The Financial Reporting Council (FRC) has found that 100% of Grant Thornton’s audits which were inspected were deemed as “good” and were found to require no more than limited improvements.
No audits inspected in the current cycle required significant improvements, and 86% of audits in the firm’s internal quality monitoring process assessed met the highest quality standard.
According to the FRC, Grant Thornton has continued to respond positively to and made good progress on actions to address its previous findings in relation to its audit execution and firm-wide procedures.
This is the second year that there has been an improvement in the number of audits requiring no more than limited improvements compared to the number of such audits identified in both its 2019/20 and 2018/19 public reports
The FRC said that, given the small sample size (which has been reduced to five, to reflect the fall in the number of audits within the scope of the FRC) as well as the firm’s approach of de-risking its audit portfolio, this may not be a trend across its whole portfolio, although the firm’s progress is “very encouraging”.
Fiona Baldwin, head of audit at Grant Thornton UK LLP, said: “We are pleased to have achieved these results in our quality review, which represent the continued investment and improvements we’ve made over the past several years. Quality remains a top priority across the entirety of our audit practice and throughout our firm.”