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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
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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 Department of Trade and Industry (DTI) and Go Negosyo, the advocacy arm of the Philippine Center for Entrepreneurship (PCE), in partnership with local chambers of commerce, have launched a laudable project to empower Micro and Small Enterprises (MSEs) by encouraging entrepreneurship in the country. Called the “Mentor Me Program,” it aims to help MSEs improve their entrepreneurship fundamentals to scale up and sustain their businesses by providing them with the needed skill sets by way of conceptual discussions and mentoring sessions.
Under this Program, the DTI will select the MSEs to be enrolled as mentees, while the local chamber of commerce will choose the mentors. The mentors will be chosen based on their specific expertise, though most of them will come from various successful companies and reputable professional firms. I am honored to be one of the mentors chosen by the Cebu Chamber of Commerce and Industry.
The Program runs 11 modules for 10 weeks before the graduation of the mentees. Since my expertise is taxation, I handled and conducted the module on basic taxation. I discussed the basic rules on taxation, from registration to the preparation of tax returns. I emphasized that paying the right taxes was the right thing to do for the growth of our country, as well as for the continuous growth of their respective business enterprises. I realized that the mentees were very interested in the topic as most of them have experienced problems on taxation based on the many tough questions they raised.
The MSEs clearly showed a strong desire to learn new things, as they have to comply with regulatory requirements and try to save on taxes legally while leading their businesses. Let me elaborate on those desires below:
Desire to learn new things. I sensed the palpable hunger of the MSEs to learn new things. The room was packed with mentees listening intently to the mentors. Also, the mentees frequently asked the mentors on several items that they hoped would shed light on their problems.
Desire to comply and save on taxes legally. I noticed that there was a natural desire to comply with the regulatory requirements, especially the tax rules. But a common problem is the lack of knowledge on these tax rules, even about the most basic, which is the need to register a business with the Bureau of Internal Revenue.
Some do not even know, for tax purposes, if they are selling goods or services, as well as the corresponding documents to issue; either a sales invoice or an official receipt.
MSEs also desire to save taxes so they can maximize their limited capital and still expand their business. I discussed the tax incentives under the Barangay Micro Business Enterprise, as well as the non-taxable de minimis benefits for their employees. But I told them that the best way to save on taxes (especially the unnecessary tax expenses, like the penalties and interests) is to properly comply with the tax rules.
I believe that the mentoring program is very useful and effective for the success of MSEs. However, here are some suggestions:
The creation of the Negosyo Centers (NCs) nationwide, including the institutionalization of the mentoring program, is very necessary and helpful to the growth and success of MSEs. However, the presence of 260 NCs all over the country as of August 2016 is still not enough to cater to the many MSEs that would want to be mentored but have no access to these NCs. Local government units (LGUs) should be encouraged and tapped to bring this advocacy to their constituents. I heard some LGUs are already doing this and I hope other LGUs will follow suit. The other problem of this mentoring program is the availability of the mentors or experts, particularly in the rural areas. Maybe LGUs can identify qualified representatives as possible mentors and send them to the mentoring program for training so that they can later mentor the MSEs on the basic aspects of business.
Perhaps, DTI may run a separate mentoring program to mentor the future mentors, particularly the designated representatives from rural LGUs.
Another good option is for DTI to consider standardizing some basic modules and offer such modules online. In this way, the MSEs can access these online modules anywhere and anytime, even if there are no available mentors in their area.
I hope this Mentor Me Program will be sustained, strengthened and expanded to speed up the growth and success of MSEs in our country. When majority of the MSEs succeed and move up the next level of becoming medium and large enterprises, they will definitely contribute to the creation of more sustainable jobs, faster development of the countryside, improvement of the lives of many ordinary Filipinos and the acceleration of our economic growth. If this happens, it will surely lead to greater and more inclusive growth for the country.
Wendell D. Gahinhin is a Partner, Tax & Outsourcing, Cebu and Davao Branches 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 over 800 staff members.
As published in The Manila Times, dated 7 December 2016