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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.
Business priorities to consider when recovering from the COVID-19 crisis
22 May 2020
"Even if the impact of the COVID-19 pandemic varies across industry sectors and regions, it is no exaggeration to recognize that the struggle is real,” said Marivic Españo, chairperson and chief executive officer of P&A Grant Thornton.
The coronavirus disease 2019 (COVID-19) pandemic is a world-changing event. For many business executives, the toughest leadership test is how to deal with the coronavirus crisis and its aftermath.
For business leaders across the Philippines, the actions they take now and in the weeks ahead — especially as quarantines are modified or loosened — will define them and their companies. “Even if the impact of the COVID-19 pandemic varies across industry sectors and regions, it is no exaggeration to recognize that the struggle is real,” said Marivic Españo, chairperson and chief executive officer (CEO) of P&A Grant Thornton.
CEOs working urgently to balance dozens of critical priorities each day are starting to focus on two leading questions: “How can we navigate through the crisis to emerge stronger than others in our industry?” and “How can we learn through this experience to win in a new world?”
As economic life appears to stabilize, organizations need to be ready with the right strategy to outperform their industry peers. Companies that adopt more quickly to the initial transition — and, eventually, to the new environment — will emerge stronger.
However, this recovery will be different. Factors such as how widely different markets bounce back or whether people are forced back into quarantine with subsequent outbreaks of COVID-19 complicate the picture. Knowing what will happen next is impossible. However, it is possible to consider the lessons of the distant and recent past when thinking about the future.
The following elements will be essential in shaping the new norm — and business leaders will need to come to terms with them: workforce, capital and resources, operational model, and supply chain.
Workforce
During these uncertain times, businesses must assess their plans and realign their activities to adapt to the new rules prescribed by the government. “Businesses must be willing to try new practices, switch to better tools, and update action plans for the short, medium, and long terms,” said Ms. Españo. “Updated processes will help businesses adapt to a changing market and set them on track to a brighter future,” she added.
Capital and resources
Pre-COVID-19, cash budgets were calculated monthly. Since the coronavirus crisis, however, organizations have been reviewing their cash assets as often as weekly. How do you budget your organization’s cash during such times? First, project your accounts receivable realistically and review other cash sources. Next, list down all your expenses and other cash outflows. Finally, analyze your accounts payable to suppliers, taxes, and payroll from the previous period.
Operational model
Rethink your operational model and allow the business to adapt. In the long term, think about implementing process automation and integrating technology into operations. When reviewing business activities, consider the shift to Industrial Revolution 4.0 or digital transformation. “Set new business goals with such changes in mind, make informed decisions, and take advantage of every opportunity. Dare to innovate,” said Ms. Españo.
Supply chain
When a crisis such as COVID-19 hits, organizations need to reinforce their supply chain to continue meeting customer and client demand. Securing your supply chains is paramount. It is done by assessing the situation quickly and then moving forward with an action plan aimed at preventing problems and implementing solutions. Monitor inventory levels as well by establishing critical inventory thresholds and building stockpiles, as needed. Likewise, strengthen relationships with customers by finding alternative shipping methods, adjusting delivery schedules, and being transparent about your challenges. Lastly, cement supplier relationships by controlling your cash flow and negotiating payment terms.
The uncertainty that is this far-reaching makes it challenging to control the challenges at hand, let alone in the years ahead. It is imperative to reconstruct for the future and not solve the problems of the past.
Companies have begun to consider their return to health. For most, the pre-pandemic business as usual won’t be nearly enough. To move beyond survival mode, organizations need to think beyond their defaults, reimagining how they recover, operate, organize, and use technology, setting the foundations for sustainable success. In a twist of irony, a crisis like this coronavirus pandemic brings new opportunities and should be a trigger to explore new directions.
As published in BusinessWorld, dated 21 May 2020