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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.
Viewpoint: Marivic Españo
09 Jul 2018
Viewpoint: Marivic Españo
Taxation is not a very politically popular area. We are therefore pleased about the political will displayed by the current administration in overhauling the country’s 20-year-old tax system. A series of tax reform packages have been laid out under the Tax Reform for Acceleration and Inclusion (TRAIN) strategy, with the first of five such packages taking effect on January 1, 2018.
In addition to promoting simplicity, fairness and efficiency in the tax system, TRAIN is projected to raise revenue to finance the Build, Build, Build (BBB) infrastructure programme. Many workers enjoyed tax-free take-home pay after the implementation of the new individual income tax system. As a result, we can expect to see happier, more productive employees, and less pressure to increase wages in the short term. Furthermore, the reforms introduced a simplified tax on gross receipts of 8% for individuals engaged in business. Meanwhile, the capital gains tax on the sale of shares was increased so that it aligns with the tax on other passive income. Importantly, foreign investors should still be able to benefit from the exemptions provided under the country’s trade deals.
While the reforms increase excise duty, this mostly targets goods consumed by higher-income groups or those that have a negative impact on people’s health or the environment. Furthermore, the revenue collected from these excise taxes in the initial months of 2018 have offset the loss of revenue from the income tax reduction, suggesting that the budget required to finance the BBB programme can be realised.
The Department of Finance is actively involving the business community and foreign investors in discussions around the second TRAIN reform package and this is very welcome. We can expect a staggered reduction in corporate income tax from 30% to either 25% or 20% in 2019. The Philippines has reiterated that it welcomes and will continue to encourage foreign investment, and a fiscal incentive system will remain in place for preferred industries and sectors. The system will be rationalised by establishing one set of incentives to be offered by all investment promotion agencies. Furthermore, the incentives will be targeted, time bound and performance based. The new package will include incentives to encourage investment and innovation – such as additional deductions for research and development, training and labour expenses – as well as investment and reinvestment allowances. The current offerings, such as income tax holidays, Customs duty exemptions and preferential tax on gross or net income, will be retained, though time bound. Specific incentives will be implemented, focused on encouraging economic activity in areas away from traditional urban areas. This will complement the infrastructure programme, which aims in part to improve rural incomes by encouraging investment in the countryside. The taxation system is continuously being streamlined to make it more efficient and transparent. Most front-line services are now being delivered in a shorter time and with less documents required, and the IT platform used for electronic filing and payments has been updated. While there are other areas that we would like to see reformed, we welcome the fact that the tax authorities are sincerely listening to taxpayers and addressing their concerns.
Inclusion is a major element of the tax reform programme, and this has been achieved through a lower income tax for workers and a simplified tax for small business owners. Furthermore, part of the revenue from the reforms has been earmarked to provide direct subsidies to those who need them most. Improvement in rural incomes is possible as businesses respond to the incentives to relocate to less urbanised areas, complemented by the ongoing infrastructure programme. Overall, the programme aims to provide the basis needed to support the growth of the economy. As a result of better infrastructure and improved public finances, more investment can be expected, which will translate into more jobs and help eliminate poverty.
As Published by Oxford Business Group dates 09 July 2018