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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 future of Asia-Pacific
02 Nov 2016In the book "Revolutionary Wealth" by futurist couple Alvin and Heidi Toffler, there is a quote from Robert Manning of the Council on Foreign Relations that states: "Ponder the world of 2050, an Asia with more than half of the world's population, perhaps 40 percent of the global economy, more than half of the world's information technology industry, and world class high-tech military capabilities." The Philippines, analysts predict, will be the 16th biggest economy by 2050.
Such is the promise of the future of Asia-Pacific. Currently, Asia-Pacific is the engine room of the global economy. GDP growth across the region outstrips the West's while the vast majority of European and North American economies are forecast to grow by less than 2 percent this year, many of those in Asia Pacific are looking for at least 3 percent growth, in some cases more.
When Grant Thornton asked 675 business leaders across ten Asia-Pacific countries, through its International Business Report (IBR) covering the 2nd quarter of 2016, about their views on the myriad of challenges and opportunities facing them, Grant Thornton found that overall business optimism is increasing.
Business optimism across the whole region increased by seven percentage points to a net 28 percent in the second quarter of 2016. This level is significantly above the IBR long-run average of optimism for the region of 18 percent. Interestingly, business leaders in emerging Asia-Pacific economies reported optimism at 50 percent, while in developed economies it was 20 percent (20 percent more pessimistic than optimistic).
Among developed economies, optimism is low in Singapore (-12 percent) and Japan (-51 percent). However, across emerging Asia-Pacific economies, the Philippines has the highest business optimism of any economy in the world in the IBR at 94 percent. Philippine business leaders are expectant about increases in exports and profitability over the next 12 months. (As the survey covers the 2nd quarter of 2016, it does not take into account the new administration's comments about some of its trading partners.)
Many are excited by the prospect of automation transforming the business landscape, while others see it as a potential threat to third party providers of low-skilled labor, a pillar of some economies in the region like India and the Philippines, which are both known for their call centers. Likewise, developed Asia-Pacific economies, in particular, are positive about the Trans-Pacific Partnership (TPP) while others urge diversification of investment into the Asean economic community. India is also gearing up to attract yet more foreign investors in 2017 by introducing the long-awaited simplification of its indirect tax system.
However, the region faces significant economic, political and social challenges that, if left unmitigated, could undermine its economic promise. The re-balancing of the Chinese economy, ageing populations, territorial conflicts and the US Federal Reserve's plans to increase interest rates, are all issues firmly on the minds of business leaders across the region.
Asia-Pacific spans a huge and diverse business community, from India to Japan to New Zealand. What is clear from our research is that while businesses remain largely confident about the coming months and years, with many areas ripe with opportunities, threats do linger which could undermine growth if left unaddressed.
Grant Thornton recommends that, while there are so many moving parts, now is the time for dynamic businesses across the Asia-Pacific region to reassess the opportunities and challenges present in the regions they operate in. After all, opportunities exist for dynamic organizations that are able to change with the evolving business environment. A healthy proportion of leaders within the region recognizes the transformative power of technology to automate business tasks and processes. Those with the foresight to invest time and resources in understanding the opportunity will be in the best position to gain a competitive advantage over their peers.
For firms in the Asean region, the recent commitment to greater economic cooperation is a major step forward and business goals should reflect the improved relationship with their nearest neighbors, which should open new markets offering fresh opportunities.
At the same time, the Grant Thornton research highlights the need for businesses across the region to take
proactive steps to minimize the risk of overreliance on China. While it will remain a hugely important trading power, what's clear is that as it continues to evolve, firms should explore ways to diversify. Not just in terms of trading partners, but product and service offerings, too.
Ageing populations have also emerged as a significant threat in the region and while it is not the job of the business community to reverse this demographic trend, it needs to react now to stay ahead of the trend. Automation could be part of the answer, but so could closer links with education institutions and a revitalized training program to ensure that the skills needed by their workforce are continuously being developed.
Asia-Pacific holds so much promise for the future. Opportunities are knocking; we should be welcoming them, but at the same time we should be mindful of the challenges.
Jessie Carpio is a Partner and Head of BPS/Outsourcing of P&A Grant Thornton and concurrently President of P&A Grant Thornton Outsourcing Inc., an entity wholly owned by P&A Grant Thornton. P&A Grant Thornton is one of the leading Audit, Tax, Advisory, and Outsourcing firm in the Philippines, with 21 Partners and over 800 staff members.
As published in Manila Times 2 November 2016