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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.
Get Ready for IFRS 18
Executive Summary
Entities should begin preparing for IFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later (to be called PFRS 18 once adopted in the Philippines). Changes from PAS 1 ‘Presentation of Financial Statements’ could have a significant impact on the financial statements.
In April 2024, the International Accounting Standards Board (IASB) issued the new accounting standard, IFRS 18 ‘Presentation and Disclosure in Financial Statements’. Once adopted locally, this will replace the existing PAS 1 ‘Presentation of Financial Statements’ standard that has been in use for many years.
On the surface this new Standard may appear straightforward, setting out a new presentation requirement for the statement of profit or loss, and providing new definitions and disclosures related to non-PFRS performance measures. However, the details of these new requirements can lead to potential challenges that reporting entities will need to deal with to properly apply the new Standard.
While entities are dealing with a wide range of new reporting requirements, from international tax reform to sustainability reporting, changes to the presentation and disclosures of financial statements may not currently be at the top of their priorities. However, given the potentially pervasive changes brought about by IFRS 18, getting ready for IFRS 18 implementation should be prioritized.
Summary of Key Changes
General requirements for the financial statements and information disclosed in the notes have been carried over from PAS 1. There are some limited changes to specific requirements for the statement of cash flows and statement of financial position, however the statement of comprehensive income and statement of changes in equity remain unchanged.
Effective Date and Transition
IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. Entities that early adopt IFRS 18 are required to disclose that fact in the notes.
For some entities in particular, there's a need to begin the transition early to be fully prepared for mandatory application from January 1, 2027, with retrospective restatement of comparatives.
While IFRS 18 must be applied retrospectively applying PAS 8, entities are not required to disclose the quantitative information set out in PAS 8, i.e entities do not have to disclose the amount of the adjustment to each financial statement line item or the adjustment to basic and diluted earnings per share in the current period.
For the comparative period, an entity must disclose a reconciliation between the restated amounts presented and the amounts previously presented for the comparative period applying PAS 1. This is also required for the comparative periods presented in interim financial statements prepared under PAS 34. Entities are permitted, but not required, to present similar reconciliations for the current period, as well as older comparative periods.
When first applying IFRS 18, an entity also has the option to change an election of how an investment in associate or joint venture is measured. If they are eligible to apply the exemption in PAS 28 ‘Investments in Associates and Joint Ventures’ (which applies for investments held by, or indirectly though, an entity that is a venture capital organization, mutual fund, unit trust or similar entity), an entity may change its election for measuring investments from the equity method to fair value through profit or loss in accordance with PFRS 9.
Refer to the link below for the high-level overview of IFRS 18’s new requirements, along with practical insights into the application challenges.
