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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.
The greatest love story ever told
16 Apr 2019One spring afternoon nearly 2,000 years ago, a Roman centurion watched three men die slow, agonizing deaths. That soldier especially noted one of them — Jesus Christ. Jesus had been nailed to a wooden stake. The midday sky blackened as the moment of his death approached. When Jesus died, the earth shook violently, and the soldier exclaimed, “Certainly, this man was God’s Son.”
God’s Son! That soldier was right. He had just witnessed the most important event ever to occur on earth. On earlier occasions, God himself had called Jesus his beloved Son. Why had Jehovah allowed his Son to die? Because this was God’s means of saving mankind from sin and death.
By this time, many people have already made plans to commemorate the death of Jesus. Such a memorial falls this year on April 19, which is known to some as Good Friday. On this day, faithful believers do well to remember the reason behind the greatest love story ever told — the love of God and His Son for mankind. Jesus’ death provided the only basis to redeem mankind from the effects of inherited debt — human imperfection.
Interestingly, even in a corporate setting, there are business transactions that also require redemption. For instance, noncompliance with reportorial requirements definitely needs an act of grace from the government allowing entities to right a wrong committed. Happily, the present administration has been extending its merciful arms.
Discussions on the Tax Amnesty Act, which was signed on Feb. 17, have saturated the Internet and various media outlets. On April 5, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 4-2019, which implements the law and provides guidelines on processing tax amnesty application on tax delinquencies.
Under RR No. 4-2019, all persons, whether natural or juridical, with delinquent internal revenue tax liabilities covering the taxable year 2017 and prior years may avail of tax amnesty on delinquencies within one year from the effectivity thereof, provided that they meet certain criteria. The tax delinquency of those who avail of the tax amnesty on delinquencies under the regulations, upon full compliance with all the conditions, shall be considered settled. The criminal case in connection therewith and its corresponding civil or administrative case, if applicable, shall be terminated. Consequently, the entity will be able to redeem its clean-slate BIR status for the covered periods.
Still, there are other compassionate government moves that may not be as popular as the amnesty law. An example is Bangko Sentral ng Pilipinas (BSP) Circular No. 1030, which was signed by the BSP Governor on Feb. 5. Based on BSP confirmation, BSP Circular No. 1030 took effect on March 8.
Generally, inward investments need not to be registered with the BSP, unless the repatriation of capital and/or the remittance of related earnings in pesos thereon shall be funded with foreign exchange (forex) resources of authorized agent banks (AABs)/AAB forex corps. Inward foreign investments are made by non-residents in the form of (a) foreign direct investment; (b) foreign portfolio investment; and (c) other investments. Applications for registration shall be filed within the one-year prescriptive period to be reckoned from the date of supporting documents or occurrences of a certain event, as may be applicable. A Bangko Sentral Registration Document (BSRD) shall evidence the BSP registration of investments.
Previously, there were instances where applications were not filed on time for reasons such as inadvertence, misinformation, or lack of guidance on the part of the company’s personnel or service provider. For failure to file within the prescriptive period, the BSP has denied such applications. The responsible officers undeniably need a basis to reclaim whatever prestige was lost on account of such denial.
The much-awaited hope has arrived. BSP Circular No. 1030 provides that applications for registration shall be free of charge if made within the reglementary timetable. Applications filed beyond the prescriptive period may still be accepted and facilitated subject to the payment of a P10,000 processing fee for each BSRD issued, as indicated in Appendix 20 of the FX Manual. Such processing fee shall be paid before the actual release of the BSRD.
More importantly, for existing investments that are unregistered as of the effectivity date of BSP Circular No. 1030 on March 8, applications for registration may be filed with the BSP within one year from such effectivity date. This is regardless of the date of funding; the applicant will no longer be required to pay a registration fee. For this type of application, the BSP is lenient on the nature of supporting documents that can be submitted in view of the passing of years. However, it is best to present the required documents stated in Appendix 10.A of the FX Manual, if still available.
Undoubtedly, the BIR regulations and BSP circular serve to encourage entities to come out in the open and partake of the table of kindness while it lasts.
No matter how significant the challenges, whether personally or in a corporate environment, the world still abounds with reasons to be grateful and it is inexcusable not to notice them.
As we go on holiday, may we look for the goodness surrounding us, especially that the tax busy season will soon be over. We can appreciate nature, look forward to the company of our family and friends, or enjoy being in solitude.
This weekend creates an opportunity to meditate on the reason behind the greatest love story and will help us appreciate Jesus’ loving sacrifice of giving his perfect life for humanity. After all, Jesus commanded us to “keep doing this in remembrance of me.” — Luke 22:19.
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.
Renato R. Balisacan, Jr. is a manager from the Tax Advisory & Compliance Division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
As publsihed in BusinessWorld, dated 16 April 2019