Grant Thornton, Mazars Ripped for Flawed U.K. Government Audits

The U.K.'s audit watchdog ordered Grant Thornton and Mazars to come up with plans to improve audit quality, after a new report found the quality of local government auditing unacceptable.

The firms will now need to carry out a detailed analysis of the problems and draw up an action plan to address them, the Financial Reporting Council said Friday. The watchdog’s findings will add to the pressure on Grant Thornton, in particular, to mend its audit reputation after a series of scandals including the near collapse of Patisserie Valerie, and after the FRC in July required it to draw ...