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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.
MANILA, Philippines – Did you know that there is such a thing as ethical hacking? “An ethical hacker is someone who knows the craft of a hacker but uses it for good,” says Third Librea, a partner at P&A Grant Thornton, one of the leading audit, tax, advisory and outsourcing firms in the Philippines.
“That’s something we do,” says Librea, the firm’s head of advisory services and chief information officer. “Our clients engage us, and we try to penetrate their computer system in order to evaluate its security and find out vulnerabilities which could be exploited by a malicious hacker.
“We mimic the malicious hacker, using the same methods and techniques to do the penetration testing,” Librea explains. “It can be external, done outside the company, or internal, which is done inside the company.”
There has been a growing demand for this type of service lately. Many of the clients are banks as well as multinationals with offices here. “It’s a very connected world,” Librea says. “Those who have a lot of systems connected to the Internet must test their system every so often.
“Before, in traditional business consulting, auditors were like policemen,” Librea adds. “But not anymore. Now we are more of consultants rather than fault finders. Essentially, we are problem solvers.”
In the area of fraud and forensics, the firm developed a system called ProActive, a whistleblowing system that is designed to safeguard the anonymity of a whistleblower. “A study from the association of certified fraud examiners showed that most fraud activities are captured through tips,” Librea relates. “The issue with whistleblowing is anonymity. How do you ensure anonymity? So people may know something anomalous (is going on) but they don’t tell because there is no way to protect their anonymity. There is no guarantee that it’s not going to come back to them. That is the issue there. ProActive addresses this concern.”
ProActive uses an anonymous reporting system that essentially protects the whistleblower. The system is web-based, allowing anyone at any time to make a report. The website is subscribed to by companies. “A whistleblowing system aids an organization in upholding transparency and effective communication,” Librea notes. “It not only protects the company and its employees but the clients as well. It’s a flexible system and the categories that can be reported are limitless.”
A new set of services that the firm is offering is the Human Capital Services. In their many years of consulting, doing systems and processes, they realized that the root cause of many issues and problems are the people. “So we are developing offerings around human capital. Primarily, we’re starting with capability and training programs. Eventually, we want to push things such as competency models and hiring plans,” Librea says. “We help you develop your most valuable resource: your people.”
In an article titled “Evolving Today’s Dinosaurs,” Librea wrote: “I believe freer markets and globalization, advances in technology and rapid urbanization have created a situation where individuals, particularly knowledge workers in urban areas, are spoiled for choices and they have almost limitless opportunities for self-actualization. You, the dinosaur, are seeing this change unfold before your eyes and are still likely trying to comprehend the changes as they happen.”
Librea observes that knowledge workers today have more expectations and apply these in their work. “Employees will no longer perform work for its own sake and without justification. For your organization to survive, it needs to be deliberate in the articulation of its common values and purpose.” He concludes that today’s knowledge workers, the millennials, must be given “the freedom to choose how to get the work done.”
“I think I am very lucky to have been born at a time when we did not have all these gadgets yet, but we were there when they came out,” says Librea, who was born in 1975. “I am not caught off-guard by these changes. At the same time, I am still aware of how it was before.” Librea remembers climbing trees as a kid on a relative’s farm in Baras, something kids these days no longer do. He has two boys of his own — Franco Luis, seven years old, and Vito Emil, three years old. “They are in front of their gadgets all the time. They cannot survive without it. It’s like electricity for them.”
But Librea also admits to being a geek. He had his own personal computer when he was in grade four. “I was programming right away,” he relates. “I developed a payroll and inventory system for my mom’s garments business at age 10. That system was sold to her friends, so I was selling software as early as age 10.”
The eldest of three children of Celia Javier Santos and Emiliano Librea, Jr., Third had a privileged childhood. “I remember when I was in third grade, I saw something about a piano competition which I wanted to join, although I did not know how to play the piano,” he relates. His mother bought him a piano and got a teacher to teach him so he could read notes.
With a bachelor’s degree in business administration and accountancy from UP Diliman, his first job was at P&A in 1990. There he met his wife, Kaye, who, like him, is also a CPA. Librea is also a certified information system auditor, certified in risk and information systems control and possesses a certification in risk management assurance. He currently serves on the board of trustees of ISACA Manila. He took up IT project management at the AIM and is currently a participant in Grant Thornton’s Senior Leadership Program at the Said Business School of the University of Oxford.
“My parents never prescribed a course for me to take in college,” Librea adds. He could have taken up law or medicine, but accountancy seemed a practical course to take. “There were still no courses in IT at that time,” he says. Times have definitely changed.
As published in The Philippine Star, dated 3 October 2016