The Public Company Accounting Standards Board has published the last of its 2014 inspection reports on the eight largest audit firms, giving Grant Thornton improved marks from the year before and reflecting slight improvement across all major firms.
Grant Thornton’s 2014 report, just released by the PCAOB as it also rolls out new reports for 2015, shows inspectors dug into 34 audit files and found deficiencies in 11 of them for a rate of 32 percent. That’s a significant reduction in the number of deficient audits for the firm, which racked up deficiency rates of 55 percent in 2013 and 65 percent in 2012, among the highest rates across all major firms for those two years. The firm said it was happy that inspection results are trending in the right direction. “We look forward to making continued progress,” the statement said.
