A key component of our global strategy is to promote the delivery of a consistent, high quality client service worldwide.
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high quality services to our clients.
To accomplish this, our firm carries out annual reviews of our internal controls and specific reviews of certain projects, in line with our Ethics and Quality Control Manual. Each member firm also submits to an inspection of its quality control system under the Grant Thornton Audit Review (GTAR) at least once every three years.
The GTAR monitors compliance with professional standards and global audit policies. It is conducted by independent partners and managers from other member firms under the direction of the global audit quality control leader.
The inspection process includes an evaluation of the member firm’s assurance policies, benchmarking these against the international organisation. The team reviews financial statements, audit reports, engagement work papers and files, and interviews partners and staff.
The report on a firm’s quality-control system will report one of the following:
- suitably designed and operating effectively (an unqualified report)
- suitably designed and operating effectively except for one or more significant deficiencies (an except-for report)
- having material weaknesses in the design or operation of the quality-control system (an adverse report).
When the GTAR identifies a deficiency, the member firm is expected to address the deficiency and document its action plan to address the findings within a reasonable period of time and submit appropriate documentation. When follow up actions are required by member firms to address findings identified during the GTAR, a further visit or remote assessment is made to review progress in implementing these actions.
Learn more about our GTAR process in our latest Transparency Report.
Talk to us
If you have any questions or would like to find out more about these services, please contact Gemma Soligó.