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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
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Tax advisory
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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 people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
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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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IPO firms told: Don’t lose heart
03 Dec 2018
Domestic and global capital markets report alternate peaks and troughs in recent months and the resulting rollercoaster ride has worn down local enterprises with big ambitions for future growth.
An effective management team must be established, including independent board members who can provide valuable insights about how the business should be run
But a local tax, audit and advisory services firm advises against businesses losing heart.
Family-owned enterprises gearing up for an initial public offering (IPO) must be willing to undergo preparation work that normally takes three years, said a partner of P&A Grant Thornton, one of the country’s leading auditing and consultancy firms.
In the Philippines, raising capital via an IPO — defined as the first sale or distribution of tradable securities to the public — is a possible financing source for “next-stage” business expansion, apart from borrowing capital from banks and other financial institutions.
“In the capital structure of a business, it is advisable to have a good mix of debt and equity and one of the ways to raise equity, especially a lot of it, is through an IPO,” said Emiliano Librea III, P&A Grant Thornton partner and advisory services head.
He said a private enterprise must take a long-term view in the IPO journey and must not be dissuaded by economic and market cycles. Preparing well in advance provides the opportunity to build company value by improving its bottom line, business plan and management team in order to attract public investors, he added.
The degree to which the owner or founder is engaged or involved in the IPO journey can also spell the difference between success and failure.
Librea shared three steps to IPO readiness:
Family businesses must “clean up shop,” which entails assessing their financial health for the last three fiscal years, improving compliance and aligning internal controls and processes with international best practices. These housekeeping activities can help establish a good track record and enhance the historical value of their enterprises.
Family enterprises must have a compelling growth story to tell and build on that story for pitching to investors. In preparing for an IPO, the business must communicate a clear and cohesive vision of the future, goals and a roadmap. That also creates potential value for the business.
An effective management team must be established, including independent board members who can provide valuable insights about how the business should be run. “It’s like having consultants on board,” Librea said. Although the presence of independent directors is not required in the board of family-owned companies, the inclusion of reputable or distinguished individuals can enhance the governance aspect of organizations. “That creates a perception of value in the minds of investors. But once the company decides to go public, having independent board members become necessary,” Librea explained.
Once the enterprise is IPO-ready, choosing the right time to go public is as important.
“Proper timing of the IPO can bring up the company’s value as well,” he said.
The degree to which the owner or founder is engaged or involved in the IPO journey can also spell the difference between success and failure. “From the start, the business owners or founders should have a solid reason about wanting to do an IPO. The reason must be clear in their mind: ‘Why do we want to do this?’ They should know what exactly it is they want,” according to Librea.
P&A Grant Thornton has organized a series of roadshows in high-growth urban areas outside Metro Manila for small and medium enterprises (SME) aspiring to become publicly listed companies someday. The forum, “From Startup to Step Up,” is organized in partnership with Martinez Vergara Gonzalez & Serrano (MVGS Law) and UniCapital, in cooperation with the Philippine Stock Exchange. After a successful launch in Cebu City last July, the roadshow will also be brought to Davao on 7 December, as well as in Northern Luzon in the first quarter of 2019.
Participants will identify ways on how to go public, assess whether going public now or in the future is a viable option, prepare and reorganize their structure and strategy prior to an IPO and decide which option is best for their business.
“The roadshow will assist participating companies on how to increase their value by becoming more sustainable businesses,” said Librea. “Our ultimate objective is to provide a means for family-run companies to ensure that the enterprise can succeed beyond the owner’s lifetime and therefore pass on the benefits to their children and their children’s children. We want to teach them how they can effectively leave a legacy to succeeding generations.”
As published in Daily Tribune, dated 26 November 2018