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Grant Thornton Rebuked; Minority Interest Rules; More

Tammy Whitehouse | April 22, 2008

The Public Company Accounting Oversight Board has given auditing firm Grant Thornton a stern rap on the knuckles, saying the firm failed in five audits to perform adequate testing on financial statement assertions to support its audit conclusions.

In its first report on a major audit firm from the 2007 inspection cycle, PCAOB inspectors picked apart five Grant Thornton audits performed in 2007 on 2006 financial statements and cited a number of instances where auditors failed to perform adequate audit procedures or failed to document the procedures that were performed.

Grant Thornton says it performed a total of 404 audits subject to PCAOB scrutiny in 2007, but declined further comment on the inspection findings.

For example, the PCAOB said that in one audit the firm didn’t adequately test the revenue and cost of revenue cycles in a number of respects and failed to test certain factors that went into a stock option... To get the full story, subscribe now.