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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
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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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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
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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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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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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.
Philippine Mid-Market Firms Exhibit Resilient Optimism Amidst Economic Uncertainties
In the face of business unpredictability, Philippine mid-market firms remain to demonstrate resilience and agility as these businesses are navigating the complexities of the current environment with innovation, adaptability, and optimism for the future.
The latest data from Grant Thornton’s International Business Report (IBR) reveals that optimism among mid-market businesses in the Philippines has reached 66% in Q2-2024, up from 61% in Q1-2024. This rise underscores the positive outlook of Philippine mid-market businesses, despite the ongoing economic challenges and uncertainties on both the global and domestic fronts.
Revenue and Profitability Expectations Reflect Strong Performance
Philippine mid-market businesses are demonstrating confidence in their financial performance, with 64% expecting an increase in revenue over the next 12 months, up from 60% in Q1-2024. This aligns with the global average and slightly outperforms the Asia Pacific average of 63%. Despite some fluctuations, the steady revenue expectations reflect the resilience of the Philippine economy.
Profitability expectations remain robust, with 83% of mid-market firms anticipating higher profits in Q2-2024, although this is a slight decrease from 85% in Q1-2024. These trends indicate that businesses are focused on maintaining strong profitability margins through efficient operations and cost management, even amidst economic uncertainties.
Employment Intentions and Strategic Investment Reflect Cautious Business Expansion
Employment intentions among mid-market businesses in the Philippines have decreased to 70% in Q2-2024 from 80% in Q1-2024. Despite this decline, employment intentions remain stronger than the regional and global averages of 48% and 55%, respectively. This cautious approach to hiring reflects ongoing economic uncertainties and a reassessment of workforce needs considering current market conditions.
Philippine mid-market firms are poised to make significant investments in key areas. The main investment priorities include people, research and development (R&D), technology, and branding, reflecting a comprehensive approach to fostering growth and competitiveness.
- People: Investing in human capital is crucial, with 83% of firms planning to increase their investment in workforce development. This includes leadership development (68%), upskilling (64%), and enhancing organizational culture and new ways of working (72%). Recognizing that skilled and motivated employees are key to achieving business objectives, firms are focusing on hiring new talent and providing training and development opportunities to existing staff.
- Research and Development (R&D): Investment in R&D is also on the rise, with 74% of businesses focusing on innovation to develop new products and services. This commitment to R&D is essential for staying ahead of the competition and responding to evolving market demands.
- Technology: A significant proportion of firms are planning to increase their IT spending, with 77% planning to invest in this area in Q2-2024. This includes introducing advanced technology (71%), cybersecurity tools (52%), and investing in artificial intelligence (46%). This highlights the importance of digital tools and solutions in driving efficiency and growth.
- Branding: Enhancing brand value is also a key focus, with 74% of firms planning to invest in their brand. Strong branding efforts can help businesses stand out in a competitive market and foster customer loyalty.
- New Workspaces: Philippine mid-market firms are significantly investing in new workspaces, with 74% planning to do so in Q2-2024, up from 73% in Q1-2024. This reflects a substantial increase from 55% in H2-2023 and aligns with the global trend, where 52% of firms are planning similar investments. Investing in modern and flexible workspaces is essential for fostering innovation and productivity.
Addressing Business Constraints
Despite the optimistic outlook, Philippine businesses continue to face several challenges. The top three business constraints identified by mid-market firms are the cost of shipping, economic uncertainty, and energy costs.
The cost of shipping remains a significant concern, with 71% of Philippine mid-market firms citing it as a major issue in Q2-2024, up from 63% in Q1-2024. This is significantly higher than the Asia Pacific (39%) and global (45%) averages, reflecting the unique logistical challenges faced by businesses in the Philippines.
Economic uncertainty is another major constraint, with 57% of firms citing it as a concern in Q2-2024, up from 52% in Q1-2024. This reflects the ongoing worries about potential market fluctuations and geopolitical issues, which can impact business planning and operations.
Energy costs are also a critical challenge, with 55% of firms highlighting it as a concern in Q2-2024, down slightly from 60% in Q1-2024. Rising energy costs directly impact operational expenses and profit margins, making it a key area of concern for businesses looking to maintain their competitiveness.
Leveraging People and Technology
Romualdo V. Murcia III, Chairman and Managing Partner of P&A Grant Thornton, emphasizes the importance of investing in people and staying abreast of digital advancements: “By prioritizing workforce development and leadership training, businesses can ensure they have the skilled and motivated employees necessary to achieve their strategic objectives. This human capital investment must be complemented by a strong emphasis on digital transformation. And by adopting advanced technologies such as artificial intelligence, cybersecurity tools, and data analytics, businesses can modernize their operations, enhance customer experiences, and maintain a competitive edge.”
As published in Malaya Business Insight, Manila Standard, The Manila Times, Mindanao Times, BusinessWorld, and Philippine Daily Inquirer, 21, 23, 25 August and 11, 20 September 2024