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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.
According to a recent Grant Thornton United Kingdom (UK) report on e-learning, around a quarter of all corporate training in the UK was conducted online. While this has been increasing steadily every year, a large proportion of training has remained face-to-face.
New platforms
The traditional use of online learning has centered around highly technical skills and compliance training, as well as content administration. However, for essential or soft skills training, such as leadership or sales, online learning has struggled to gain traction.
In recent years, technological innovations have started to expand the types of training that can be effectively delivered online. While the concept of online learning platforms is not new, advancements such as mobile apps, gamification, 3D environments, social learning, data analytics, and artificial intelligence are enabling greatly improved learning experiences and effectiveness. Moreover, organizations and speakers are investing in online presentation and learning technologies like ring lights, dynamic microphones, doodles and document readers, and shared files for better collaboration with their participants.
Unprecedented change
The key barriers to increased adoption of online learning in a corporate environment have been user acceptance and the lack of a clear return on investment. Many large corporations have been cautious in adopting online learning. Instead, they retain existing learning management systems and overlay them with more innovative solutions to fill specific learning gaps. For small and medium enterprises, the lack of a solid business case for customized learning solutions has slowed adoption. Instead, they may prefer a lower cost, bundled product or service, incorporating a learning platform and content.
However, the coronavirus pandemic has brought an unprecedented challenge to organizations as workforces had to retrain and upskill rapidly. The relevance of learning content is critical: compliance activities, remote working, well-being, and cybersecurity topics have all remained popular.
For offline trainers, the situation has driven significant reductions in revenues and potential decreases in demand for offline-only offerings. The online learning sector, in sharp contrast, has proven to be amongst the more resilient industries. Usage among existing online users during the quarantine has peaked, and inquiries about new online training solutions and content have reached record highs. Providers will however need to maintain the quality of their program offerings.
The need for training will never go away
The response to the COVID-19 pandemic imposed immediate demands on working practices, but the impact on training for the workforce is expected to be long-lasting. Health and safety is top of the agenda, and new regulations and scrutinized compliance processes have brought governance to the fore. As employees return to the workplace, online learning providers expect demand for content in these areas to grow.
Trainers and online learning companies need to understand how COVID-19 has changed their market and respond accordingly. We have seen CEOs from learning organizations becoming more focused on preparing their business for an upswing in demand. Online learning content providers have noted an initial uptick in need, particularly for off-the-shelf content; bespoke has been harder hit. Platform providers noted an upswing in inquiries from corporates testing the market for their first learning management system or seeking a more sophisticated solution. Blended platform and content providers have benefited from cross-selling opportunities, particularly around content. Face-to-face training providers have reported an increase in discussions with clients to help them move to virtual and digital training.
The requirement for training in any format is unlikely to reduce. Both consumer and business-centric learning providers need to rethink how their services are consumed and delivered. This will bring changes to operating models and channels to market, and the training partners and solutions they select to support this change.
Failure to fully understand the changes in learning needs and new ways of working is likely to lead to many providers' solutions becoming outdated. Face-to-face providers will need to combine digital delivery with more traditional forms of learning. In contrast, content providers will need to partner with the right platforms and repurpose existing content for relevance.
For confident decision making, training and learning providers need to understand how their clients' businesses are changing, how training needs are evolving, and which channels and platforms can best support their value proposition.
Ultimately, learning providers are well placed to offer clients value in this period of significant workplace disruption. We expect growth to accelerate as a result of this crisis, namely due to increased penetration by small and medium enterprises, shifting face-to-face training to online, and improved technology capabilities at an affordable price point. Providers that are quick to adapt and focus on developing products that align with clients' needs will do well.
Mhycke C. Gallego is a partner of advisory services and head of knowledge management at 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 mhycke.gallego@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit www.grantthornton.com.ph.
As published in The Manila Times, dated 15 July 2020