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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
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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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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.
On relief packs and tax relief
05 May 2020Establishments have been looking forward to the lifting of the enhanced community quarantine (ECQ), especially as most economic activity ground to a halt after March 16. For more than six weeks, the COVID-19 pandemic and the resulting ECQ have crippled some businesses and the economy. The most vulnerable have been reduced to relying on emergency relief goods after being denied the opportunity to work. The government’s revenue-collecting agencies have missed their targets for the first quarter of this year, mainly due to the lockdown, which runs until May 15.
In addition, taxpayers were prevented by the lockdown from filing their returns and paying taxes while they were juggling with the unexpected challenges. The government has taken notice and extended tax deadlines and waived penalties for taxpayers unable to file because of the quarantine.
EXTENSION OF TAX DEADLINES
Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 11-2020 issued on April 30 further extends the statutory deadlines for filing tax returns, paying related tax dues, and submitting documents. RR No. 11-2020 amends RR No. 10-2020 in consideration of the extension of the quarantine.
For the filing of annual income tax returns for the calendar year ended Dec. 31, 2019, the deadline is now June 14, 2020. For tax assessments, the filing of position papers, protest letters, transmittal letters, appeals, and correspondence is due 30 days from the lifting of the quarantine.
The deadline for availing of tax amnesty on delinquencies is now June 22.
For the other types of tax returns and other filings, a table in RR No. 11-2020 indicates the new deadlines for the guidance of the taxpayers which apply nationwide. RR No. 11-2020 also clarified that the term “quarantine” means any announcement by the national government resulting in limited operations and mobility including, but not limited to, community quarantine, ECQ, modified community quarantine, and general community quarantine.
Additionally, the Department of Finance (DoF) issued on April 23 Department Circular (DC) No. 002-2020, which extends the deadlines for paying taxes, fees, and charges to local government units (LGUs) pursuant to Republic Act (RA) No. 11469, otherwise known as the Bayanihan to Heal as One Act.
EXEMPTION FROM DOCUMENTARY STAMP TAX
The Implementing Rules and Regulations (IRR) of Section 4(aa) of RA No. 11469 is a relief to borrowers who were given a 30-day grace period for all loans and/or interest falling within the ECQ period.
The BIR, in its RR No. 8-2020 and Revenue Memorandum Circular Nos. 35-2020 and 36-2020, also provided an exemption from documentary stamp tax (DST) on certain debt instruments resulting from credit extensions, microlending, including those obtained from pawnshops, and extensions thereof during the ECQ.
In effect, these instruments with extended maturity periods due to the grace periods, whether the maturity periods originally fall due within the ECQ and from resulting credit restructuring, exempts taxpayers from paying DST. This relief, however, is not stretched to apply to those availing of a new loan or top-up to existing loans and new loan drawdowns during the ECQ period and the collateral documentation, which remains subject to DST.
WAGE SUBSIDY FOR SMALL BUSINESSES
The DoF has a relief program for qualified small businesses, known as the Small Business Wage Subsidy (SBWS). Under the SBWS program, the national government provides a wage subsidy for up to two months to affected employees of small businesses to help mitigate the impact of the ECQ. “Small businesses” refer to corporations, partnerships, or sole proprietorships that are not overseen by the BIR’s Large Taxpayers Service.
The program, through the Social Security System (SSS), provides a wage subsidy of between P5,000 to P8,000 per month to eligible employees of qualified small businesses. Employers may verify on the BIR website whether their small business is eligible. If qualified, the employers can apply through the SSS website between April 16 and May 8.
‘POSSIBLE’ EXTENSION OF NET OPERATING LOSS CARRYOVER
Another possible form of relief is a “proposal” by the DoF to extend the deductibility period for the net operating loss carryover (NOLCO) for small businesses up to five years. Under the present tax laws, net operating losses can be carried over as a deduction from gross income over the next three taxable years immediately following the year the loss was recorded.
If the DoF’s proposal is approved, the government will absorb the foregone tax payments, giving small businesses two more years to recover their losses resulting from the economic fallout triggered by the pandemic.
The change proposed by the DoF would require an amendment to tax laws, which will require an act of Congress.
As the country gradually moves towards an economic reopening after the COVID-19 crisis, the relief provided represent the government’s efforts to aid taxpayers through these turbulent times. Let us hope that this crisis ends soonest, as the resilience of businesses is being heavily tested.
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Glenda Jay Gee T. Calagui is a tax associate of Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
As published in BusinessWorld, dated 05 May 2020