Two years since it published its Audit Investment Plan, Grant Thornton UK LLP is proud to provide an update on audit quality at the firm, following today’s release of the FRC’s annual Audit Quality Review (AQR), which shows demonstrable progress in the firm’s quality and capabilities.
In summer 2019, Grant Thornton took action to further strengthen audit as a specialism in the firm, setting out measures to enhance governance of the practice, including the appointment of an independent chair to its Audit Quality Board in February 2020 and committing significant investments in its people and technology to develop a sector-leading audit practice. Since then, the firm’s practice has continued to evolve and develop its skills and expertise, despite the disruption caused by the pandemic over the past year and ongoing regulatory scrutiny of the sector. Today’s FRC audit quality scores, which cover audits undertaken during 2019/20, confirm that the firm’s investments have made a material impact on its quality.
Fiona Baldwin, head of audit at Grant Thornton UK LLP, commented:
“When we implemented our Audit Investment Plan, we knew it was the start of a continuous journey which would take time to see the impact of. Today’s results are demonstrative of the fundamental changes we have made in how we approach audit quality as a firm and the culture we are developing within our audit practice. I’m pleased that our regulator has recognised the significant improvement in our work on the files they have reviewed and am further encouraged by the large number of good practice areas highlighted.”
The firm is continuing its commitment to audit quality, to ensure it stays ahead of the market. More recently, it has continued recruiting significant numbers of highly skilled auditors, including the appointment of nine new audit partners so far in 2021. Grant Thornton has also invested further in technology to promote high quality and efficient audits and is progressing well in its culture programme to ensure all its team members have the right mindset, along with skills, to deliver high-quality audits and promote trust in the marketplace.
Fiona Baldwin continued: “Quality remains our top priority and has increasingly become a driver in our clients’ decisions to work with us, as they recognise the benefits of our ongoing investment. We’re continually looking for ways to improve and develop so that we are best placed to meet the aims of the BEIS consultation launched earlier this year. The measures we’ve adopted represent an investment in our structures, our people and our future, and as the audit market dynamics continue to evolve, our quality will help ensure we continue to attract the right talent and clients into our firm.”