-
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
-
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.
-
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.
-
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.
-
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.
-
Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
-
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
-
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.
-
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.
-
In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
-
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.
-
Fresh Graduates
Fresh Graduates
-
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.
-
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.
Next govt urged to cut corporate taxes
07 Feb 2016The next Administration should push for a lower corporate income tax (CIT) rate in order to allow local enterprises to compete better with their regional peers, Benjamin Punongbayan, founder of Punongbayan & Araullo Grant Thornton, told The Manila Times.
Punongbayan said that to reduce the country’s CIT rate to the same level as that of its regional peers should be one of the priorities of the next administration’s legislative agenda.
He said it should not be viewed as a mere bonanza for businessmen but as an urgent measure necessary for local enterprises to ensure their competitiveness in line with the integration of the Asean economic community.
“A lower CIT rate would translate to economic benefits, both for the government’s coffers as well as for existing businesses and prospective investors in the country,” Punongbayan said.
P&A Grant Thornton is one of the largest public accounting firms in the country with 19 partners, more than 500 staff members, and four offices nationwide.
“The lowering of the income tax rate would ensure the competitiveness of our local businesses vis-à-vis their Asean counterparts. Right now, local businesses are worrying about paying taxes that are too high while their Asean counterparts do not,” he said.
The Association of Southeast Asian Nations (Asean) has created a single market and production base, called the Asean Economic Community (AEC), allowing the free flow of goods, services, investments, and skilled labor as well as freer movement of capital across the region. This integration commenced on December 31, 2015.
He added that a similar CIT rate with other Asean member countries would allow local companies to invest their money in more or less equal proportions as that of their counterparts who enjoy lower tax rates.
Highest in Asean
“Our income tax rate is the highest in the Asean region. We may have a lot to offer to investors in terms of skills and resources, but having the highest tax rate imposed upon businesses would drive investors away from us and even hurt our very own enterprises,” he added.
Under the National Internal Revenue Code of 1997 as amended, domestic corporations are taxed at the rate of 30 percent of their net income, or 2 percent of gross income or the minimum corporate income tax (MCIT), whichever is higher.
Meanwhile, resident foreign corporations get the same tax treatment as domestic corporations except for the MCIT, which is only applicable to domestic corporations.
Foreign corporations that are not engaged in business in the Philippines but somehow derive income here are taxed at the rate of 30 percent of their gross income.
In contrast, other Asean member countries have lower CIT rates: Brunei Darussalam, 20 percent; Cambodia, 20 percent; Indonesia, 25 percent; Laos, 24 percent; Malaysia, 25 percent; Myanmar, 25 percent; Singapore, 17 percent; Thailand, 20 percent; and Vietnam, 22 percent.
Punongbayan further noted that a lower CIT rate would translate into a more robust economy since such a move would encourage those belonging to the underground economy to come forward and be registered as taxpayers.
“The underground economy could not be more understated. It forms a big part of the country’s economy, and the only way to tap this segment is to encourage them to participate in the mainstream. Hence, lowering the tax rate is a strategic way of tapping them,” he said.
He added that lowering the CIT rate would also improve tax compliance, since persons conducting businesses in good faith only want a fair, understandable and reasonable tax policy under which taxes, when paid, would not amount to confiscation of income.
“We need measures that are not merely concern about meeting the government’s tax collection target. A lower CIT is more of a measure that would mutually benefit the government and the economy as a whole. This is one important measure to ensure that the Philippines, along with its local businesses, would not lag behind, especially so since ours is now being integrated under one Asean economic community,” Punongbayan said.
As published in The Manila Times by Katrina Mennen A. Valdez dated 07 February 2016.