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PCAOB fines Grant Thornton over audit, partner failures

Tammy Whitehouse | December 20, 2017

Audit regulators have extracted a $1.5 million settlement from Grant Thornton over allegations of audit failures and quality control failures surrounding engagement partner performance.

The PCAOB’s action is connected to the 2013 audit of The Bancorp, Inc. and another unnamed entity. The PCAOB says Grant Thornton assigned the two engagements to two different partners in its Philadelphia financial services group who had known performance problems. One of the partners was already on a performance improvement plan, yet the firm failed to properly monitor the engagements or provide adequate support, the regulator says.

The PCAOB also sanctioned David Burns, one of the engagement partners, fining him $15,000 and barring him from being associated with any PCAOB-registered firm. Burns left the... To get the full story, subscribe now.