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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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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.
2019 ITR filing reminders
09 Apr 2019Summer is here! As the school break starts, everyone is excited to plan where to spend their holidays. But before gearing up for the vacation, corporate taxpayers adopting calendar taxable year and individual taxpayers can’t think of enjoying summer yet until the April 15 annual income tax return (ITR) deadline passes.
As the deadline draws closer, here are some reminders for the ITR filing:
1. BE MINDFUL OF THE APRIL 15 DEADLINE
As expected, there have already been news reports saying that the Bureau of Internal Revenue (BIR) will not extend the upcoming April 15 income tax deadline. The BIR has been warning taxpayers to file their income tax returns earlier to avoid penalties for late filing. The penalties for late filing include a 25% surcharge of the tax due plus 12% interest per annum (from the payment deadline until the amount is fully paid), and a corresponding compromise penalty, on top of the income tax due.
So, for the taxpayers, April 15 this year is a crucial day that should not be missed.
2. USE THE CORRECT VERSION OF ITR
As of writing, all new/revised versions of annual ITRs (BIR Form No. 1700 for individuals earning purely compensation income, BIR Form No. 1701 for individuals under graduated income tax rates availing of itemized deductions including mixed income earners, BIR Form No. 1701A for individuals earning income purely from business/profession under graduated income tax rates availing of Optional Standard Deduction or those who opted to avail of the 8% flat income tax rate, and BIR Forms No. 1702-RT/EX/MX for corporations, partnerships and non-individuals exempt from tax and subject to regular tax rate, respectively) have been released by the BIR.
For the individual ITRs, the revised version of BIR Form No. 1701 and the new BIR Form No. 1701A are already available in eBIR Forms package v7.4.1, but are not yet available in the electronic Filing and Payment System (eFPS). Thus, the BIR advised eFPS filers to file using the eBIRForm facility and pay manually through AABs. BIR form No. 1700, on the other hand, is not yet available in the eBIRForms facility. Hence, this shall be filed and paid manually.
For corporate ITRs, all new versions of the ITRs are not yet available in the eFPS and eBIRForms facility. Thus, the BIR advised the eFPS and eBIRForm filers to use the existing/old version available in the eFPS and eBIRForms package. However, taxpayers filing 1702-MX who opted for optional standard deduction as their method of deduction shall use the manual return and pay manually.
For the detailed guidelines on the filing and payment of annual ITRs, taxpayers may refer to Revenue Memorandum Circulars No. 41-2019, 37-2019, 19-2019, and 17-2019.
3. FILE AT THE PROPER VENUE
Under the rules, wrong venue filing or filing of tax returns at a different Revenue District Office (RDO) than where they are registered, is subject to a penalty of P1,000 per return and a 25% surcharge of the tax due to be paid. The P1,000 penalty may be nominal, but the 25% surcharge could mean millions to some taxpayers depending on the amount of tax due.
Hence, taxpayers, especially individuals, are recommended to verify first with the BIR and check which RDO they are registered at before proceeding to the nearest Authorized Agent Bank (AAB) or RDO to file their annual ITR.
Wrong venue filing also includes a situation wherein taxpayers, who are mandatorily required to file their returns through eFPS or eBIRForms, erroneously file their tax returns manually.
4. KEEP ABREAST OF BIR ADVISORIES
At this time of the ITR filing season, it is not uncommon for taxpayers to encounter downtime or traffic in the eFPS facility due to network congestion.
There have been certain instances in the past wherein a taxpayer tried to file an ITR on the morning of April 15 only to find himself in front of the computer the whole day and until midnight without successfully filing the ITR. This is why taxpayers are advised to file their tax returns early to avoid this kind of inconvenience.
Nonetheless, taxpayers should be alert about BIR advisories, wherein the BIR makes announcements about work-around procedures in case of problems in the eFPS facility.
5. COMPUTE YOUR INCOME TAX DUE CAREFULLY
When computing for the income tax due, taxpayers should always practice due diligence. Even though a taxpayer can amend an ITR to correct a mistake, that mistake may incur large cost depending on its significance. This is because in the event that the tax payable per amended ITR is higher than what is remitted in the filed original ITR, a 25% surcharge, 12% interest per annum, and compromise penalty shall be imposed based on the additional tax to be paid per amended return. Better be safe than sorry.
With just a few days left before the deadline, I hope everyone can successfully file their ITRs on time and have a meaningful Holy Week with no worries. Fingers-crossed!
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Juvy de Jesus is a manager from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd. For comments and inquiries, please email
As published in BusinessWorld, dated 09 April 2019