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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.
Tax clearance for government bidding: What’s new?
16 Feb 2016Of the P3.002-trillion national budget, P702.9 billion is intended for infrastructure in 2016. The P702.9-billion capital outlay budget represents 23.4% of the 2016 total budget, and represents a 29.8% rise from 2015.
According to the government, the programmed increase of infrastructure spending will bring the Philippines almost at par with the global benchmark of 5% infrastructure spending. Robust spending is good for the economy as it aims to link lagging communities to growth centers and people to opportunities. A significant increase in infra spending is also expected during this election year. Thus we see ongoing government projects all over the Philippines in various stages of completion.
The infra budget is a good opportunity for the private sector to participate in government projects. The government contractors or prospective bidders should be familiar with the procurement rules and procedures pursuant to Republic Act No. 9184, also known as the Government Procurement Reform Act and Executive Order No. 398.
One of the major requirements for a contractor or bidder in participating government projects is a tax clearance certificate duly issued by the Bureau of Internal Revenue (BIR). The rationale of this requirement is very reasonable. The government wants to award projects to those companies which are complying with the tax regulations and paying the right taxes.
The process of issuing a tax clearance usually takes some time when the BIR ascertains that the prospective bidder has a pending tax assessment case with the Court of Tax Appeals (CTA) or Supreme Court (SC). With the intent to prevent undue disruptions in the business operations of the bidder and wholly, in the bidding process, a provisional tax clearance is be issued, solely for tax assessment cases pending in courts as clarified under Revenue Memorandum Circular No. 58-2013.
Recently, the BIR issued Revenue Regulations (RR) No. 1-2016, effective Feb. 26, 2016, to further refine some provisions of the existing rules and regulations, particularly on the manner of filing tax returns and the criteria for granting tax clearance.
RR 1-2016 promulgates that only tax returns filed thru Electronic Filing and Payment System (eFPS) will be accepted as attachments to government bids/proposals as required under EO 398.
All Tax clearance applications for bidding taxpayers shall be manually filed with the office of the Accounts Receivable Monitoring Division (ARMD) until such time that an online application for this purpose has been made available for use of prospective bidders. Tax Clearances with validity period of six months shall be issued by the ARMD to attest that taxpayer has no delinquent account and has satisfied all other criteria for the issuance of tax clearance, as follows:
a. No unpaid registration fee;
b. No open valid stop-filer cases;
c. Regular user of eFPS for two consecutive months (for new applicants);
d. No pending criminal case with the Department of Justice or the courts; and,
e. No delinquent account and/or judicially protested tax assessments with decision favorable to the BIR.
The Government Procuring Entity shall validate the authenticity of the tax returns from the list of Tax Clearances published on the BIR Web site. The attached audited financial statements, on the other hand, must be validated with the Revenue District Office/Large Taxpayer Service where the bidder is registered. Criminal charges shall be filed against bidders found to have submitted spurious tax clearances. No tax clearance shall be issued to them until the criminal case is resolved.
With these guidelines in place, the prospective government bidders should regularly evaluate their tax compliance and resolve any pending tax cases as soon as possible to avoid losing the chance to participate in government projects. Likewise, the BIR will also need to speed up the release of the tax clearance if the taxpayer has no pending tax cases with the agency or with the courts. This guarantees competitive bidding for every project since more bidders would have a chance to participate. Competitive bidding will result in savings and cost-efficient infra projects for the benefit of the Filipino people, thereby achieving the administration’s goal of good governance.
Sheena Marie D. Daño is a tax and outsourcing manager at the Cebu Branch of Punongbayan & Araullo.