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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.
Corporate Recovery and Tax Incentives for Enterprises Act (Part 1)
07 Apr 2021On March 31, 2021, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act signed by President Rodrigo Duterte on March 26, 2021 with line-item vetoes. The following are the salient provisions of the Create Law, which amends some provisions outlined under the National Internal Revenue Code of 1997:
A. Lower corporate income tax
Effective July 1, 2020, the CIT rate for corporations will be reduced as follows for those entities or transactions subject to CIT:
1. Reduced CIT rate of 20 percent shall be applicable to domestic corporations with net taxable income not exceeding P5, 000,000 and with total assets not exceeding P100 million (excluding land on which the business entity’s office, plant, and equipment are situated)
2. Reduced CIT rate of 25 percent shall be applicable to all other domestic corporations and resident foreign corporations
In addition, starting July 1, 2020 until June 30, 2023, a reduced Minimum Corporate Income Tax rate of one percent of gross income shall be applicable to all domestic corporations and resident foreign corporations.
B. Repeal of improperly accumulated earnings tax (IAET)
By virtue of the Create Act, the IAET has been repealed.
C. Lower income tax on proprietary educational institutions and non-profit hospitals
From the period July 1, 2020 to June 30, 2023, proprietary educational institutions and non-profit hospitals will be subject to one percent tax on taxable income, provided that gross income from unrelated trade or business activity does not exceed 50 percent of the total gross income derived by such entities; otherwise, such institutions shall be subject to the regular corporate income tax of 25 percent or 20 percent, as the case may be.
D. Lower percentage tax
Effective July 1, 2020 until June 30, 2023, a reduced percentage tax rate of one percent from three percent shall be applicable to non-VAT taxpayers. After June 30, 2023, percentage tax shall revert to three percent.
E. Tax exemption on inter-corporate dividends received by domestic corporations
Dividends received by domestic corporations shall be exempt from tax, provided that:
1. The funds from such dividends received or remitted into the Philippines are reinvested in the business operations of the domestic corporation within the next taxable year from the time such dividends were received.
2. These shall be limited to funding the working capital requirements, capital expenditures, dividend payments, investment in domestic subsidiaries, and infrastructure projects.
3. The domestic corporation holds directly at least 20 percent of the outstanding shares of the foreign corporation and has held the shareholdings for a minimum of two years at the time of the dividends’ distribution.
F. Regional or area headquarters and regional operating headquarters of multinational companies
Regional or area headquarters shall be exempt from income tax. However, effective Jan. 1, 2022, regional operating headquarters shall be subject to the regular corporate income tax.
G. Tax on certain incomes received by a resident foreign corporation
A final income tax rate of 15 percent is applicable to:
Interest income derived by a resident foreign corporation from a depositary bank under the expanded foreign currency deposit system [previously subject to a final income rate of seven- and one-half percent
Capital gains from sale of shares of stock not traded in the stock exchange (previously subject to five percent for those not over P100,000 and 10 percent for any amount more than P100,000)
Meanwhile, interest from any currency bank deposit and yield or any other monetary benefit from deposit substitutes and from trust funds and similar arrangements and royalties derived from sources within the Philippines shall be subject to a final income tax rate of 20 percent.
Source:
P&A Grant Thornton
As published in SunStar Cebu, dated 07 April 2021