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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.
Dear PEZA... Love, unregistered activities
14 Feb 2017February 14, Valentine’s Day. To some of us, it’s the most romantic day of the year. Others dread it. But to Philippine Economic Zone Authority (PEZA)-registered entities, it’s a mere 14 days before the submission of its latest requirement.
PEZA doesn’t like playing Cupid as its Enterprise Operations Department (EOD) recently issued EOD Advisory No. 2017-001-A, reminding all PEZA-registered entities to strictly adhere to their respective PEZA registration and supplemental agreements or valid letters of approval or authority (LOAs). The advisory also states that they should only engage in their PEZA-registered activities, which shall be undertaken within the confines of the PEZA zone. So no love outside the zone.
The advisory, which stemmed from EOD Advisory No. 2017-001 issued on Jan. 11, further requires erring PEZA entities to inform PEZA in writing about the list of activities and the locations that are beyond the scope of the respective registration and supplemental agreements or the LOAs. Otherwise, a notarized certification shall be submitted as proof of the PEZA entity’s full compliance.
Will incidental activities such as the sale of scrap materials be included in the written notice? According to the Court of Tax Appeals (Hoya Glass Disk Philippines, Inc. [March 2016] and Nidec Copal Philippines Corp. [October 2007]), sale of scraps, rejects and seconds bear the risk of being taxed at the regular corporate income tax rate of 30% instead of the preferential gross income tax rate of 5% or income tax holiday, whichever is applicable. In contrast, PEZA interprets scrap sales that undergo processing or are used in production as subject to 5%. We hope that under PEZA’s new leadership, PEZA entities will be able to fully enjoy their incentives for such types of sale.
Will local sales of some PEZA entities be at risk? Under current rules, PEZA entities can continue to operate within the economic zone, provided that the percentage of local sales with respect to export sales does not exceed the agreed range as stipulated in the respective registration and supplemental agreements.
How will the advisory influence the foreign investor outlook? According to the Philippine National Statistical Coordination Board, foreign direct investment in the Philippines in the last quarter of 2016, averaging P40 billion from 2000 to 2016 with 2012 the peak at P230 billion and 2009 the low at P3 billion. Nevertheless, employment opportunities are boosted and symbiotic networks among foreign and local industries are strengthened over the years through the more than 3,000 PEZA-registered entities nationwide, spread over 73 manufacturing economic zones, 243 information technology parks, 21 agro-industrial economic zones, 19 tourism economic zones and two medical tourism parks.
How will the advisory impact the Bureau of Internal Revenue’s interpretation of taxation for PEZA entities? We hope for a coherent interpretation as BIR and PEZA had their coordinated agreement on this almost a decade ago. The two entities institutionalized their coordination efforts to effectively administer the preferential gross income tax rate of 5% and income tax holiday incentives under a Memorandum of Agreement signed on March 1, 2007.
How will the advisory influence the succeeding rules and regulations of PEZA as the governing body? In this aspect, attaining a sustainable equilibrium between fiscal compliance and investment growth is critical. Roughly six months ago, PEZA mandated the submission of the annual tax incentives report in a collaborative effort with BIR, Department of Finance, Department of Trade and Industry and National Economic and Development Authority to monitor the fiscal and economic impact of the incentives granted to existing PEZA entities while continuously searching for ways to attract more investments.
Interestingly, the new requirement is only still applicable to PEZA entities registered within the Luzon areas, as clarified by PEZA Cebu.
The deadline for submission is Feb. 28, an extension of the original submission date which was Jan. 31.
Sheena Marie D. Daño is a manager of the Cebu and Davao Branches of Punongbayan & Araullo.
As published in Business World, dated 14 February 2017