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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.
Dear Heavenly Father,
We praise You, we glorify You, and we thank You for the countless blessings and guidance that You continuously provide us. In our daily prayers, you probably hear us more often in our roles as parents, as sons or daughters, or as workers. This time, kindly allow us to come before You in our role as taxpayers.
As taxpayers, we would like to thank You for the recent changes that suggest benefits and hope to us.
Thank You that the individual income tax brackets have finally been adjusted after 20 long years of waiting. The take-home pay and consequently, the purchasing power, of many of us have been augmented. Hopefully, the increase in take-home pay coupled with the government’s promise of other forms of support would be sufficient to counter the increase in prices of commodities due to the imposition of other additional taxes.
We are likewise grateful that the legislature issued reforms on the refund process on input value-added tax (VAT) related to zero-rated sales. From the previous 120 days of review by the Bureau of Internal Revenue (BIR), the period is now reduced to 90 days. In addition, we are glad that there is no more “deemed-dened” rule, which will now prevent the BIR from not acting on the taxpayer’s application for VAT refund. We trust that the BIR will render sound decisions within the shortened period of review. We are also happy that, the government is setting aside a portion of the government’s VAT collections to back up the VAT refund process.
Thank You that there are also indications that our tax authorities seem to recognize the sentiments of the taxpayers. These could be seen in the recent Revenue Regulations (RR) No. 06-2018 relative to the requirements for deductibility of expenses in relation to withholding taxes, and RR No. 07-2018 relative to the due process requirement in the issuance of a deficiency tax assessment.
Although there are some questions in the minds of the taxpayers on how the BIR would actually implement the above two regulations, at least, we are thankful that the government now realizes that, the rule — saying that despite paying the withholding tax deficiencies during a BIR audit, the related expenses will still be disallowed for income tax purposes — is too onerous and unfair a penalty on the part of the taxpayers. In addition, the revival of the informal conference (infocon) stage prior to the BIR’s issuance of a preliminary assessment notice (PAN) to the taxpayers appears to be promising — that way, before a PAN is issued to the taxpayer, unnecessary and baseless findings will be weeded out in the discussions. We pray that the infocon stage will be utilized effectively and fairly, in addition to the quality audit procedures that BIR examiners carry out during their audits.
Many taxpayers are also pleased about the recent news reports saying that the legislature is continuing the discussions on the general tax amnesty and estate tax amnesty bills. These bills, if passed into laws, could encourage the taxpayers to avail of the amnesty, and to have a clean slate and start fresh moving forward. Recent publications also mention about the possible reduction, subject to certain conditions, of corporate income tax rates from 30% to 25% in the near future, which is also, generally, a welcome development.
The above positive sides of the Philippine tax reforms offer optimism to the taxpayers and could renew trust in the government.
On the other hand, Heavenly Father, there are several matters in the tax reform efforts that are considered by many as contentious. Some of these relate to issues on tax incentives, recent tax advisories, and draft regulations, among others, that many taxpayers consider to be not within the spirit of the laws intended to be implemented. We hope that You guide all the concerned stakeholders in clarifying and resolving these matters justly. Hopefully, the contentious issues would be immediately settled in order not to derail the steadfast progress that the Philippine tax reforms aim to have.
Nonetheless, we are thankful that, the government is putting significant effort into trying to improve the tax system. We pray that the succeeding developments will continue to be geared towards a new Philippine tax system that will be considered by many, if not by all, as fair and equitable.
Heavenly Father, please continue to guide our lawmakers, policy makers, and us, taxpayers, that we may fulfill all our roles harmoniously and in accordance to Your will. Amen.
Sincerely,
Your children as taxpayers
Olivier D. Aznar is a partner of the Tax Advisory and Compliance of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing services firms in the Philippines.
As published in BusinessWorld, dated 06 February 2018