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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
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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.
Guidelines on the number and qualifications of incorporators under the Revised Corporati.....
02 Oct 2019SECTION 10 of Republic Act 11232, otherwise known as the Revised Corporation Code of the Philippines, allows any person, partnership, association or corporation, singly or jointly with others, but not more than 15 in number, to organize a corporation for any lawful purpose or purposes.
To implement clearly and properly this provision, the Securities and Exchange Commission (SEC) issued Memorandum Circular 16, series of 2019 promulgating the guidelines on the number and qualifications of incorporators under the Revised Corporation Code.
The SEC adopts the following guidelines on the composition of incorporators for registering domestic corporations:
1. Number of incorporators
To form a new domestic corporation under the Revised Corporation Code, two or more persons, but not more than 15, may organize themselves and form a corporation.
Only a One-person Corporation (OPC) may have a single stockholder, as well as a sole director. Accordingly, its registration must comply with the corresponding separate guidelines on establishing an OPC.
2. Definition of incorporators
Incorporators are those stockholders or members mentioned in the Articles of Incorporation as originally forming and composing the corporation, and who are signatories thereof.
3. Qualifications of incorporators
Each incorporator of a stock corporation must own, or be a subscriber to, at least one share of the capital stock. Each incorporator of a non-stock corporation must be a member of the corporation.
The incorporators may be composed of any combination of natural person(s), SEC-registered partnership(s), SEC-registered domestic corporation(s) or association(s), as well as foreign corporation(s). Incorporators who are natural persons must be of legal age and must sign the Articles of Incorporation/Bylaws.
4. Partnerships as incorporators
If an SEC-recorded partnership is made an incorporator, the application for registration must be accompanied by a Partners’ Affidavit, duly executed by all partners, to the effect that they have authorized the partnership to invest in the corporation about to be formed and that they have designated one of the partners to become a signatory to the incorporation documents.
Partnerships with “dissolved” or “expired” status with the SEC shall not be authorized to become an incorporator.
5. Domestic corporations or associations as incorporators
If an SEC-registered domestic corporation or association is made an incorporator, its investment in the new corporation must be approved by a majority of the Board of Directors or Trustees and ratified by the stockholders representing at least 2/3 of the outstanding capital stock, or by at least 2/3 of the members for non-stock corporations, at a meeting duly called for the purpose.
A Directors’/Trustees’ Certificate or a Secretary’s Certificate, indicating the necessary approvals, as well as the authorized signatory to the incorporation documents, shall be executed under oath and submitted by the applicant.
Domestic corporations considered “delinquent,” “suspended,” “revoked,” or “expired” status with the SEC shall not be authorized to become an incorporator.
6. Foreign corporations as incorporators
If a foreign corporation is made an incorporator, the application for registration must be accompanied by a copy of a document (i.e., Board Resolution, Directors’ Certificate, Secretary’s Certificate, or its equivalent), duly authenticated by a Philippine Consulate or with an apostille affixed thereto, authorizing the foreign corporation to invest in the corporation being formed and specifically naming the designated signatory on behalf of the foreign corporation.
7. Signatories of the articles of incorporation
Each individual signing the Articles of Incorporation/Bylaws must indicate the capacity upon which they are signing thereto (i.e., Incorporator or Representative of XYZ Corp.).
An individual designated to sign the Articles of Incorporation/Bylaws on behalf of an incorporator that is not a natural person must also indicate the corporate or partnership name of the entity being represented and for whom they are executing the Articles of Incorporation/Bylaws. The Taxpayer Identification Number (TIN) of the principal, as well as the designated signatory, should both be indicated in the Articles of Incorporation.
No application for incorporation shall be accepted, unless the registration documents reflect the TIN or passport number of all its foreign investors other than foreign corporations that have not yet been issued a TIN.
After incorporation, all the foreign investors, natural or juridical, shall secure a TIN. All documents to be filed with the SEC after incorporation (e.g., General Information Sheets) shall not be accepted, unless the TIN of all its foreign investors, natural or juridical, resident or nonresident, are indicated therein.
8. Designation of incorporators as directors or trustees
An individual who signs the Articles of Incorporation on behalf of an incorporator that is not a natural person may not be named as a director or trustee in the same Articles of Incorporation, unless when the said individual is also the owner of at least one share of stock or is also a member of the corporation being formed.
9. Foreign nationals in the articles of incorporation
The inclusion of foreign nationals in the Articles of Incorporation shall be subject to the applicable constitutional, statutory, and regulatory restrictions, as well as conditions, with respect to foreign participation in certain investment areas or activities.
10. Additional Requirements for Certain Corporations
No Articles of Incorporation of banks, banking and quasi-banking institutions, pre-need, insurance and trust companies, no-stock savings and loan associations, pawnshops, and other financial intermediaries shall be approved, unless accompanied by a favorable recommendation of the appropriate government agency to the effect that the Articles of Incorporation are in accordance with law.
11. Processing of Applications
The processing of applications for registration in accordance with the new provisions of the Revised Corporation Code shall be done manually by the Company Registration and Monitoring Department and the extension offices of the SEC until further notice.
SEC Memorandum Circular 16, Series of 2019 amends all issuances, orders, rules and regulations of the SEC that may be inconsistent with it and is effective immediately upon its publication in a newspaper of general circulation.
Please be guided accordingly.
Source: P&A Grant Thornton
As published in SunStar Cebu, dated 02 October 2019