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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.
CAS application made simple
25 Jan 2021As we welcome the new year and slowly adapt to the new normal way of doing things, the Bureau of Internal Revenue is also adjusting to the new norm as they recently issued Revenue Regulation No. 05-2020, simplified policies on the application for registration of Computerized Accounting System (CAS), Computerized Books of Accounts (CBA) and/or its components, including Electronic Storage System (ESS), Middleware and other similar systems. All taxpayers intending to use CAS, CBA and/or its components shall not be required to secure Permit to Use (PTU).
Years prior, the release of PTU could take more than a year because of the lengthy process and voluminous applications at the BIR National Office. Last year, BIR issued RMC No. 10-2020, which suspends the issuance of PTU for CAS, CBA and components. The pending applications from the BIR National Office shall be handed over to the RDO where the taxpayer is registered and in lieu of a PTU number, taxpayers receive an Acknowledgement Certificate within three (3) days from the submission of documentary requirements. However, the scope of RMC 10-2020 was not clarified. New applicants were confused whether they should follow the new procedures given that the RMC suspended the issuance of PTUs. Taxpayers with approved CAS applications but PTU is pending on release were concerned if they will be classified as pending applications. The guidelines were not detailed with regards to the course of action for the post-evaluation checking.
Under the recently issued RMC No. 05-2021, the requirement of PTUs are no longer applicable, instead shall be registered subject to the following policies:
- Taxpayers shall submit the documentary requirements as provided under “Checklist of Documentary Requirements” (Annex A) - checklist of the documentary requirements and corresponding templates are available in the BIR website.
The following general requirements shall be complied:
- Sworn statement (Annex A-1) or joint sworn statement (Annex A-2), whichever is applicable, with duly attached accomplished Summary of System Description, Commercial Invoice/Receipts/Document Description, Forms/Records and Reports Specification (Annex A-3)
- sample print-out of Principal and Supplementary Receipts/Invoices
- sample print-out of Books of Accounts
- printed copy of audit trail
- duly accomplished and signed Standard Functional and Technical Requirements (Annex B)
If the software license is used under the name of the parent or affiliate:
- certification from the purchasing company allowing the taxpayer-applicant to use the same system
- The system must comply with the functional and technical standards provided under Annex B of the Circular. In case the BIR discovered that the said standards were violated during a post-evaluation or audit, the taxpayer shall be subject to penalties provided under RMO No. 07-2015 and other existing revenue issuances.
- Upon submission of complete documentary requirements, an Acknowledgement Certificate shall be issued within three (3) working days by the RDO where the taxpayer-user of the system is registered. BIR Form No. 1900 shall no longer be required.
- Though the system demonstration shall no longer be required prior to use, taxpayers shall ensure that the CAS/CBA and components thereof comply with the functional and technical standards provided under Annex B of the circular.
- All taxpayers with existing PTU shall not be required to apply for registration. and the previously issued PTU shall still be valid, except on the following circumstances:
a. PTU was revoked upon discovery of non-compliance with existing revenue issuances
b. Existence of major system enhancement or upgrade which will require filing of a new application for registration.
- In case of a major system enhancement in which a version of the system will contain new features and substantially improved functions, taxpayers must submit a new application for registration, such as but not limited to any of the following:
a.Change in the functionalities of the system particularly on enhancements
b. Additional or removal of modules or submodules within the system
c. Change in the system/software version or release number
d. All other enhancements that will be deemed as major system enhancement based on the recommendation of the technical evaluators
If a taxpayer is found to have used an enhanced or upgraded system without registering with BIR, the PTU originally issued shall be automatically revoked and may be subjected to applicable penalty.
- In case of a minor system enhancement, the taxpayer must submit a written notification to the RDO stating the minor specific enhancements of the system.
The BIR wants to make the taxpayer’s application easier by simplifying procedures in the registration of CAS, CBA and its components. This will help and encourage companies to ease their way of doing business by using any computerized accounting system. No more waiting for the release of PTUs.
Indeed, life changed when the pandemic started. It compelled a level of simplicity into our lives. We are now appreciating and discovering how a minimalist way of life can be attained. Welcome to the new normal.
Mara Eunice A. Apos is an Analyst of the Business Process Solutions/Outsourcing Division of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing firms in the Philippines with 22 Partners and more than 900 staff members. We’d like to hear from you! Tweet us: @GrantThorntonPH, like us on Facebook: P&A Grant Thornton, and email your comments to mara.apos@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit our website: www.grantthornton.com.ph
As published in Mindanao Times, dated 25 January 2021