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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.
Implementing the PWD tax incentives
02 May 2017Since the passage of Republic Act (RA) 10754, An Act Expanding the Benefits and Privileges of Persons With Disability (PWDs), it is only now that disabled members of society will be fully enjoying the benefits granted by this law.
Revenue Regulations No. 5-2017 were approved by the Secretary of Finance upon the recommendation of the Bureau of Internal Revenue (BIR) on April 20. The regulations prescribe the guidelines for the availment and implementation of the 20% discount and the additional exemption as dependents for personal income tax purposes.
Sales discount for qualified PWDs: Similar to our senior citizens, qualified PWDs shall be entitled to a 20% discount on purchases of goods and services from the following establishments:
• hotels and similar lodging establishments, restaurants and recreation centers
• theaters, cinema houses, concert halls, circuses, carnivals and other similar places of culture, leisure and amusement
• medicines in all drugstores
• medical and dental services, including diagnostic and laboratory fees, and professional fees of attending doctors in all private hospitals and medical facilities (in accordance with the rules and regulations to be issued by DoH in coordination with PhilHealth)
• domestic air and sea travel
• land transportation
• funeral and burial services for the death of the PWD
VAT Exemption: Goods and services entitled to the 20% sales discount shall also be exempted from the 12% value-added tax (VAT). Computed in the same manner as that on senior citizen’s purchases, the VAT amount shall be excluded from the amount of sales subject to discount.
Deductions from Gross Income for the covered establishments: Under the rules, establishments granting sales discounts to PWDs for goods and services will be entitled to deduct such discounts from their gross income following certain conditions:
1. The discount on the sales to PWDs may be claimed as deduction from gross income in the taxable year the discount is granted, provided that the name of the qualified PWD and the PWD Identification Card (PWD ID) number are reflected in the required record of sales;
2. Only the portion of the gross sales for the exclusive use and enjoyment of the PWD shall be eligible for the deductible sale discount;
3. The sales amount must still be recorded inclusive of the discount granted. The discount is not claimed as a reduction of sales to arrive at net sales, but as a deduction from gross income as necessary and ordinary expense falling under the category of itemized deductions;
4. For establishments availing of the Optional Standard Deduction (OSD), the discount shall not be accounted as a deductible expense;
5. In the issuance of official receipts or sales invoices, the gross selling price and the sales discount must be separately indicated;
6. Only the actual amount of sales discount granted or sales discount not exceeding 20% of the gross selling price or gross receipts can be deducted from the gross income, net of VAT;
7. The covered establishment shall keep separate and accurate records of sales to qualified PWD for every sales transaction;
Prohibition on Double Discounts: The PWD discount shall not be given if the PWD is claiming a higher discount as may be granted by the establishment under other existing laws or in combination with other discount programs. Likewise, a PWD who is at the same time a senior citizen can only claim one 20% discount on each transaction.
Additional exemptions for benefactors: A PWD can qualify as a dependent and entitle the benefactor to an additional exemption of P25,000 in computing the personal income tax. The PWD should be living with and chiefly dependent on the benefactor for support. He should be related within the 4th degree of consanguinity. Including the dependent PWD and children, a maximum of four qualified dependents may be claimed by a single taxpayer or by spouses.
Employers can therefore remind their employees who have parents and other relatives within the 4th degree who have disabilities and dependent on them for support. The taxpayer-benefactor of the PWD should update his exemption with the BIR by submitting the following:
a. Duly accomplished BIR Form 2305
b. Photocopy of the PWD ID issued by the PWD Affairs Office (PDAO) or the City/Municipal Social Welfare and Development Office where the PWD resides
c. Sworn declaration/identification of the qualified PWD, support and relationship provided as Annex A of the regulations
d. Birth certificate of the PWD
e. Medical certificate attesting to the disability
f. Barangay certification that the PWD is living with the benefactor
The employer can start to consider the additional dependent in computing the monthly withholding tax on compensation upon receipt of the BIR-stamped Form 2305 of the employee.
With the issuance of these guidelines, our disabled Filipinos will now fully enjoy the tax incentives and maximize the benefits that they deserve under the law.
Maricel P. Katigbak is a manager with the Tax Advisory and Compliance Division of Punongbayan & Araullo.
As published in BusinessWorld, dated on 02 May 2017