Grant Thornton Dinged for Audit Supervision Failures in Review

Grant Thornton LLP partners missed audit shortfalls in areas involving fraud and other significant risks for engagements they ran, according to new details included in an extended version of the firm’s 2018 regulatory review.

The US accounting firm didn’t address those and other concerns that inspectors flagged fast enough, resulting in the Tuesday release of the expanded report. The Public Company Accounting Oversight Board first issued the firm’s initial results two years ago.

In response to the board’s findings, the firm has provided more “rigorous” training to staff and introduced updated quality controls among other changes, Grant Thornton said in ...