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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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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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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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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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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 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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Biz optimism falls to four-year low
15 Jan 2020FILIPINO companies' optimism on the economy dropped to a four-year low in the second half of 2019 despite bullish prospects in terms of revenue and profitability.
The Philippines ranked 10th are record low, among the 32 countries surveyed for the Grant Thornton International Business Report (IBR).
Data showed the Philippines posted a 67 net optimism rate, the lowest since the first quarter of 2016 and 17 percentage points lower than the 84 percent recorded in the first half of 2019.
Optimism dropped the past six months even as 57 percent of the companies surveyed have grown their revenue by more than five percent in the last 12 months.
Two-thirds of firms retained an optimistic or very optimistic economic outlook for the Philippines but this is down 17 percentage points from the first half of 2019.
Expectations of the mid-market to grow revenue have slightly decreased from 70 percent in the first half of 2019 to 68 percent in the second half, while profit expectations have decreased from 80 percent to 71 percent.
Revenue and profit expectations both declined -- although more modestly in comparison to the fall in optimism -- and both remain strongly positive at around more than 70 percent.
The IBR said 44 percent of mid-market companies in the Philippines expect their exports to increase even if expectations have actually decreased from 59 percent in the first of 2019 to 44 percent in the second half.
Export intentions declined by 15 percentage points to 44 percent although it remains almost double the 2015 to 2018 average.
However, this is below the Asean average and moving in the opposite direction to the emerging trend in Asia - Pacific.
Investment intentions are mostly down from first half of 2019, although a majority of firms still expect to increase investment expenditure over the next 12 months.
About 68 percent of business surveyed intend to invest in research and development, followed by employment (67 percent), technology (63 percent), plant and machinery (53 percent), and new buildings (53 percent).
"The latest figures are beginning to reveal the global slowdown in economic growth. On a positive note, mid-sized firms in the Philippines remain very much optimistic about their expansion," said Ma. Victoria Españo, chairperson and chief executive officer of P&A Grant Thornton.
Firms are increasingly concerned about a shortage of orders.
When asked to identify the biggest constraints to domestice growth and expansions, 40 percent of Filipino mid-sized firms cited reduced demand for their products and services, up 5 percentage points to 40 percent, the same as the second half of 2018 and the highest in three years.
Around a third of those surveyed view the availability of skilled workers and labor costs as business constraints, lower than global and Asean averages.
about 27 percen of Filipino medium-sized companies surveyed said financial constraints were a barrier to expanding their business internationally, while others also cited rule of law and corruption (26 percent) and tax codes and compliance (25 percent) as barriers.
As published in Malaya, dated 15 January 2020