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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.
Building business resilience in response to Covid-19
Mailene Sigue-Bisnar
01 Apr 2020
The spread of the coronavirus disease 2019 (Covid-19) is both a global humanitarian and economic concern. As the impact of Covid-19 continues to grow worldwide, there are implications for the wider economy, businesses and employment. All industries face significant disruptions to their supply chain, workforce and cash flow. Business leaders now find themselves on the front lines of the pandemic. While there is uncertainty in many aspects of this public health crisis, for businesses it is clear that resiliency, agility, planning, empathy and preparedness are all important factors, today and in the future.
Building resilience gives companies a competitive edge. But what does resilience really mean? To quote American futurist Jamais Cascio: “Resilience is all about being able to prevent or overcome the unexpected. Sustainability is about survival. The goal of resilience is to thrive.”
Resilience should be embraced as good business sense, rather than applying it simply to survive through protective measures, including the Luzon-wide enhanced community quarantine.
Just how important is business resilience? Customers value reliability. Firms are able to reinforce resilience as a core principle of their brand, and demonstrating its application would result in increased retention and attraction. The credibility of an organization and its leadership team is directly enhanced by its resilience. Institutions seeking to evolve their product offerings and operational infrastructures to drive growth rely on a resilient foundation, allowing resources to be focused on transformation, rather than mitigating risk.
There are clear and common benefits for companies to become operationally resilient. Here are some key areas to focus on:
– Workforce. Review your key internal policies. These include your sick pay system, health and safety rules, travel policies and how your employment contracts would cover forced absences from work. Employees need to know where they stand. They trust messages from their business leaders, so tone, accuracy and relevance can make all the difference. Clearly communicate what your people should do if they feel unwell and tell them what is happening with travel bans, sick leave, work-from-home, hygiene measures, annual leave and strategies to keep the business operating effectively.
– Customers, suppliers and stakeholders. Make sure you plan for the unexpected consequences of the Covid-19 pandemic for your business. Think about whether you would have working capital when activity picks up. Inform your clients of any change in your services. Customers may need extended terms from you, and some suppliers might require different arrangements. Communicate early and often with your suppliers and check on your stakeholders. Note, too, that a supplier’s supplier may face issues that have a knock-on effect on your business, so do your research carefully.
– Tax and audit. With Covid-19 having an impact on your profits and cash flow, you may need extra time to pay any outstanding tax debt. Ask if your business could get a loan or grant to see you through the worst of the pandemic. Think if employee absence could cause you to miss a deadline. Coordinate closely with your external auditors and make arrangements for an audit using a virtual (offsite) approach to whatever extent possible.
– Business continuity. Despite the existence of business continuity plans, Covid-19 has exposed gaps. You need to check if you have sufficient resources and supplies to outlast the pandemic and whether you have the space to store them. Prepare for shortages and price volatility in goods not for resale. Ensure that your cyber risk policy is up to date and has been communicated to your employees. Your information technology network needs to have the capacity and bandwidth for your whole team to work from home at the same time.
– Cash flow and insurance. With changes and delays to your service, as well as falling customer demand, cash flows may be strained. If so, speak early to your funding suppliers about additional headroom and relaxing terms and conditions. Take a look at the insurance cover you have and whether you have a legitimate claim for this kind of disruption. Similarly, perhaps a successful claim could be made against your business for the cancellation of services or goods.
– Remain optimistic. The mid-market has always been uniquely resilient and companies are used to preparing for business interruptions. Those that can develop plans and successfully bolster themselves will be ready to rebound once the pandemic eases. If you’re working on how to adapt to the evolving crisis and have questions about the impact of Covid-19 on your business, you can discuss your concerns with professional business advisers.
– Monitor the situation. The pandemic continues to evolve and advice to businesses on how to respond is constantly updated. Make sure you keep yourself updated with credible news sources and regularly speak to your business advisers to discuss concerns and mitigations on your business.
“It was the best of the times, it was the worst of times,” says the narrator of Charles Dickens’ 1859 novel A Tale of Two Cities. While many say we are also going through an economic pandemic, I strongly beg to differ. Consider the Covid-19 crisis an opportunity to evolve and optimize capabilities, to “future fix,” to create more effective operating models and to thrive. In fact, now is the best time for business leaders to put plans to the test. Now is the best time for organizations to focus on building business resilience.
Mailene Sigue-Bisnar is a partner and head of the Markets Group of P&A Grant Thornton. 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 mai.sigue-bisnar@ph.gt.com or pagrantthornton@ph.gt.com. For more information, visit www.grantthornton.com.ph.
As published in The Manila Times, dated 01 April 2020