Press Room
Grant Thornton Welcomes Publication of Audit Inspection Unit
Annual Report
Grant Thornton has welcomed the publication and recommendations
of the Audit Inspection Unit (AIU) Annual Report. In the report
Grant Thornton UK LLP is classified as a major firm. The AIU
concludes that "major firms have policies and procedures in place
to support audit quality that are generally appropriate to the size
of the firms and the nature of their client base".
Grant Thornton's individual public report on its audits was
published in November 2009. At the time, the AIU stated that it was
"generally satisfied" with the basis on which significant audit
judgments were made and reported that audit work "was generally
performed to a good or acceptable standard". The next AIU report on
Grant Thornton's audits will be published in autumn 2011.
"The AIU Annual Report recognizes that the major firms take
their findings seriously and have responded positively to the
challenges arising from the economic downturn especially in
relation to the audit of going concern. We understand the
importance of maintaining effective policies and procedures and are
committed to consistently reviewing our polices to ensure a high
quality standard," says Phil Crooks, Head of Assurance at Grant
Thornton.
"The AIU has had a positive impact on audit quality over the
last six years. Whilst the Report recognizes that it is not a
balanced score card and the sample of jobs selected are of a higher
risk nature, the largest percentage increase was seen in the most
positive category of "good with minor improvements required" where
41 file reviews were placed compared to 31 last year. "We will
continue to invest much time and effort to maintain the quality of
our work and look forward to our ongoing work with the AIU and
responding to their recommendations," concludes Crooks.
Ends
For further information please contact: Suvra Datta, Grant
Thornton press office on 020 7728 2375 or via email on
suvra.datta@gtuk.com