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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 2)
08 Apr 2021On March 31, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprises (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:
H. Tax on certain incomes received by a non-resident foreign corporation
In general, tax on income received by a non-resident foreign corporation is at 25 percent. However, a final tax of 15 percent shall be imposed on the following incomes:
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)
I. VAT exemption on certain sales
The following items are exempt from the imposition of Value-Added Tax (VAT):
Sale, importation, printing or publication of books, and any newspaper, magazine, journal, review bulletin and other educational reading materials covered by the Unesco Agreement on Importation of Educational, Scientific and Cultural Materials, including digital or electronic formats thereof
Sale or importation of the following medicines:
Starting Jan. 1, 2020 – Medicines for diabetes, high cholesterol and hypertension
Starting Jan. 1, 2021 – Cancer, mental illness, tuberculosis and kidney diseases
Sale or importation of the following from Jan. 1, 2021 to Dec. 31, 2023:
Capital equipment, spare parts and raw materials necessary for production of personal protective equipment for Covid-19 protection
All drugs, vaccines and medical devices specifically prescribed and directly used for the treatment of Covid-19
Drugs for the treatment of Covid-19 approved by the FDA for use in clinical trials
J. Fiscal incentives rationalization
Under the fiscal incentives rationalization of the Create Act, business enterprises may register qualified activities with Investment Promotion Agencies (IPA) either as:
Export enterprise – engaged in manufacturing, assembling, or processing activity, including services such as information technology and business process management services which must have at least 70 percent of its total outputs as exports
Domestic market enterprise – any enterprise registered with IPA other than an export enterprise
Under the Create Act, the following fiscal incentives may be availed of under qualified business activities:
For export enterprises
- Four to seven years income tax holiday; and
- Ten years special corporate income tax rate of five percent of gross income or 10 years of regular corporate income tax with enhanced deductions
For domestic market enterprises
- Four to seven years income tax holiday; and
- Ten years of regular corporate income tax with enhanced deductions
The enhanced deductions, which are additional expenses that may be deducted from the income tax return of a business enterprise availing of the fiscal incentives, are as follows:
1. Depreciation allowance for qualified capital expenditure – 10 percent for buildings, 20 percent for machineries and equipment
2. Labor expense – 50 percent additional deduction
3. Research and development expense – 100 percent additional deduction
4. Training expense – 100 percent additional deduction
5. Domestic input expense – 50 percent additional deduction
6. Power expense – 50 percent additional deduction
7. Reinvestment allowance to manufacturing industry – 50 percent additional deduction within a period of five years from such reinvestment
8. Enhanced Net Operating Loss Carry-Over (Enhanced Nolco) – Nolco incurred within the first three years from the start of commercial operations shall be carried over as deduction in the succeeding five years immediately following the year of the loss
Registered business enterprises may also avail of duty exemption on importation of capital equipment, raw materials, spare parts or accessories, and VAT exemption on importation and VAT zero-rating on local purchases.
Source:
P&A Grant Thornton
As published in SunStar Cebu, dated 08 April 2021