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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.
In the bubble
12 Aug 2020As the coronavirus disease 2019 (Covid-19) continues to spread across the globe, most of the regular aspects of our lives, including sports and physical activities, have been greatly affected. The various measures implemented to contain the spread of this disease, including physical distancing and community quarantines, have significantly altered the sports landscape. At the onset of the pandemic, notable sporting events, including the 2020 Tokyo Olympics, have been postponed while local and international professional leagues have suspended their seasons to safeguard the health of athletes, coaches, officials and other stakeholders.
Like other industries, the sports industry — estimated to be valued at $756 billion — has grappled with the negative financial effects of the health crisis. The resumption of most sporting events proved to be extremely challenging, with physical contact still reduced to a minimum. Professional sports organizations and leagues have thought of various ways to resume operations while ensuring the safety and welfare of all individuals involved, but the threat of Covid-19 completely changed how sporting activities would now be held and how people would watch them.
Much to the delight of basketball-starved enthusiasts, the National Basketball Association (NBA) recently resumed its season. The resumption was a rousing success, with the seeding games well on their way and the playoffs just around the corner while keeping Covid-19 cases within the NBA bubble (we’ll tackle this in a while) in check. In turn, spectators have been treated to beautiful, exciting basketball: Luka Doncic’s triple-doubles, TJ Warren’s bubble explosion, a compelling race to the West’s eighth seed and a wealth of other stories. Another aspect of the restart piqued my interest, which is how the NBA managed to adapt to the pandemic and eventually resume its games, and how other organizations and industries can emulate or improve the measures the NBA took.
Bubble concept
The NBA bubble involves housing the 22 teams, and essential league and team personnel invited to the restart, in one isolation zone. The concept of the resumption is relatively simple: ensure that all individuals in the bubble are free of Covid-19 by implementing strict health protocols and preventing exposure by not allowing nonessential personnel to enter that bubble. While the solution has been expensive — estimated to be $170 million — it appears to be viable and effective, as the NBA was able to resume without any new transmissions to date.
While the idea of a similar bubble would seem implausible to implement, some measures taken by the NBA can be adopted by other organizations and industries. Fundamental to reopening businesses are safe and healthy working conditions for employees, so strict adherence to policies and guidelines formulated by national authorities for the safe return to work must be ensured. This would also include establishing the tone of promoting safe and healthy work practices from the top of the organization. If work-from-home arrangements are not possible because of the nature of the industry, face masks, disinfectants and, if possible, rapid testing kits should be available to employees returning to on-site work, and workplace protocols and common areas should be revisited to reduce the risk of transmission at work.
Diversification of revenue streams and products
With “real fans” not being allowed inside the bubble, match-day revenues (i.e., ticket sales, hospitality income, food and beverage sales) have been reduced to nil while commercial revenues (i.e., advertising and sponsorships) are expected to decline because of the limited in-game experience for fans and spectators. But since traditional broadcast income (sales of television rights) continues to be the linchpin of NBA revenues, continuing the season was still the most financially viable option for it. To compensate for the lack of match-day and commercial revenues, the NBA hopes to capitalize on two trends to diversify its revenue streams and products: increase in media consumption and developments in virtual technology.
The NBA hopes that the spike in media consumption would lead to more league-pass subscriptions, which it offered for free while the season was postponed to continue to drum up interest while offering it at lower prices (despite better packages) upon the restart. The league is also ramping up its venture into esports, which shows huge demand and viewing reach among Generation Z and millennials and provides a different venue for fan interaction and mileage. Since last year, the NBA has partnered with NBA2K to host online tournaments that are being streamed through Twitch, YouTube and other streaming sites.
Parallels should be drawn by other industries as well, where the prioritization of profitable revenue streams, diversification of products and services, and venturing into digital transformation and development should form part of resiliency and recovery strategies. Companies already bore the brunt of the impact of Covid-19 and the gradual reopening of the economy provides a window for them to reassess their operations for potential efficiencies, realign future plans and priorities, and explore opportunities, particularly in the digital space. With the new normal expected to continue even after this crisis passes, industries should also formulate new ways to distribute products to customers and provide them with flexible payment and consumption options.
Challenges abound
A report by Adrian Wojranowski of ESPN said there had been significant concerns about the uncertainty of the next NBA season, with league owners raising the need to have fans returning to arenas to recover from lost match-day revenues. The possibility that the bubble could burst and we would be left with a canceled NBA season still lingers. Like the NBA, companies and organizations are diving into uncharted waters with the Covid-19 pandemic remaining fluid and unpredictable. Challenges and uncertainties abound, and how companies adapt would show if they would eventually flourish or not. But like in basketball, advanced scouting to identify weaknesses of the adversary, formulating offensive and defensive strategies, adept coaching and, ultimately, the chemistry, skill and execution of players significantly tip the proverbial scales toward winning.
James Paul M. Sevilla is a senior manager of Audit and Assurance 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 james.sevilla@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit www.grantthornton.com.ph.
As published in The Manila Times, dated 12 August 2020