Press Room
Grant Thornton welcomes publication of Audit Inspection Unit
reports
Grant Thornton has welcomed the publication and findings of the
second individual public reports of the Audit Inspection Unit (AIU)
on the performance of the firm. In its review of Grant Thornton UK
LLP - which stands at fourth in the league table of auditors of
public companies in the UK - the AIU concluded that its findings
'demonstrated the importance the firm continues to place on audit
quality'. It also noted that the firm continues to have
'appropriate policies and procedures in place for its size and the
nature of its client base in the relevant areas which are subject
to [its] review'.
The AIU was 'generally satisfied' with the basis on which
significant audit judgements were made and reported that audit work
'was generally performed to a good or acceptable standard'.
Grant Thornton CEO, Scott Barnes, said: "We invest much time and
effort in maintaining and improving the quality of our work in all
areas. The independent public reporting of the quality of auditing
by UK accounting firms is a positive contribution to confidence in
the value of audited financial statements. This latest report
confirms my belief that Grant Thornton's audit teams are among the
best in the profession."
Phil Crooks, Head of Assurance added: "The Report provides welcome
independent validation of our commitment to audit quality. The
current economic environment is challenging to auditors and their
clients; we will continue to keep our policies and procedures under
review to ensure that our audit quality is maintained."