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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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PH remains as country with most women in senior management
23 Feb 2021
MANILA - The number of women holding senior leadership positions in mid-market business in the Philippines has hit 48% despite the COVID-19 pandemic affecting economies around the world, according to Grant Thornton's annual Women in Business report.
Data for the Women in Business report is taken from Grant Thornton's International Business Report (IBR) - a survey of both listed and privately held businesses. Launched in 1992, the IBR now provides insight into the views and expectations of around 10,000 businesses across 29 economies.
Questionnaires are translated into local languages and fieldwork is undertaken on a biannual basis, through both online and telephone interviews. The date for this release is from interviews conducted from October to December 2020 with chief executive officers, managing directors, chairperson or other senior executives from all industry sectors. In the Philippines, 100 mid-market businesses were surveyed.
On the data featured in the Women in Business report, Marivic Espano, Chairperson and CEO at P&A Grant Thornton says: "Ranking first globally in terms of women in senior roles in the Philippines is an important milestone for business in the country, but not the end goal. Those businesses that want to reap the benefits of a better gender balance, must continue to take action to enable women to realize their ambitions."
Seeing the proportion of women leaders rise to 48% means that the Philippines continues to do well, given that the figure continuously increased in the previous two years (2019 and 2020). It also passes the important 30% threshold, which research shows is the minimum representation needed to change decision-making processes. All countries surveyed except for China (29%), United Arab Emirates (26%), South Korea (18%) and Japan (15%), and have now surpassed the crucial 30 percent milestone.
Another encouraging finding is the types of leadership roles women are occupying. Grant Thornton's research reveals higher numbers of women across operational C-suite roles in the Philippines compared to last year, with the proportion of female CEOs up 16 percentage points to 38% and female COOs up four percentage points to 27%. On the other hand, this year the proportion of female CFOs went down three percentage points to 35%. The proportion of women in the more traditional senior HR roles was also up at 48% (+12 percentage points in 2021), with the trend consistently fluctuating upwards and downwards since 2019.
Additionally, less than half (42%) of respondents agree that in their organizations, new working practices as a result of COVID-19 will benefit women's career trajectories long-term, despite potentially hindering factors which may be down to the flexibility that remote working offers.
While the number of women in leadership roles has grown, questions remain over the impact of the COVID-19 pandemic on women, particularly working mothers. UN data, shows that, before the pandemic, women did three times as much as unpaid housework as men, and mounting evidence indicates that COVID-19 is the only increasing disparity - as well as adding the extra responsibilities of childcare and home schooling while schools are closed.
Marivic Espano says: "Becoming the number one ranking country in terms of the proportion of women in senior management certainly does represent progress - having grown from 39% five years ago when we first started tracking this - but these gains can easily be lost. Reassuringly, 92% of businesses globally say they are taking action to ensure the engagement and inclusion of their employees against the negative backdrop of the pandemic and with the normalization of remote working, employers are becoming ever more flexible about how, where and when employees do their jobs."
As published in Mindanao Times, dated 23 February 2021