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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.
What a great Christmas gift we (the Filipino people) received last month. After 154 days, the Marawi siege is over. Salute to all our selfless soldiers in bringing back peace in the southern island of Mindanao.
But as former British Prime Minister Neville Chamberlain once said, “In war, whichever side may call itself the victor, there are no winners, but all are losers.” In the Philippines, the war may have ended, but the sufferings of our brethren in Marawi still continue. As of last week, there are more than 4,000 families who are still in evacuation centers in neighboring towns or cities. Many houses, buildings, and other structures were also torn down, and it is estimated that more than P50 billion is needed to rehabilitate and rebuild Marawi City.
The only good thing brought about by the siege in Mindanao is the outpouring of financial support from individuals and corporations both domestic and foreign. There are also various organizations that are raising funds to help rehabilitate war-torn Marawi.
Before donating, however, the donors sometimes ask what the tax benefits are. Could they claim a tax deduction? What are the tax implications of their donations?
Gifts to strangers (i.e., anybody who is not a sibling, spouse, ancestor, or lineal descendant; or a relative by consanguinity in the collateral line within the fourth degree of relationship) are subject to 30% donor’s tax. However, gifts to qualified donee institutions duly accredited by the Philippine Council for Non-Government Organizations (NGO) Certification, Inc. (PCNC) are exempt from donor’s tax, provided that the donor complies with certain conditions prescribed under the existing law and other relevant issuances. Gifts made to or for the use of the national government may also be exempted from donor’s tax.
If the donor is an individual not engaged in trade or business, he or she cannot claim any tax benefit for the donation, even if it is made to a qualified institution. If the donor — whether an individual or a corporation — is engaged in business, it may enjoy full deductibility against taxable income for making a donation to a qualified institution.
To be entitled to the tax exemption and deduction, however, the donor engaged in business is required under Revenue Regulation (RR) No. 02-03 to submit a notice of donation on every gift worth at least P50,000 to the Revenue District Office with jurisdiction over the donor’s place of business. This shall be filed within 30 days after receiving the certificate of donation issued by the qualified donee institution.
The mandatory information under existing tax regulations (i.e., RR Nos. 13-98 and 02-03) is required to be provided in the Certificate of Donation (BIR Form 2322) as prescribed under Revenue Memorandum Circular No. 86-2014. BIR Form 2322 consists of two parts — a donee certification and a donor’s statement of values. The donee certification indicates the donee’s confirmation of receipt of donation, the date it was received, and the amount of cash or the description of the property donated; and is signed by an authorized representative of the donee organization.
The donor statement, on the other hand, provides the description, acquisition cost, and net book value of the property donated as reflected in the donor’s financial statements, signed by an authorized representative. In cases of donation in kind, a copy of the sales document shall also be required to support the acquisition cost claimed by the donor.
The numerous requirements sometimes discourage certain donors. For them, the requirements suppress the spirit of giving by negating the purpose of the incentive, if not fully complied with and followed to the letter. Despite the difficulties, however, most donors continue to donate, because they know the true benefits of giving.
Giving without expecting in return can have some of the most impactful influences on our lives since it enables us to be selfless. Giving allows us to notice the world around us. A study conducted by the National Institutes of Health reveals that people feel more rewarded when they give money to charity. Perhaps because giving and helping is innate in every human being. The magnitude of our generosity, though, depends on how we nourish it.
Despite the difficulties, we should never stop being generous to good causes. We should always be good stewards. The gospel last Sunday on the Parable of the Talents reminds us that everything we have — our talents, resources, and life, among others — belongs to God. We are merely stewards of what belongs to God. Talents are entrusted to us not only for our own benefit but are meant to be shared with those who need them most. When we give wholeheartedly, we will receive the true benefits of giving, i.e., our Father will reward us (Matthew 6:3-4); and he loves a cheerful giver.
Edward D. Roguel is a partner of the Tax Advisory and Compliance and head of Japanese Business Group of P&A Grant Thornton. P&A Grant Thornton is one the leading audit, tax, advisory, and outsourcing services firms in the Philippines.
As pusblished in BusinessWorld, dated 21 November, 2017.