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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 Alerts
P82,000 tax exemption allowance for bonuses
President Aquino signed into law Republic Act 10653 which increased to P 82,000 the tax exemption allowance for other benefits given to employees such as the Christmas bonus and productivity incentives. The old threshold was only P 30,000. The new law also mandates the President to adjust this threshold every three years to its present value using the consumer price index (cpi) as published by the National Statistics Office. Under the old regulations, this exemption allowance covers benefits given in excess of the tax exempt de minimis benefits.
PEZA importers are exempt from BIR ICC/BCC
As announced in BIR Revenue Memorandum Circular No. 4- 2015 issued on January 5, 2015 which published the full text of Department of Finance Order No. 107- 2014 PEZA locators shall now be eligible for accreditation as importers with the Bureau of Customs Account Manager (BoC-AMO) without the need to secure an importer’s clearance certificate (ICC) or a customs broker’s clearance certificate (BCC). However, the BoC may still require them to submit documents and information before accreditation is granted. PEZA locators that will import goods in the Philippines will have to comply with the documentary requirements provided in the relevant rules of produce of customs. Failure to do so will subject them to sanctions and penalties.
Extension of filing deadlines for NCR taxpayers
The Bureau of Internal Revenue (BIR) has officially announced that tax returns due on Jan 15, 16 and 19 for taxpayers in the National Capital Region where work has been suspended may be filed on Jan 20. For Tacloban City taxpayers, the Jan 15 and 16 deadlines have been moved to Jan 19. The BIR issued the instruction to authorized agent banks to accept the returns on Jan 20 for NCR and 19 for Tacloban City without penalties.
Online submission of Certain Annual Income Tax and Excise Tax Returns: RMC 2- 2015
This circular was issued to inform all taxpayers and others concerned on the availability of Offline eBIRForms Package Version 4.7 in BIR Website particularly the following seven (7) returns which can now be submitted online thru Electronic and Filing Payment System (eFPS): 1. 1702-RT (Annual Income Tax Return for Corporation, Partnership and other Non-Individual Taxpayer Subject Only to the Regular Income Tax Rate); 2. 1702-MX (Annual Income Tax Return for Corporation, Partnership and other Non-Individual Taxpayer With Mixed Income Subject To Multiple Income Tax Rates); 3. 1702-EX (Annual Income Tax Return for Use Only by Corp., Partnership and other Non-Individual Taxpayer Exempt Under the Tax Code , as Amended, Sec. 30 and those exempted in Sec. 27 C and Other Special Laws, With No Other Taxable Income); 4. 1701 (Annual Income Tax Return for Self-Employed Individuals, Estates, and Trusts (Including those with both Business and Compensation Income); 5. 1700 (Annual Income Tax Return for Individuals Earning Compensation Income (Including Non-Business /Non-Profession Related Income); 6. 2200A (Excise Tax Return for Alcohol Products); and 7. 2200T (Excise Tax Return for Tobacco Products)
Revised requirements for Issuance of BIR ICC/ BCC: RMC 1- 2015
Amendments have been issued to expedite the issuance of BIR Importer’s Clearance Certificate (ICC)/ Broker’s Clearance Certificate (BCC) relative to the accreditation of Importers and Customs Brokers. The following requirements have been waived: a. Certified copy of the Certificate of Registration (COR) issued by the Bureau; b. Certified true copy of SEC Registration and Articles of Incorporation. However, the clearances/ certificates from the following BIR offices should already be attached upon filing the application form: RDO, Legal, Collection and Accounts Receivable Monitoring Divisions, and the AITEID. For applicants who have been issued provisional ICC/BCC, the above certificates/ clearances should be submitted at least one month prior to the expiration of the 6- month validity of the provisional ICC/BCC.