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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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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.
CPAs gear up for audit of sustainability reports
08 Oct 2021THE country’s certified public accountants (CPAs) are gearing up to perform assurance work on sustainability reports that publicly-listed corporations (PLCs) are required to submit to the Securities and Exchange Commission (SEC).
For CPAs to do so, they must go beyond crunching the numbers and audit the so-called “triple bottom line” of companies, Chris Ferareza, partner in the advisory services division of P&A Grant Thornton, was quoted in a statement as saying. “To remain relevant, accountants must acquire the knowledge and skills to show clear links between sustainability issues with financial performance,” Ferareza said.
According to the executive of the audit firm, the skills needed go beyond traditional accounting and auditing as the role requires the ability to quantify and/or evaluate risks, as well as opportunities related to the environment and to society or the two other bottom lines in “profit, people and planet.”
The SEC has made it mandatory for PLCs to submit sustainability reports by 2023. Since it required companies to submit their sustainability reports under an approach called “comply or explain” in 2019, the compliance rate among PLCs has been growing: from 90.4 percent in 2019 for the 2020 reports to 91.07 percent for the 2021 reports. However, Ferareza noted that many sustainability reports are yet to be at a level of quality that goes beyond mere compliance.
“It’s still a far cry from those in other developed countries such as Japan, as we’re just in the nascent stage in sustainability reporting and much still needs to be improved,” he added.
Ferareza said this may be the case because sustainability has yet to be embraced by reporting entities and incorporated in their businesses. Other challenges of PLCs are the lack of sustainability reporting expert within the organization, and a possible conflict of interest among companies engaged in businesses that pose harm to the environment or society.
This is where independent auditors have an edge, he said.
“We are duty bound to verify whatever information is provided to us, just like in auditing financial statements.”
Accountants are trained to provide clear and reliable information, gather evidence, and ensure that necessary processes and procedures are established.
“We usually know the business inside out so it’s easier for us to marry financial and non-financial aspects of the business operation,” Ferareza said. “Perhaps this is also the reason studies show that CPAs are the professionals of choice for assuring sustainability information.” As non-financial issues such as carbon emission, human rights, and diversity increasingly affect companies’ reputation and, ultimately, profitability, Ferareza said accountants will thus have to “upskill and evolve to become specialists” in environmental, social, and governance (ESG) principles.
To prepare for auditors’ expanded role, the Philippine Institute of Certified Public Accountants (PICPA) entered into a memorandum of understanding with the SEC and the Global Reporting Initiative (GRI) last year to conduct capability building on sustainability and integrated reporting.
The PICPA also created a national committee on sustainability and integrated reporting to mainstream the reporting of sustainability practices and advocate business activities that consider the “Triple Bottom Line” framework.
As published in BusinessMirror, dated 08 October 2021