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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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Sustainability
At P&A Grant Thornton sustainability is at the core of our mission. We are committed to fostering a healthier planet through innovative practices that reduce our environmental footprint, promote social responsibility, and ensure economic viability for future generations.
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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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Behind the Numbers: People of P&A Grant Thornton
Discover the inspiring stories of the individuals who make up our vibrant community. From seasoned veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
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Fresh Graduates
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.
Implementation of the Electronic Invoicing and Electronic Sales Reporting System under the CREATE MORE Act
(Revenue Regulations No. 11-2025 published on February 27, 2025)
This Tax Alert is issued to inform taxpayers regarding the implementation of the issuance of electronic invoices and electronic sales reporting under Sections 237 and 237-A of the National Internal Revenue Code (Tax Code) of 1997, as amended by Republic Act No. 12066 or CREATE MORE Act.
A. Definition of Terms
1. Electronic Invoice shall refer to a written account evidencing the sale, exchange or transfer of goods, properties, services, and/or lease/use of properties, issued in the ordinary course of trade or business, using an accounting/invoicing software or system with invoice management tools that is registered/accredited with the BIR containing the vital information as prescribed in the existing rules and regulations. It is a system-generated invoice issued to the buyers in a digital/electronic format (e.g., via email as Portable Document Format (PDF) attachments or email content or through electronic viewing in mobile or system application) or subsequently printed which can be easily extracted and transmitted electronically to the BIR for electronic sales reporting.
Note that a photo or scanned copy (in any file format) of a paper invoice (physical/manual copy) does not qualify as an electronic invoice.
Invoices generated by a CAS, and CBA with Accounting Records (with electronic invoicing), Cash Register Machines (CRM), POS System, or other invoicing software and subsequently printed on paper for issuance to buyers, without the capability or readiness to electronically report the sales and invoice data, shall not qualify as electronic invoices. Instead, they shall be classified as traditional, manually issued invoices.
2. Electronic Invoicing – refers to the automated process of generating an electronic invoice in a structured invoice data which can be easily extracted electronically from the invoice allowing for automated electronic data processing.
3. Electronic Sales Reporting System (ESRS) – refers to the electronic reporting or process of storing, transmitting, and/or receiving the electronic invoice data, through direct system-to-system data transfer without manual entry, to the BIR in a structured electronic format (e.g. (e.g., JavaScript Object Notation (JSON) file format or Extensible Markup Language (XML) and such other format as may be prescribed by the BIR). The electronic invoice data contains sales information from sellers to buyers and may also contain payment information made by the buyers.
4. Electronic Commerce (E-commerce) – refers to any commercial transaction (e.g. sale or offer of sale, purchase of physical or digital goods and services, or lease or offer for lease) conducted through electronic, optical, and similar medium, mode, instrumentality, and technology. These commercial transactions may be digitally ordered, digitally delivered, or platform-enable transactions.
5. Internet Transaction – refers to the sale or offer of sale, or lease or offer for lease, of digital or non-digital goods and services over the internet.
B. Compliance Deadlines
Under the transitory provisions of RR, taxpayers covered under Section 3 (A) (1) to (3) of the RR have a period of one (1) year from the effectivity date of the Regulations to comply with the electronic invoicing requirements (issuance of electronic invoice). Since the RR was published on 27 February 2025, it became effective on 14 March 2025. Hence, covered taxpayers have until 14 March 2026 to comply with the requirement to issue electronic invoices.
Upon the establishment of a system capable of storing and processing the required data by the BIR, all taxpayers covered under Sections 3 (A) (5) (i), 3 (A) (5) (ii), 3 (A) (5) (iii) and 3 (A) (5) (iv) and 3 (B) of the RR shall be mandated to comply with the issuance of electronic invoice and Electronic Sales Reporting System (ESRS) requirements. A separate Revenue Regulations shall be issued for this purpose.
C. Covered Taxpayers by Electronic Invoicing and ESRS
- In case the above taxpayers or business activities are registered to a Branch Office, the taxpayers' Head Office and all its Branch Offices shall also be covered by electronic invoicing and electronic sales reporting.
- Taxpayers engaged in e-commerce shall cover persons, whether natural or juridical, who are engaged in the following trade or business in the Philippines, including but not limited to:
a. E-commerce or online businesses, whether formal or informal, including sale, procurement, or availment of physical or digital goods (including virtual items in online games), digital content/products, digital financial services, entertainment services, social commerce, on-demand labor and repair services, and property and space rentals;
b. Operation of digital platforms, including e-marketplace platforms;
c. Sale and/or lease of goods and services through digital platforms;
d. Digital content creation and streaming that are income generating including online advertising, blogging/vlogging, subscription or commission;
e. E-retailing of goods and services;
f. Sale of creative or professional services, on-demand or freelance services or digital services supplied over the internet;
g. On-demand Services over the internet, available whenever a customer request them, rather than being provided on a fixed schedule such as, but not limited to, ride-sharing, food delivery, grocery delivery, home services (like cleaning or repairs), and streaming entertainment;
h. Transport and Delivery Services contracted through an online platform, application, website, webpage or other similar platform operated by the provider, regardless of whether the provider is authorized to engage in e-commerce in the Philippines; and
i. Other form of businesses other than those mentioned above which are conducted online.
- Micro Taxpayers are exempt from the mandatory requirement to use and issue electronic invoice but they may voluntarily use the same. In lieu of electronic invoices, Micro Taxpayers shall issue a registered manual invoice. They may also use CAS, CRM, and POS System, in lieu of electronic invoices.
D. Additional Allowable Deductions
All taxpayers that are mandated to issue electronic invoices and are covered by the electronic sales reporting system, including those who voluntarily complied both with the issuance of electronic invoice and electronically report their sales date to the BIR, shall be granted the following deduction from their taxable income:
The additional deduction can be claimed only once within the taxable year in which the electronic sales reporting system has been completed, or the final payment has been made. Further, the importation of such system shall also be exempt from taxes.
E. Effectivity
The regulation shall take effect fifteen (15) days after its publication in the Official Gazette or the BIR Official Website. The regulation was published on the BIR Official Website on Thursday, February 27, 2025.