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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.
Year-ender list: Things to keep in mind
28 Nov 2017It’s that time of the year again —twenty-six days before Christmas.
Every year, I look forward to the holiday season — when we have to decorate our houses, set up Christmas trees, hang lights around the house, and buy gifts for our loved ones. We prepare the long list of family members, friends, godsons, and goddaughters, so no one will be forgotten. As early as now, many, of us have been preparing for the upcoming holidays.
Before we get too excited about the much-awaited Christmas and year-end parties, we must not forget that this time of the year is also for preparing year-end reports and annual updates. In the same way we prepare our Christmas gift list so no one will be forgotten, let us begin making our list of to-do’s and filing requirements as early as now so nothing will be missed. We all want a hassle-free year-end closing.
So, what’s on your list:
1. BIR ANNUAL COMPLIANCE
• Annualization and refund of excess withholding on compensation — Any deficiency must be deducted from the December pay. The excess withholding tax on the annual compensation of the employees at yearend should be refunded by Jan. 25, 2018.
• Preparation and submission of Bureau of Internal Revenue (BIR) Form 1604CF and 1604E (Annual information return of income taxes withheld.) — This is also a good time to evaluate if expenses have been properly subjected to withholding tax and implement any corrections, if necessary.
• Registration of books of account — This includes the submission of computerized books of account and permanently bound computer-generated/loose-leaf books of account used in the taxable year 2017, due on Jan. 30, 2018.
• Submission of inventory list — Taxpayers are required to file an inventory list of finished goods, work in progress, raw materials, supplies, and stock-in-trade not later than Jan. 30, 2018. Be reminded of the format prescribed in Revenue Memorandum Circular No. 57-2015.
• Submission of list of regular suppliers by large taxpayers — This semestral summary list of regular suppliers of goods and/or services must be submitted to the Large Taxpayers Assistance Division/Large Taxpayer District Office by Jan. 31, 2018.
• Renewal of business registration with BIR — An annual registration fee of P500 should be paid on or before Jan. 31, 2018.
• Distribution and submission of BIR form 2316 (Certificates of Compensation payment/tax withheld) — All employees, including those who qualify for substituted filing or as minimum wage earners, must be provided with a copy of their BIR Form 2316. If you have many employees and you would like to use a digital signature, approval must be secured from the BIR.
2. FILING OF ITR AND FINANCIAL STATEMENT
Taxpayers with FY ending on Aug. 31, 2017, are required to submit and file to the BIR the Annual Income Tax Return (ITR) and the Audited Financial Statements due on Dec. 15, 2017.
3. RENEWAL OF REGISTRATIONS WITH LGUS
The renewal of business permits with the local government unit (LGU) includes, but is not limited to, payment of local business tax, mayor’s permit fee, barangay clearance, community tax certificate, fire safety certificate and sanitary fee, garbage fee, engineering fees, and other charges imposed by the LGU.
4. PREPARATIONS FOR THE IMPLEMENTATION OF THE TAX REFORM
Before the year ends, we anticipate the approval of the House of Representatives and Senate version of the Tax Reform for Acceleration and Inclusion (TRAIN) Bill.
We expect that beginning January 2018, there will be changes to the computations of tax payments, especially on the withholding of employees’ compensation.
With this, we may have to prepare and educate our finance teams or human resources professionals who are responsible for payroll processing and reporting requirements. There will be changes in the classification of income into exempt or taxable income. Tax exemptions, deductions, or credits, as well as the tax rates for compensation income earners, will change. A new withholding tax table should be issued soon. There will be a need to change systems and procedures, whether they are manually done or through a computerized system.
The increase in VAT exemption threshold to P3 million has been proposed by both the House and the Senate. For small businesses who are on the margins, there is an opportunity to evaluate whether you would like to continue as a VAT-registered entity or apply for deregistration from the VAT. This means you will just pay the 3% percentage tax monthly.
For individuals in business who are within the VAT threshold, you may also have to evaluate and decide on the income tax regime that would be best for you. The options include the 8% tax on gross revenue and the graduated rates on net income, which may be computed based on itemized or optional standard deduction.
I am sure big businesses in the petroleum, automobile, and beverage industries have long planned for the proposed changes in the excise tax and the new tax on sugar-sweetened beverages. As consumers, too, the impact on our costs may require a change in our purchasing or consumption decisions.
As the holiday season draws near, it is important to have everything in place to ensure that no detail is left undone.
End the year right, as we hope to begin the new year with a bang.
Maricel P. Katigbak is a manager of the Tax Advisory and Compliance of P&A Grant Thornton.
As published in Business World, dated 28 November, 2017