Grant Thornton: committed to audit quality

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Audit qualityFor more than 90 years Grant Thornton has focused on high-quality audits with exceptional service, and we have taken every opportunity to improve our audit process. We are pleased to release our fiscal-year 2016 comprehensive and substantive quality and transparency report.

This edition provides data covering metrics that reveal our quality journey including some reporting that sets us apart.

For example: Grant Thornton provides one national office partner or managing director for every four to five audit partners or managing directors. Our national office offers exceptional advice and counsel to our engagement teams and also gets involved directly with our clients to help think through whatever issues may arise.

Our partner/managing director time in relation to total engagement time stands at a level of one audit partner/managing director per eight audit staff. This type of care and attention allows proper oversight and gives our clients a high level of service.

Our partners supervise a lower number of audit hours than our competitors. About 4.5 hours of staff time are covered by one hour of manager time; every nine to ten hours of total staff time are covered by one hour of partner or managing director time. Our model is designed to provide a high level of partner and senior team member involvement to drive quality while also facilitating staff development.

We strive to improve all aspects of our quality control systems to drive consistent audit quality, through risk assessment and audit planning, a healthy professional skepticism, and engagement supervision and review. We offer an audit methodology that is compliant and customizable, and technology that offers top-service delivery. We are introducing our advanced analytics capabilities, known as Lumen, with a goal to include advanced analytics as a part of all audit engagements, to inform decision-making and gain additional insights from entire sets of data.

At Grant Thornton quality is integral to our culture. We hope this report helps the reader better understand our level of commitment.

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