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PCAOB delivers improved report card on Grant Thornton

Tammy Whitehouse | December 29, 2017

Grant Thornton posted a marked improvement in audit regulatory inspection results with its most recently published report, dating to 2016.

The Public Company Accounting Oversight Board’s latest report on a major firm shows inspectors studied 34 audit files and found problems in eight of them, or 24 percent. That’s an improvement over the same firm’s 2015 findings, where 41 percent of inspected audits contained problems.

The report says 26 of the 34 audits selected for inspection involved both an audit of internal control over financial reporting as well as the audit of the primary financial statements. Of the 8 audits exhibiting deficiencies, four involved problems with the internal control audit and seven shows failures related to substantive testing.

The reports says in four of the eight deficient audits, the firm failed to identify and test controls related to...

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