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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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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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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.
Relief for resilient taxpayers
03 Nov 2020Someone once said, “Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.”
Never give up. Ever since COVID-19 broke out, no day has been easy. The lockdown and quarantine caused job losses and disrupted what we consider normal.
The pandemic has dominated headlines for the past 10 months. Unfortunately, there are other challenges apart from this crisis. As I write this, super typhoon Goni (Philippine name: Rolly) is hammering southeastern Luzon with strong winds, high waves and floods. This is another blow to the already troubled economy.
With all these challenges, businesses are certainly adversely affected, and taxpayers are definitely asking about tax relief and measures to help them on the road to recovery. Currently, taxpayers can get some form of relief from the following: (1) Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II), (2) Voluntary Assessment and Payment Program (VAPP), and (3) Tax Amnesty Program on delinquencies.
BAYANIHAN II
There has been a lot of discussion on relief measures, including the extension of the net operating loss carryover over the next five years, tax exemptions for certain donations, tax exemptions for retirement benefits, COVID-19 special risk allowances, compensation and hazard pay, among others.
In relation to Bayanihan II tax relief, the Bureau of Internal Revenue has issued revenue regulations (RR) 24-2020, 25-2020, 26-2020, 27-2020, 28-2020, and 29-2020. These BIR issuances provide the conditions and requirements needed in order for the taxpayers to avail of the exemptions from taxes, thereby aiding their recovery if only in part.
VAPP
Under this program, the impression is this was launched to maximize and promote the government’s revenue collections. Taxpayers are encouraged to make voluntary payment of additional tax due covering the taxable year ended Dec. 31, 2018 and fiscal year 2018 ending on the last day of the months of July 2018 to June 2019, including certain covered one-time transactions. The BIR issued Revenue Memorandum Circular 111-2020 to clarify certain issues relating to the VAPP application.
However, viewed in another way, taxpayers may want to have another look at the program to see whether the program actually benefits them. The main benefit of the program is the privilege of taxpayers availing of VAPP to be exempted from audit for the covered taxable period and for the tax types covered by the availment. Consequently, the program would save taxpayers the bother of a full-blown tax assessment, which has the potential to reach the courts.
Comparing the benefits of the program with the costs of availing, some companies may find some form of relief to their advantage. At least, if the tax assessment process is taken out, even for just one taxable year, a company focuses more on its business operations and recovery strategies.
It should also be noted that the deadline for availing of the VAPP is on Dec. 31, 2020 unless extended by the Secretary of Finance.
TAX AMNESTY PROGRAM ON DELINQUENCIES
This amnesty program was issued by the BIR last year, and its availment was extended until Dec. 31, 2020. It provides for the processing of the tax amnesty application on delinquent accounts as defined in Republic Act 11213, covering the taxable years ended 2017 and earlier.
As in the case of VAAP, the taxpayer may consider weighing the costs and benefits of availing of the tax amnesty program. The idea is for the taxpayers to get some things out of the way, in order to have more time to spend on the core business.
These programs remind taxpayers that there is always some form of relief available during these challenging times.
As COVID-19 cases continue to rise, aggravated by a recent calamity, it is good to know that the government is responding and that each of us is showing resilience. It is never easy, but we get stronger despite the crisis.
The taxpayer wish list, perhaps, includes asking the government to broaden the tax relief to ease their burden and to help them effect a speedy recovery. Congress is currently considering a general tax amnesty law to support the government’s finances. Hopefully, this proposal and other tax measures happen very soon, as we need swift action in these difficult times. The government and each of us need to work together to recover. Resilience is an important part of growth and change. This is our new reality and we can fight.
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Maricel P. Katigbak is a senior manager of the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
As published in BusinessWorld, dated 03 November 2020