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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.
Reconsidering current business models
07 Oct 2020In the early days of the enhanced community quarantine (ECQ) in March, my wife and I had to strategize on how to secure our groceries. We had to decide on who should go out, and where and when to. We spent hours falling in line while ensuring to observe all the safety protocols being enforced by the government. We knew back then that we had to find a new way of doing groceries and other activities because we were spending so much time potentially exposing ourselves to the coronavirus disease 2019 (Covid-19).
In the Philippines’ not-so-distant past, buying items online was considered inconvenient and risky, something only people with access to credit cards can do. Even those with credit cards were hesitant to transact online because of security concerns. Now, amid the coronavirus pandemic, 75 percent of internet users in the country, aged 16 to 64, have already purchased something online. This surge can be attributed not only to the availability of various payment options, such as online banking, electronic wallets and cash on delivery, but also to the lockdowns the government imposed on the country. It can be said the options electronic commerce (e-commerce) offers have evolved to suit the needs of consumers.
With the pandemic most customers to stay at home and stores to operate at a limited capacity, many retailers and establishments were forced to alter their business models to fit the current situation. Covid-19 especially hit small and medium enterprises, as their owners had to find new ways to attract customers. These adjustments propelled e-commerce and remote services reached new heights. This presents business owners with new opportunities to take advantage of.
The question is: How should a business reassess its current business model? What are the considerations?
Attracting customers in a volatile market
With e-commerce ultimately becoming a necessity for retailers, it allows small businesses to expand the reach of their brick-and-mortar establishments by conferring with customers from different parts of the country, or even the world. Although this presents an exciting opportunity, competition becomes a challenge, since the online market reduced the entry barrier.
How can an online business stand out? Introducing deals and discounts can set your business apart. Think about who will shoulder the costs of delivery. Would this be offered at no additional cost to the buyer? Partnerships with other businesses can also be considered, as being associated with a better-known brand, or “piggybacking” on its logistical muscle, can help boost the presence and reach of your products.
Social media can also be used to increase brand awareness and build trust between the brand and customer. This can be done by creating eye-catching content that is relatable to the brand’s target audience.
The need for digital transformation
In the new normal, focusing on the digital customer experience is now necessary for any business. Innovating the buying experience for customers can help a business gain a significant market share. Part of this innovation is redefining the client experience when he or she accesses your business through different portals. These questions can help business owners figure out the client experience: How will my target market know our products and services? And How can we improve our customers’ online experience?
As business owners go through this process, they need to keep in mind that digital transformation should not be made at the expense of the client experience. It should be a tool to support a business’ growth, which includes the client experience, and not just a tool to ensure a smoother transaction.
Maximizing on available technologies
There are many free tools and strategies out there to help professional service companies manage their customer relations. These include Zoom, Skype and Google Hangouts, which can be used to meet clients and keep in touch with them. Furthermore, presence on both traditional and online platforms should need to go hand-in-hand to ensure a wider audience reach.
Taking advantage of the situation
The pandemic has forced businesses to rethink and innovate the products and services they offer. This is the perfect opportunity to make necessary and overdue changes to create a new path moving forward. If you are a business owner, research well, consult with your business advisor and consider adding modern technologies to significantly stretch your current offerings and expand the distribution of your products or services.
Two months after the ECQ was implemented, my wife discovered new ways of getting our groceries. Enterprising Filipinos started offering services to ensure that we would meet our daily food requirements without us having to leave the house. I don’t think I need to ask her, but this is probably how we would continue to buy food, even after the pandemic ends.
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 www.grantthornton.com.ph.
As published in The Manila Times, dated 07 October 2020