete upon initial evaluation, the application will be reverted and the reason will be communicated to the entity’s official email address, as declared in its MC No. 28 compliance.
Exceptions
Corporations whose securities are listed on the Philippine Stock Exchange (PSE) or are registered but not listed on the PSE, public companies, those involved in intra-corporate disputes, those with disputed GIS, those with expired corporate terms, and other corporations covered under the Securities Regulation Code (SRC) are excluded from the coverage of the ECIP.
Other Guidelines
If an applicant fails to submit the complete set of requirements within the prescribed period, the ECIP fees paid will be forfeited. Refund of excess ECIP fees for non-compliant corporations will not be accommodated, except for highly meritorious cases.
The application period for the ECIP is from 02 September 2024 to 30 November 2024.
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 18 September 2024