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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
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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
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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.
Doing business in the Philippines made easier
05 Jun 2018The World Bank’s Doing Business 2018 report reveals that the Philippines has slipped when it comes to the ease of doing business to 113th place from 99th place last year. 190 countries were surveyed in the report. Perhaps in response to this development, the government recently passed Republic Act (RA) No. 11032 or “The Ease of Doing Business and Efficient Government Service Delivery Act of 2018.” This new law, which aims to reduce processing time, cut bureaucratic red tape, and eliminate corrupt practices, enhances the decade-old Anti-Red Tape Act of 2007, which focused on streamlining and improving the current systems and procedures of government services.
What are the significant highlights of RA No. 11032?
1. Prescribed processing time
All government agencies (national or local), government-owned and -controlled corporations (GOCCs), and government instrumentalities located in the Philippines or abroad shall comply with the prescribed processing time:
a. Simple transactions — Three working days
b. Complex transactions — Seven working days
c. Highly technical transactions — 20 working days
2. Automatic approval
If agency fails to approve or disapprove an original application within the prescribed processing time, the application shall be deemed approved. However, if the cause of the delay is due to force majeure or natural or manmade disasters, the mandated prescribed processing time shall be suspended and appropriate adjustments shall be made.
3. Zero-contact policy
Government employees shall have no contact in any manner with any requesting party concerning an application or request, except during preliminary assessment of the request and evaluation of submitted documents or unless strictly necessary.
4. Citizen’s Charter
All government agencies shall set up a current and updated Citizen’s Charter to indicate the following details:
a. Checklist of requirements for each type of application or request;
b. Procedure to obtain a particular service;
c. Person(s) responsible for each step of the process;
d. Amount of fees, if necessary;
e. Maximum time to complete the process; and
f. Procedure for filing complaints.
5. Administrative penalty for noncompliance
Any government official or employee found in violation of RA No. 11032 will face the following penalties:
a. First offense — Administrative liability with six months’ suspension
b. Second offense — Administrative and criminal liability
While the different agencies are expected to issue the related implementing rules and regulations, the inclusion of these five significant points is a welcome development indeed. To give teeth to the law, RA No. 11032 even provides for an administrative/criminal liability to erring government official or employees in applicable situations.
With the new law, applying for permits, licenses, and certificates will be easier and faster. According to the Doing Business 2018 report, good rules create an environment where new entrants with drive and good ideas can get started in business and where good firms can invest, expand, and create jobs, encouraging more Filipinos to be entrepreneurs.
RA No. 11032 would also complement the incoming Tax Reform for Acceleration and Inclusion (TRAIN) 2 package. The easier way of doing business, together with the proposed reduction of the corporate income tax rate under TRAIN 2, will enhance the country’s competitiveness against neighboring Asian countries and, hopefully, encourage more foreign companies to come to and invest in the Philippines. RA No. 11032 may also soften the negative impact of the proposed removal or reduction of the tax incentives of some businesses, which is feared to scare away potential and existing investors.
Several studies show evidence of a significant correlation between the ease of doing business indicators and the flow of foreign direct investments. Although this does not imply causation, the findings do support the claim that a country’s ease of doing business more accurately reflects the overall investment climate than what matters only to small and medium-sized domestic firms.
It will be interesting to see the effect of RA No. 11032 in the months and years to come. Note that the Bureau of Internal Revenue (BIR), through its issuances, is striving to align with the objective of helping taxpayers streamline their registration applications, tax filing, and compliance processes.
Taxpayers hope that, in the context of the ease of doing business in the Philippines, the BIR would continue to evaluate or re-evaluate its processes in various areas, such as in computerized accounting system (CAS) applications, securing of tax rulings and of certificates authorizing registrations in sale of shares or real properties (CPM1), and tax refund processes, among others. The BIR’s efforts will require additional funds, manpower, and technology support. However, many believe that resources, if channeled into further streamlining BIR requirements, will largely contribute to the call for ease of doing businesses in the Philippines, especially since tax requirements and constraints have a permanent and continuing impact on businesses.
Rufino Gerard G. Moreno III is an associate of the Tax Advisory and Compliance of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing services firms in the Philippines.
As published in BusinessWorld, dated 05 June 2018