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Grant Thornton to Pay $750,000 to Settle Erickson Audit Lapses

Nov. 6, 2020, 7:46 PM

Grant Thornton LLP has agreed to pay $750,000 to settle U.S. audit regulator charges that it missed warning signs that Erickson Inc. was at risk of going out of business and didn’t adequately understand its lease liabilities that resulted in a multiyear restatement.

The Public Company Accounting Oversight Board also sanctioned two Grant Thornton auditors for their work related to the aviation service company’s audits, according to the board’s order released Friday.

The charges come as the PCAOB has intensified its focus on firms’ quality control systems in an effort to improve compliance with U.S. audit standards. ...

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