Grant Thornton Not Skeptical Enough, Annual Audit Review Finds

Grant Thornton LLP leaned too heavily on the experience of an audit committee member when evaluating an IT company’s tax reporting, according to the firm’s most recent annual inspection.

Bad accounting for intangible assets and interest payments also tripped up Grant Thornton auditors. Inspectors with the Public Company Accounting Oversight Board found 18 violations among the audits reviewed, according to the firm’s 2017 report released March 27.

Of 34 audits inspected, inspectors identified six where the Chicago-based firm lacked enough evidence to support the auditor’s opinion.

In its response, Grant Thornton said the firm is committed to providing high-quality audits ...