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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.
Ang probinsyano conquers the city
How a small-town boy made it to the big city and lorded over a tough profession
"I had the inferiority complex of a probinsyano versus those who live in the city. Through time, I realized everyone has his own strength and as long as you are not afraid to ask for help, there are others are who are very much willing to give you guidance."
Few people have managed to realize their childhood dream of what they want to achieve when they grow up. Romualdo V. Murcia III had a simple dream. Born and raised in a sleepy town about 30 kilometers from Tagbilaran City in Bohol, with a fisherman father and a housewife for a mother, his goal was to step out of his island hometown and work in a decent company so he could support his parents, being the eldest of two children.
Being good in mathematics, Murcia saw himself becoming an accountant.
Murcia is a proud Boholano. He finished his studies, from elementary to college, in the island-province which is better known for its Chocolate Hills, tarsiers, powdery white beaches and rich dive spots.
Murcia lived away from home when he was in college “In terms of really focusing on my studies, living in the city proved to be better for me,” he said.
The first time Murcia came to Manila was when he enrolled in review classes for the licensure examination for Certified Public Accountants in 1997 after he graduated magna cum laude from the Divine Word College (now Holy Name University) in Tagbilaran City.
He’s grateful to his parents for agreeing to send him to Manila “They provided for my lodging cost,” Murcia disclosed. “All those incidentals while I was reviewing for the board exam. My parents even incurred some loans just so I could finish my board review”. While there were review classes offered in Cebu which is just four hours away from Bohol by ferry boat or over an hour away by fast craft, he and most of his classmates opted to take their chances in Manila.
Just like many Boholanos who left the island, Murcia stayed in the big city after taking the CPA Board examination to try find his fortune.
“My initial aim at that time was just to pass the CPA board exam but it was extremely difficult.”
The then 21-year-old not only passed but also achieved the feat of topping the CPA board exam. He was immediately deluged with job offers from top accounting firms, but he opted to go to P&A Grant Thornton then known as Punongbayan & Araullo.
“I felt at that time that I could relate the most with P&A Grant Thornton in terms of where the firm originates,” Murcia admitted. “The firm comes from a very humble beginning and it somehow resonated with my background and personality. Another consideration was, I also had some classmates who decided to start their career with Punongbayan & Araullo”.
Evidently, that was the start of something big for Murcia.
“I came from a small town in Bohol,” Murcia said. “Living in Tagbilaran when I went to college was a novel thing for me. My hometown is a small island which is part of the town of Loon, around 30 kilometers from Tagbilaran City.” From the town proper, Murcia had to take a 25-minute boat ride to get home to the coastal village of Cabilao island.
Murcia has been with P&A Grant Thornton for 25 years.
“Most of the partners here are really homegrown. They started their careers at P&A.”
He describes his stint with P&A Grant Thornton as “very fulfilling and enjoyable.”
“The fulfillment comes from the ability to help my clients in resolving issues and giving recommendations. At the same time, I’ve been constantly learning new things - another factor why I joined the company. We value excellence and continuing professional education.”
Even if he has been with P&A Grant Thornton for 25 years, Murcia admits he is constantly learning new things.
“My profession keeps on evolving, from the auditing practice itself, the standards, even the tax laws.
“The changes keep unfolding, even the people that we are meeting year on year, have different engagement with the company. We learn how that company does its business, the strategies employed, interacting with different people.
“Some clients are nice and lenient, while some are demanding. Lessons on how you managed your interaction with different kinds of people is always a helpful reference in the future.”
Since Murcia previously handled audit, he made sure that they issued the right report and maintain the integrity as well as the quality of work.
“When creating an audit report, we make sure that we pour our heart into it and that we uphold our mission – to provide quality service,” he explained.
“The effort and procedures that we complete before we issue the report, spells a lot of difference together with the value-added services that we do for our clients.”
Murcia started as a junior auditor when he joined P&A Grant Thornton in 1997. Subsequently, he rose from the ranks. In July 2023, he was promoted to Chairman and Managing Partner.
“I find a lot of satisfaction in what I’m doing,” Murcia said. “One is the quality service that we deliver to our clients, giving them advice on how to enhance their processes and businesses.
“I guess giving credibility to the client’s financial statements for the users and market, that’s the main fulfillment that I get. Also, working with successful people and learning from them.
In 2012, Murcia was honored as the Most Outstanding CPA in Public Practice by the Philippine Institute of Certified Public Accountants (PICPA).
When he was still a junior auditor, Murcia unabashedly admitted that he had the mindset of being a probinsyano.
“I had the inferiority complex of a probinsyano versus those who live in the city,” he said.
“Through time, I realized everyone has his own strength and as long as you are not afraid to ask for help, there are others are who are very much willing to give you guidance”.
The achievements that Murcia earned through the years and the recognition that he received from business and professional organizations largely helped him.
“My active involvement in the professional organizations helped bolster my confidence as a leader,” he beamed.
This year, he was elected as the national president of CPAs in public practice. The term is normally for one year, which he started last January.
“The respect that I get from my peers and the board members, is due to the image and recognition that I also received in the past.”
During the pandemic, P&A Grant Thornton did not have a hard time transitioning to remote work because of the firm’s previous investments in information and communications technology.
The other challenge was how to keep their people motivated, especially since they are working from home.
“Personally, there were other adjustments. I was careful not to be distracted while I was working from home. My [three] children were also studying at home."
“Constant communication with my staff, with my team and my company even if I was working from home was important. You need to invest time and effort even if the discussion is in a virtual situation.”
As an auditor, Murcia was used to doing 50-page reports on paper. “I’m more comfortable with that,” he said. “Nowadays we do the review using the computer and other devices, a challenge I have to be comfortable with.”
In the past, Murcia traveled to Cambodia to support the Grant Thornton affiliate company of P&A. That was one of his work travels before the pandemic. “We supported one of the member firms,” he said.
This year, Murcia went to Europe (Spain) for the strategic planning of P&A. He also travelled to Switzerland.
His wife, Jonnalyn, who is also a CPA who hails from Bicol, is very supportive of him. They met at P&A Grant Thornton and they have been happily married for 17 years.
“She focuses on the family and the kids,” Murcia offered. “My concentration is on my work. But if I have to attend to the family and do something, I also do it.
“She really understands the nature of my work because of our common profession.”
He prefers to stay at home when there’s no need to go out. On weekends, Murcia plays badminton or basketball with his two sons. “But I also play golf, so I have my me-time, as well.”
“During the pandemic, we prayed the rosary every day. We also managed to go on a short vacation in Camaya Coast in Bataan after the lockdown.”
The late Lily Linsangan, a partner at P&A Grant Thornton who was fondly called “Mother Lily,” was Murcia’s role model.
“We both came from very humble beginnings,” he shared. “I saw how she aspired to become successful. She was a mother figure and really pushed me to build my confidence.”
Quick Questions:
What is your biggest fear?
Failing to sustain the growth of the firm after I was promoted as Chairman and Managing Partner.
What really makes you angry?
When people are not responsive and when they intentionally ignore acknowledging or responding to an e-mail.
What motivates you to work hard?
My family, definitely.
What makes you laugh the most?
Normally when I watch stand-up comedians, like Jokoy and Malaysian comedian Dr. Jason Leong on Netflix.
If you could share a meal with any individual living or dead, who would they be?
Recently, I watched this Podcast of Microsoft CEO Satya Nadella, who succeeded Steve Ballmer in 2014. What Nadella did was change the culture of the company and I feel that I could learn a lot from him.
What was the last book you read?
“The Quiet Leadership” by David Rock.
Where do you see yourself in ten years?
I hope that I’m still with P&A, leading and growing the firm, creating more opportunities for our people.
What celebrity would you like to meet for a cup of coffee?
I’m a golfer, so maybe Tiger Woods. He transformed from a brash guy to more of a family man, concerned about others.
What is the most daring thing you have ever done?
When I was 28, I went to the US for the first time as an exchange student after studying at Asian Institute of Management (AIM) on a scholarship for my MBA. As part of the exchange program of AIM, I studied the last term of my program at Amos Tuck School of Business in Dartmouth College in Hanover, New Hampshire. Upon arrival at the airport, I didn’t know what number to call for the taxi so I accepted the invitation of some college students who offered me a ride to my apartment.
What is the one thing you will never do again?
When I was seven, I climbed a tall coconut tree just to get a kite. I could have died from a bad fall, so never again.
As published in The Manila Times, dated 04 August 2023