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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 treatment of donations in the COVID-19 era
09 Jun 2020Across communities around the globe, the coronavirus (COVID-19) has a significant humanitarian impact. In the Philippines, the support of the private business sector in the fight against the COVID-19 pandemic is essential during this critical period. In the spirit of solidarity, local tax authorities have recently taken into consideration the community efforts of donor organizations and individuals and have enacted changes to give incentives to generous donors.
Acts of generosity in a time of crisis could be financially beneficial to the kindhearted. On April 6, 2020, the Bureau of Internal Revenue (BIR) released Revenue Regulations (RR) No. 9-2020, granting further benefits from donations during the enhanced community quarantine (ECQ) in relation to the Tax Code. RR No. 9-2020 provides that donations or gifts for the sole purpose of combating the COVID-19 pandemic during the state of national emergency shall be exempt from donor's tax.
The donation or gift shall also be considered fully deductible against the gross income of the donor corporation or individual, granted that documentary evidence is provided. Such contributions are limited to cash donations, donations of critical or needed health care equipment and supplies, relief goods (e.g., food packs and water), and real property (e.g., shuttle service, use of lots or buildings), whether real or personal.
For donors donating to a donee-recipient
To be fully deductible and allowable as an expense against the gross income of the donor corporation or individual, donations to the national government or any entity created by any of its agencies (including public hospitals and fully-owned government corporations) should be supported by a Deed of Donation. Donations to accredited non-stock, nonprofit organizations, on the other hand, require a Certificate of Donation (BIR Form 2322).
For donors donating to other donee-recipients
For donations to both accredited and non-accredited non-stock, nonprofit organizations, donors need to provide a sworn certification executed by the President (or any authorized officer for donor corporations) or the individual donor, stating: the name of the donee, the date of donation, the value of the contribution, and that the gift was made solely to support efforts to fight the COVID-19 pandemic during the state of national emergency. If the donation was given in kind, proof of purchase is also required. Furthermore, donors must provide a BIR-registered acknowledgment receipt. Donee-recipients, meanwhile, must provide a liquidation report in the BIR-prescribed format.
For donations to local private corporations or international organizations that partner to serve as a conduit with accredited non-government organizations (NGOs) or the national government, donors need to provide a Certificate of Donation (BIR Form 2322) or Deed of Donation duly issued by the NGO or government institution, respectively, in the name of the donor corporation or individual. If the donation was given in kind, proof of purchase is also required. Furthermore, donors must provide a BIR-registered acknowledgment receipt. Donee-recipients, meanwhile, must provide a liquidation report in the BIR-prescribed format, as well as a Certificate of Donation (BIR Form 2322) or Deed of Donation.
The documentary requirements shall be submitted to the Revenue District Office where the donor and donee-recipient are registered within 60 days from the lifting of the ECQ.
Donations or gifts to foreign institutions or international organizations shall not be subject to the documentary requirements enumerated under Section 6 of RR No. 9-2020. Still, they shall be subject to verification rules under Section 34(H)(4) of the Tax Code. Donations of critical or needed health care equipment or supplies, as well as relief goods, shall not be treated as a transaction deemed sale subject to value-added tax (VAT) under Section 106(B) of the Tax Code. Furthermore, any input VAT attributable to such purchase of goods shall be creditable against any other output tax.
It is important to note that the BIR can audit and investigate donations to verify if they indeed qualify for donor’s tax exemption and deductibility from gross income.
As the national government, through the BIR, expresses its thanks to individual and corporate donors for their contributions to the fight against the COVID-19 pandemic through tax relief, let us not lose sight of the countless Filipinos who have contributed (and continue to help) their share in easing the adverse effects of this global problem. These are the people who, without fanfare, prepare food and refreshments for police personnel enforcing the lockdown, sew face masks using their resources and distribute them for free, and provide free lodging and transportation to medical front-liners.
Artche Lleve is an Associate of Tax Compliance and Advisory of P&A Grant Thornton in Cebu. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing firms in the Philippines, with 23 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 jobelle.bongato@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit our website: www.grantthornton.com.ph
As published in Mindanao Times, dated 09 June 2020