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Grant Thornton earns record low deficiency rate

Tammy Whitehouse | March 28, 2019

The Public Company Accounting Oversight Board inspected 34 audit files at Grant Thornton during its 2017 inspections of 2016 audit work. It found problems in six audits serious enough to describe in its latest report on the firm, for a deficiency rate of 18 percent. That’s down from 24 percent in 2016 and considerably lower than the firm’s toughest year, in 2012, when inspectors called out 65 percent of engagements. It also makes it the first major firm to deliver a rate in the teens since 2009.

Since the PCAOB toughened up its inspection process in 2010 and began delivering increasingly harsher results, none of the major firms have seen deficiency rates below the 20 percent earned by...

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