-
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.
Application of Philippine Financial Reporting Standard 17-Insurance Contracts (PFRS 17) in the Audited Financial Statements (AFS) and Preparation of IC Reportorial Requirements
Background
The Financial and Sustainability Reporting Standards Council (FSRSC) and Professional Regulatory Board of Accountancy (PR-BOA) adopted PFRS 17 Insurance Contracts, which was later adopted by the Securities and Exchange Commission (SEC) as part of its financial reporting framework. Through IC Circular Letter (CL) No. 2020-62, the adoption of PFRS 17 was deferred from January 1, 2023, to January 2025. However, due to gaps in the insurance industry's preparation for PFRS 17, the IC, FSRSC and PR-BOA acknowledges the need for additional time to ensure a smooth transition while maintaining regulatory stability.
In view of the foregoing, the following rules and regulations are promulgated by the IC:
Section 1: Application of PFRS 17 in the Audit Financial Statements
All companies shall adopt PFRS 17 in their AFS for submission to the SEC effective January 1, 2027. However, companies are allowed to adopt PFRS 17 in their AFS beginning January 1, 2025.
Section 2: Supplemental Report to the AFS on PFRS 17
All companies applying PFRS 17 in their AFS shall provide a supplemental report covering specific insurance and reinsurance asset and liability accounts. This supplemental report shall be used for prudential analysis and admittance assessment as mandated under the Code.
Section 3: Preparation of IC Reportorial Requirements
All companies shall continue to prepare the following IC reportorial requirements based on the existing CLs:
Section 4: Submission of PFRS 17 Affidavit of Undertaking
All companies shall be required to submit the following documents as part of their AS for the year 2024, which is due on April 30, 2025.
Section 5: Submission of Quarterly PFRS 17 Status Report
All companies shall be required to submit PFRS 17 status reports as required attachments to their quarterly FRF. These reports shall be duly approved and signed by the company's President, Chief Executive Officer, or its authorized representative.
At a minimum, the status report shall include the following:
A. A summary of implementation activities in preparation of PFRS 17 by January 1, 2027;
B. An overview of risks, challenges and issues encountered with corresponding mitigation measures or action steps to address them;
C. An assessment of PFRS 17 preparedness; and
D. The company's PFRS 17 accounting policies.
Section 6: Conduct of PFRS 17 Quantitative Impact Assessment (QIA)
Companies shall submit the completed PFRS 17 QIA templates under IC Advisory No. RS-2024-013.
Section 7: Reporting of PFRS 17 Valuations
Companies implementing PFRS 17 shall include an additional schedule in their AS. This schedule shall detail the changes or movements in the PFRS 17 reserve valuations, which shall form part of the Commission's reserve requirements pursuant to Sections 216 and 219 of the Amended Insurance Code.
Please see attached circular for further guidance.
