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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 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
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PH firms’ optimism steadily sinking due to pandemic
28 Jan 2021MID-SIZED businesses are displaying reserved optimism about an economic recovery, according to the latest figures from Grant Thornton’s International Business Report which gathers responses from nearly 5,000 business leaders in 29 economies including the G20.
This follows a challenging year, in which mid-sized companies saw their revenue decrease by an average of one percent globally after they factored in the impact of Covid-19.
In the Philippines, economic optimism among mid-market businesses has further decreased over the past six months with the research finding that 49 percent of businesses have a slightly or very optimistic economic outlook for the next 12 months. This five percentage point decrease is only a slight contrast to six months ago when the government mandated lockdowns saw economic optimism fall to the lowest level since 2016.
With optimism steadily sinking among the mindset of mid-market leaders, other key indicators are also sluggishly turning downwards with 43 percent of businesses expecting revenues to increase over the next 12 months (-2 percentage points on the first half), along with profitability (47 percent -3 percentage points). On the other hand, employment increased (51 percent +6 percentage points). However, all will remain well down on pre-Covid 2019 levels.
“While the outlook is showing real improvement with both economic optimism and expectations around revenue and profits on the rise, it is important to note the context of these increases. In many cases the improvements we are seeing are due to firms benchmarking the next 12 months against the very depressed economic environment of 2020 due to Covid-19,” said Marivic Españo, chief executive officer and chairperson at P&A Grant Thornton.
Uncertainty at elevated levels
The research also showed that economic uncertainty remained at elevated levels, with 53 percent of businesses in the Philippines citing it as the number one constraint on their ability to grow their business. Businesses also cited shortage of orders, availability of skilled staff and labor costs as other stumbling blocks for growth.
Meanwhile, the study also revealed that firms expect research and development to increase this year followed by staff skills and technology as businesses continue to retool for a new world of business.
With second and third waves of Covid-19 hitting many markets, the need to invest in enhancing an existing product portfolio, digital business models and having people with the skills to operate in a virtual world for the foreseeable future continues to drive investment decisions.
Additionally, the study saw less traditional investment categories come to the fore. The percentage of mid-market companies looking to increase investment in new buildings decreased four percentage points to 39 percent, while the percentage of mid-market companies looking to increase investment in plant and machinery increased four percentage points to 46 percent, respectively.
Meanwhile, shortage of finance remains a significant concern for businesses, with 47 percent of firms identifying it as a business constraint over the next 12 months. This is despite record monetary easing and fiscal support provided by the government to businesses in the country as they attempt to alleviate cash flow constraints arising from Covid-19.
In preparation for recovery, mid-market companies around the globe are prioritizing the “use of technology to support organizational recovery” and looking at “workplace safety and new workplace regulatory requirements”—with 39 percent of global companies planning or implementing strategies in these areas. (PR)
As published in SunStar Cebu, dated 28 January 2021