Audit quality

Grant Thornton views audit quality as an essential element of our business. To that end Grant Thornton provides resources to assist member firms in maintaining audit quality, including:

• an audit methodology, with supporting state-of-the-art software, that is used globally
• policies and procedures contained in audit manuals that are benchmarked against international auditing, quality control, independence and ethics standards
• protocols that enable member firms to consult with the global auditing standards team and, if necessary, with audit specialists in other member firms
• protocols that enable member firms to consult with our International Financial Reporting Standards (IFRS) help desk
• a comprehensive intranet service that includes up to date information for member firms on auditing, financial reporting, ethics and independence standards and guidance on applying them effectively.

Responsibility for the global assurance strategy rests with the Global leader – assurance services. An advisory committee supports the global leader with strategy development and implementation. The committee is composed of the heads of assurance from thirteen member firms, chosen for their geographic and/or demographic position in our chosen markets. Committee members possess the knowledge, experience and authority required to effectively develop and implement the strategy.

In implementing the strategy the global leader is also supported by assurance functional leaders for IFRS; International Auditing Standards; audit technology; and audit quality control. Each functional leader is supported by advisory committees and team members comprised of member firm partners and managers who excel in these subjects.

Grant Thornton actively participates in the international financial reporting, auditing, ethics and quality control standards-setting processes. The people participating in these processes provide insight and support to all of our assurance personnel. This interaction provides information used in the development of our strategy, methodologies, training and risk management processes.

The following diagram illustrates how the teamwork between member firms and the global assurance function enables our member firms to deliver high quality audits.