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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.
Tax Notes: 2017 Filing of AFS and GIS
27 Feb 2017IN line with this year’s filing of annual reports, the Securities and Exchange Commission (SEC) issued its first memorandum circular to maintain an orderly filing of the annual audited financial statements (AFS) and general information sheet (GIS).
Pertinent provisions are as follows:
For AFS
1. All corporations including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations whose fiscal year ends on Dec. 31, 2016 must, depending on the last numerical digit of their SEC registration or license number, be governed by the following schedule in the filing period for 2017:
April 17, 18, 19, 20, 21 : “1”, “2”
April 24, 25, 26, 27, 28 : “3”, “4”
May 2, 3, 4, 5 : “5”, “6”
May 8, 9, 10, 11, 12 : “7”, “8”
May 15, 16, 17, 18, 19 : “9”, “0”
2. The above filing schedule does not apply to the following corporations:
(a) Those whose fiscal year ends on a date other than Dec. 31, 2016. These entities should file their AFS within 120 calendar days from the end of their fiscal year;
(b) Those whose securities are listed on the Philippine Stock Exchange (PSE) and those whose securities are registered but not listed in PSE and public companies.
These entities will continue to observe the due date of filing of their AFS (within 105 calendar days after the end of fiscal year) as attachment to their Annual Reports (SEC Form 17-A), in accordance with the implementing Rules and Regulations of the Securities Regulation Code; and,
(c) Those whose AFS are being audited by the Commission on Audit (COA). 3. Prior to April 17, 2017, all corporations may file their AFS regardless of the last numerical digit of their registration or license number.
4. Late filings will be accepted starting May 22, 2017 and shall be subject to the prescribed penalties which shall be computed from the date of the last day of the required filing schedule.
5. The AFS, other than the consolidated financial statements, must have the stamped “received” by the Bureau of Internal Revenue (BIR) or its authorized banks, unless the BIR allows an alternative proof of submissions for its authorized banks (e.g. bank slips).
6. The basic components as prescribed under SRC Rule 68, as amended, must be submitted by filers. Failure to comply with any of the formal requirements under the rule including the prescribed qualifications for independent auditors and/or any material deficiency or misstatement that may be found upon evaluation of the specific contents thereof, will be considered a sufficient ground for the imposition of penalties by SEC. The acceptance and receipt by the Commission of the financial statements will be without prejudice to such penalties.
For GIS
All corporations must file their GIS within 30 calendar days from:
(a) Stock corporations - date of annual stockholders’ meeting per By-Laws;
(b) Non-stock corporations - date of annual members’ meeting per By-Laws; or,
(c) Foreign corporations - anniversary date of the issuance of the SEC License.
All filers of AFS and GIS, complying with the circularized SEC-issued number coding schedule (for AFS only) may choose to avail of any of the following options:
(a) Direct submission to SEC’s Head Office in PICC Building, all satellite offices (Ali Mall-Cubao Quezon City, SM Manila, SM North Edsa, Robinson’s Galleria and Muntinlupa City Hall) and Extension Offices (Cebu, Iloilo and Davao); or
(b) Filing through SEC Express Nationwide Submission (SENS); or
(c) Filing through SEC Express Online Submission; or
(d) Filing through any courier/regular mail.
Should the filers opt to submit the AFS and GIS through SENS, SEC express online submission, or courier/regular mail, filing must be done before April 17, the first day of the staggered deadline.
Please be guided accordingly.
Source: P&A Grant Thornton
As published in Sun.Star Cebu dated on 27 February 2017