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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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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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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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Fresh Graduates
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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.
Amended Transitory Provisions on Invoicing Requirements under EOPT Act
(Revenue Regulations 11-2024, June 13, 2024)
This Tax Alert is issued to inform all concerned on the amended transitory provisions on the invoicing requirements, pursuant to Republic Act No. 11976, also known as Ease of Paying Taxes (EOPT) Act.
A. Manual and Loose-leaf Invoicing
1. Below are the updated options for taxpayers with manual invoicing with regards to unused official receipts:
2. The stamping of Official Receipt as Invoice or Billing Statement/Statement of Account/Statement of Charges as Billing Invoice by taxpayers does not require approval from any Revenue District Offices/LT Offices/LT Divisions but must comply with Section 8(2.3) of RR No. 7-2024.
3. All unused manual and loose leaf ORs and BSs/SOAs/SOCs to be converted as Invoice and Billing Invoice, respectively shall be reported by submitting an inventory of unused ORs/ BSs/SOAs/SOCs, indicating the number of booklets and corresponding serial numbers, in duplicate original copies, on or before July 31, 2024 to the RDO/LT Office/LT Division where the Head Office or Branch Office is registered. The receiving branch RDO shall transmit the original copy to the Head Office RDO and retain the duplicate copy.
Pursuant to RMC No. 66-2024, taxpayers shall have the option to submit their Inventory Report being required under RR No. 7-2024 electronically:
a) via email through Taxpayer Registration-Related Applications (TRRA) Portal which is accessible in the BIR Website under the eServices section (refer to Annex A for the); or
b) via direct email of the Inventory Report and Notice to the Compliance Section of the Revenue District Office (RDO).
See RMC No. 66-2024 Annex A.pdf (bir.gov.ph) for the User Guide on the electronic submission of inventory, and RMC No. 66-2024 Annex B.pdf (bir.gov.ph) for the List of Email Address of RDO's Compliance Section.
Taxpayers without email or internet access may still manually submit their Inventory Report and Notice to the Compliance Section of the RDO where the concerned Head Office or Branch is registered.
4. The converted ORs/BSs/SOAs/SOCs shall contain the required information under Sec 6 (B) of RR 7-2024 including quantity, unit cost and description or nature of service. If not originally indicated, such information may also be stamped.
5. The converted ORs/BSs/SOAs/SOCs shall be considered valid for claiming of input tax by the buyer/purchaser and can serve as proof of both sales transaction and payment at the same time for the period issued from April 27, 2024 until they are fully consumed, provided that the converted Invoice/Billing Invoice to be issued bears the stamped "Invoice/Billing Invoice" and there is no missing information as enumerated under Section 3(D)(3) of RR No. 7-2024.
6. Effective April 27, 2024, any manual/loose leaf "Official Receipts" issued without a stamped "Invoice" will be considered supplementary documents as provided in Section 8(2.1) of these Regulations, and ineligible for input tax claims.
7. Taxpayers should obtain newly printed invoices with an Authority to Print (ATP) before fully using or consuming the converted Official Receipts/Billing Statement/Statement of Account/Statement of Charges.
B. Electronic Invoicing
1. Taxpayers using duly registered CAS or CBA with Accounting Records (AR), needs to revisit their system to comply with the EOPT. Since the system enhancement will have a direct effect on the financial aspect, shall require a major system enhancement. The previously issued Acknowledgement Certificate (AC) or Permit to Use (PTU) shall be surrendered to the RDO where the concerned taxpayer is registered, and a new AC shall be issued.
The reconfiguration of machines and systems shall be undertaken on or before December 31, 2024. Any extension due to enhancement of systems shall be approved by the concerned Regional Director or Assistance Commissioner of the LTS which shall not be longer than 6 months from December 31, 2024.
2. Taxpayers using CRM/POS/E-receipting/E-invoicing may change the word “Official Receipt (OR)” to “Invoice,” “Cash Invoice” “Charge Invoice,” etc., whichever may be applicable, without the need to notify the RDOs having jurisdiction over the place of business of such sales machines.
This reconfiguration is considered a minor system enhancement which shall not require reaccreditation of the system nor the reissuance of the PTU.
3. The serial number of the renamed Invoice to be issued by CRM/POS machines, e-receipting or electronic invoicing software shall start by continuing the last series of the previously approved OR. A notice indicating the starting serial number of the converted Invoice shall be submitted to the RDO/LT Office/LT Division where the machines are registered, in duplicate copies, within 30 days from completion of machine/system reconfiguration/enhancement or from December 31, 2024, whichever comes first.
See above discussion on the submission of inventory of converted ORs/BSs/SOAs/SOCs for the electronic submission of the notice.
4. Documents issued by CRM/POS machines, e-receipting or electronic invoicing software containing the word "Official Receipt" from April 27, 2024 until the completion of machine/system reconfiguration/enhancement shall be considered as valid for claiming of input tax by the buyer/purchaser until December 31, 2024 or until the completion of machine/system reconfiguration/enhancement, whichever comes first, subject to the following conditions:
- There is no missing information as enumerated under Section 3(D)(3) of RR No. 7-2024; and
- The machine/system printed/generated "Official Receipt/ Billing Statement/Statement of Account/Statement of Charges" is converted by striking through the term "Official Receipt/ Billing Statement/Statement of Account/Statement of Charges" and stamping the word "Invoice/Billing Invoice" on the document.
5. Issuing "Official Receipt" (with or without strikethrough) generated by CRM/POS machines, e-receipting, electronic invoicing software, CAS or CBA with AR for the sale of goods or services after December 31, 2024 or until the completion of machine/system reconfiguration/enhancement, whichever comes first, and issuing manual/loose leaf "Official Receipt" without converting them to "Invoice" for the sale of goods or service starting April 27, 2024, will not be considered as evidence of sales of goods or services and shall be tantamount to failure to issue or non-issuance of Invoice required under Section 6(A) RR No. 07-2024.