February 18, 2015 4:45 pm
Watchdog ‘disappointed’ with Grant Thornton audits
Harriet Agnew, City Correspondent
A report from the UK accountancy watchdog said it was “disappointed” to find that five of the eight Grant Thornton audits it reviewed required either improvements or significant improvements, a blow to the mid-tier firm that is facing two investigations connected to its auditing work.The Financial Reporting Council said on Wednesday that two of the eight Grant Thornton audits reviewed required improvements, while three of them need significant improvements. It identified concerns on four audits regarding the level of professional scepticism or challenge of management applied in key audit areas.