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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.
Moving and going ‘forward faster’
MORE THAN two years after the COVID-19 pandemic hit, experts are seeing an asymmetrical or an uneven post-pandemic economic recovery. Not all countries are moving at the exact same speed toward economic recovery. Concrete government actions, including improvement of existing fiscal or monetary policies and programs to address high inflation, are needed. In the Asia Pacific (APAC) region, increased regional cooperation were cited by experts as one way to prevent a skewed economic recovery across APAC.
But while the government plays a pivotal role in leading the Philippine economy toward recovery and growth, businesses and even professional partnership play a part in achieving this goal.
AGILITY AND INNOVATION
The pandemic has tested the business community’s ability to survive; nonetheless, some companies have found a way not only survive but also thrive amidst the continuing pandemic effects. Some of the ingredients to pivot the company with cautious optimism are:
1. Listening to the changes in the needs of the customers
The needs and focus of customer have changed, the channels where customer are also have changed. Companies need to continue to become more relevant in creating value to the customers.
2. Being flexible in the need of the employees
News of the great resignation or the great talent reshuffle is felt by businesses. The expectations of employees i.e. hybrid and work from home arrangements, criteria of focus and sustainability when choosing companies, etc. continue to evolve brought with the shift of working generation and escalated by the pandemic scenario. As an opportunity, companies now can look at expanding talent geographically and taking in better talent. As a focus, strategic human capital and culture has now become a board agenda.
3. Reviewing and reinventing the business model
With the pandemic, companies are bound to look at the basics, i.e. cash flows, business continuity, reinforcement of the vision, mission, and purpose. At the same time, companies employ their creativity to actualize opportunities out of the situation. This may mean changes in the business models, exploring partnerships, and developing new services, products, or channels.
For example, entering into partnerships, where two companies contribute and raise bigger funds for operating expenses, does not only ensure greater financial strength for business. The economy will also benefit from positive business outcomes as a result of strategic partnerships because successful businesses create jobs and help the government generate more revenue.
In all these, companies need agility and resilience in pushing forward by creating opportunities themselves.
DIGITALIZATION AND TECHNOLOGY ADVANCEMENT
The fourth industrial revolution has been upon us even before the pandemic; nonetheless, the situation has allowed for greater reception and adoption of technology, has pushed for urgency in digital transformation in organizations, and has made itself indispensable in everyday life. The government, businesses, and other organizations have to continue going digital in improving processes, optimizing costs and revenues, and creating value to customers, stakeholders, and society. This is critical if we want the country to move forward and create a brighter future.
COLLABORATION AND SUPPORT
Different stakeholders have a role to play. The government is critical in developing policies and executing programs than can propel economic growth, encourage key growth sectors, support disadvantaged sectors, and create a stable and reliable economic environment. The business groups and the professional organizations have a role in advancing the needs of the business community and the people they represent and guiding them, as well as finding ways to communicate concerns to and [judiciously] support initiatives of the government. Businesses have a role as corporate citizens in contributing to society and environment. Collaboration and support of different stakeholders are needed to move forward faster and create prosperous future for the country.
THE IMPACT THAT WE HOPE FOR – GROWTH, SUSTAINABILITY AND INCLUSIVITY
1. Growth
Different stakeholders support the country’s growth. Businesses help the Philippine economy recover amid challenging times like this. Improved collaboration with the government and stakeholders, promotion of sustainability and inclusivity – all these are initiatives that can help us go beyond in ensuring continuous economic recovery and in inclusive and sustainable future.
2. Sustainability
Companies can likewise help accelerate the realization of the UN’s Sustainable Development Goals. An example is using technology and digitalization in reducing their carbon footprint. Through automation and digital processes that speed up work processes and lessen, for example, the number of product shipments which contribute to carbon emission, the carbon footprint of supple chains can be reduced. Remote or hybrid work arrangements, now considered the future of work, also reduce a company’s carbon footprint. These policies, on top of putting a premium on CSR initiatives, can contribute a lot in ensuring a sustainable future while still securing work productivity and business growth.
3. Inclusivity
Grant Thornton’s 2022 Women in Business Report showed that the Philippines ranked third in the list of countries which recorded the highest number of women leaders in mid-sized firms. This figure is also in line with the average percentage of women in leadership roles across ASEAN.
While there remains a lot to be done in terms of breaking gender barriers and ensuring workplace parity, progress, no matter how small, is still progress. Businesses must continue to adopt a shift in mindset to make significant strides in addressing gender inequality in the workplace. Also part of bridging the gender gap is building more diverse and inclusive leadership teams.
As published in BusinessWorld, dated 10 August 2022