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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.
‘Get to know your customer again’
18 Nov 2020The global coronavirus disease 2019 (Covid-19) pandemic, which resulted to self-isolation and economic uncertainty, is possibly changing the way people avail of products and services. Businesses face the risk of becoming irrelevant to their customers if the former fails to understand changing consumer behavior and priorities brought about by the Covid-19 pandemic. It is very critical to understand the customers’ side. Mid-market businesses need to assess whether they are still on the right track to understand and meet customers’ changing needs.
Agility is essential in a rapidly moving commercial landscape, and right data analytics can help you with a real-time overview of customer dynamics especially when consumer activities pick up. The question is, do you make use of tools to help you get a better handle on customer dynamics? Social media monitoring can help you measure customer sentiment. On the other hand, personal data analysis may help you identify key trends for your business and identify income drops or sudden increase in expenditures.
Even if there are tools to aid us in obtaining customer insights, customer interaction and communication remain more valuable than ever from both basic survival and future trends perspective.
Ian Pascoe, chief executive officer and managing partner at Grant Thornton Thailand, said: “Working much closer with your customers is critical. Engagement is vitally important. You’ve got to over-communicate and not hide things. Really engage with customers and if there is a problem come out and say, ‘There is a problem, but we are working on a plan’.”
All possible engagement channels must be used to measure the mood of customers and understand issues they face. They can provide opportunities to offer solutions and highlight the brand. Pascoe said: “It is about looking at new ways of doing things and making sure that your name is still out there, so it doesn’t disappear.”
The decline of physical meetings presents challenges to relationships. However, alternative interactions such as video calling, prove to have benefits of their own and with people spending less time travelling there is more time to make those calls. Pascoe said: “When you’re talking to clients in their homes, it’s almost a better personal relationship you’re building. And now that people are used to and increasingly expect to see people on video, you’re able to potentially offer a better service because you can bring relevant people in from anywhere in the world.”
It is also important to improve digital engagement with consumers as communications need to work particularly hard most especially in the retail sector. Before the Covid-19 pandemic, you can walk in any mall in Makati, Ortigas or Quezon City and have a strong sense of branding. There are times when you occasionally want to fit whatever is on display.
Digital engagement would include how you communicate to your customers online, the messaging you imply, and the total online shopping experience. All of these provide a huge difference.
People around the world are rapidly turning to technology, which is providing new opportunities for those that have a robust online presence. In the Philippines, a lot of people now rely on e-commerce or online shopping. During the pandemic, almost 30 percent of Filipinos bought items online several times a month most especially during the 11-11 or for the upcoming 12-12 sale events. Most of the buyers were within the age range of 35 to 44. These consumers bought food, groceries, basic toiletries and hygiene products for home necessities. For most of the Filipinos who have access to online shopping platforms, it is safer and more convenient to buy online.
It is also important to take digital channels to your advantage to have access to customers beyond your borders. The geographical constraints for professional services are no longer issues because digitalization enables more cross border advice and consultancy. Pallavi Bakhru, chartered accountant at Grant Thornton India in New Delhi, said: “That geographical line that we all had for services, where you felt that the person should sit across from you in person and talk, all that is changing. There is going to be a larger market for service providers. If you are an architect, for example, you could advise on design to anybody, in any part of the world, and for clients, there’ll be more competitive services available. Suddenly, talent will become a premium; as a customer, you’ll go to the best or the most affordable available.”
As of now, the future is still uncertain. Businesses need to retune their customer retention strategies and operations to meet the current landscape. It is important for businesses to adjust to their customers, and not the customers to the businesses. With an ever-changing economic and societal norm, it is also critical to understand what your customers are doing and feeling. The question as to why they are doing and feeling those things has never been more important. Businesses need to know where there are customer opportunities and be prepared to engage with clarity and purpose. They will need to receive as well as they broadcast; to listen as well as they speak.
Anton Ng is a partner of the Audit and Assurance Division of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing firms in the Philippines with 24 partners and more than 900 staff members. We’d like to hear from you! Tweet us: @GrantThorntonPH, like us on Facebook: P&A Grant Thornton, and email your comments to anton.ng@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit our website: www.grantthornton.com.ph.
As published in The Manila Times, dated 18 November 2020