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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 TRAIN’s income tax provisions
08 Mar 2018THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 8-2018 implementing the rules and regulations of the new personal income tax rates under the Tax Reform for Acceleration and Inclusion Act (TRAIN) Law (Republic Act No. 10963).
The issuance covers the regulations applicable to individuals earning purely compensation income, self-employed or professionals, mixed-income earners, resident aliens, and non-resident aliens earning income in the Philippines.
For individuals earning purely compensation income, the income earned must be taxed based on the prescribed graduated income tax rates, ranging from 0 percent to 35 percent with income not exceeding P250,000.00 being subjected to 0 percent tax rate. Income earned by minimum wage earners based on statutory minimum wage rates, including holiday pay, overtime pay, night shift differential pay, and hazard pay are still exempt from income tax.
Self-employed individuals and/or professionals whose gross sales/receipts do not exceed the value-added tax (VAT) threshold and are not voluntarily registered under the VAT system have the option to be taxed based on the 0 percent to 35 percent graduated tax rates or eight percent tax rate on gross sales/receipts in excess of P250,000.00 in lieu of percentage tax.
The taxpayer must signify their intention should they elect eight percent income tax rate in the 1st quarter return. Otherwise, the income earned shall be subjected to graduated tax rates. Such election will be irrevocable, and no amendment of option will be made for the taxable year.
The option to avail of the eight percent tax rate on gross receipts/sales is also applicable to mixed-income earners on income from business or practice of profession; however, the tax base must be the total gross sales/receipts without deducting P250,000.00, since it is already incorporated in the first level of the graduated income tax rates on the mixed income earner’s compensation income.
Existing non-VAT taxpayers may avail of the eight percent income tax rate at the beginning of the taxable year or before the due date for filing and/or payment of the percentage tax.
The taxpayers must file an application for registration information update (BIR Form 1905) to cancel percentage tax as registered tax type. However, this option is not available to VAT-registered taxpayers, those who are subject to other percentage taxes under Title V of the Tax Code (except those taxpayers exempt from VAT pursuant to Section 116 of the same title), and partners of a general professional partnership (GPP) by virtue of their distributive share from GPP, which is already net of cost and expenses.
Individuals engaged in the business/practice of their profession, regardless of the amount of sales/receipts, must file a quarterly income tax return on or before May 15, Aug. 15, and Nov. 15 for the first, second, and third quarters, respectively, and an annual income tax return not later than the 15th day of the fourth month following the calendar year.
Other provisions on the exclusions and deductions of gross income, income tax rates on non-resident alien individuals, fringe benefit tax and income tax rates on certain passive income are also included under this issuance. The RR took effect on Jan. 1, which is also the effectivity date of the TRAIN Law.
Source: P&A GRANT THORNTON
As published in SunStar Cebu dated 6 March 2018.