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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.
The new season of Netflix’ House of Cards has just been released. The success of this series is largely due to its two protagonists, Frank and Claire Underwood.
The key to the success of these bold and powerful characters is their understanding of each other. Both recognize the need for calculated risk-taking – they know when to step in and tell the other that it is or isn’t the right time to take that risk.
Three factors – leadership, diversity and risk – intertwine to great effect in the program. These three elements, as elaborated by Grant Thornton global leader for Tax Services Francesca Lagerberg in her blog just a few weeks ago, are also high on the board agenda for dynamic businesses today.
Within an organization, managing risk requires making tough decisions. Like anywhere else, the best decisions are often those that emerge from vigorous discussions and scrutiny. When people think the same conventional way and decision-making goes unchallenged, cultural weakness can often occur. A case in point is the recent problems at Toshiba, amid which its chairman suddenly resigned earlier this year; this had been attributed in part to governance and weakness of culture where decisions went unchallenged.
Put simply, a diverse set of perspectives is a good thing when it comes to governance, particularly when managing risk. Having a range of viewpoints on risk gives the decision maker a greater chance of spotting the threats. Another important reason for this is that risk does not just pose threats, but also real opportunities.
Perhaps this is also the same thought process used by the Securities and Exchange Commission (SEC) when it developed the new Code of Corporate Governance for Publicly Listed Companies, which now requires a policy on board diversity. This is in support of the value in differences in points of view as they improve the way an organization functions.
The SEC itself pointed out that diversity is not limited to gender but also extends to age, culture, skills and competence. Gender, though, is one of the quickest way to check board diversity. Research conducted by Grant Thornton for one of its 2017 reports found that men and women approach risk, and perceive the likelihood of risk, differently. Contrary to what many might expect, it is the men who see greater levels of risk in their business environments, and are more likely to jump to action on these risks. In comparison, women overall see lower levels of risk when considering aspects of organizational and commercial life, such as political or economic change, and see lower levels of opportunity in these changes.
Neither approach is right nor wrong. What would be wrong is to have risk managed by a team dominated by one point of view – which from a risk perspective, this is, well, plain risky. Research into US and European companies pointed out that there is an optimal level of dissent in organizations since a certain level of disagreement in the chain of command may be useful as it prevents bad decisions from being taken and gives credibility to the accuracy of the decision maker’s orders.
Inclusivity and diversity maximize the ability of Boards and their management teams to govern, foster the right culture and manage risk.
How then can this be improved?
One of the ways is to provide women and young achievers with leadership opportunities that will make them familiar with risk. Nurturing diverse future leaders requires confidence-building early in people’s careers. This is often possible with on-the- job experiences that expose them to the process of risk management.
Also, create a culture where taking calculated risks is part of a successful business strategy, not something to avoid. Creating cultures that clearly communicate the organization’s risk appetite and avoid blaming people can help bridge the confidence gap, and allow people to embrace risk.
This is not, in any way, an advocacy to run companies exactly as House of Cards’ fictional President and First Lady run America. The lengths they sometimes go to in order to get their way have undoubtedly raised a few eyebrows and left a few bodies strewn along the way. But their screen success is down to a team that approaches risky situations differently, and combines those approaches to make an informed decision.
Businesses that can pick up the good lessons from this program will have a strong showing when it comes to effective governance.
Renan Piamonte is the risk management partner of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory and outsourcing firms in the Philippines, with 21 partners and more than 850 staff members. For comments, please email Renan.Piamonte@ph.gt.com or
pagrantthornton.marketscomm@ph.gt.com. Visit our Website: www.GrantThornton.com.ph; Twitter: pagrantthornton, and FB: P&A Grant Thornton.
As published in The Manila Times, dated on 31 May 2017