Common methodologies

Find out more here about common methodologies for:

Assurance services
Tax services
Specialist advisory services


Assurance services
The global leader – assurance services, directs a central team that focuses on providing member firms with insights into the latest international accounting and auditing standards, a global audit methodology that is compliant with international auditing standards and related software tools for planning, performing and documenting the audits of both publicly and privately held businesses. He also oversees processes to provide reasonable assurance that training programmes related to the methodology and tools are rigorous and consistent. He chairs the assurance advisory committee (AAC), the members of which include the heads of assurance for all the major member firms. The AAC members are responsible for providing input to the assurance strategy and implementation of the strategy in their respective member firms.

The Grant Thornton International global audit methodology (known as Horizon) is a key element of the global assurance practice. During 2007, Horizon has been enhanced and new audit software has been developed for roll-out in 2008-2009. Over 40 member firms in the first implementation phase will be required to use the updated methodology and software tools for all December 2008 year end audits, with member firms in the second phase required to implement for all December 2009 year end audits.

In January 2007, Grant Thornton International issued the latest version of its audit manual to member firms to support the global audit methodology. This manual includes policies and procedures pertaining to accounting and auditing matters that are to be followed by all member firm partners and staff. In their provision of assurance services, member firms must also follow the policies and procedures set forth in the ethics and quality control manual.

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Tax services
The global leader – tax services directs a central team, the responsibilities of which include quality of service provided by member firms and training in international tax matters. He chairs the tax advisory committee (TAC), the members of which include the heads of tax of the major firms providing tax services. The TAC members are responsible for providing input to the tax services strategy, polices and procedures.

The global leader – tax services is assisted by an executive director – tax operations. In addition, in February 2007, an executive director – tax training and quality was appointed who is responsible for the design and delivery of a programme of international tax training and the introduction of a global tax services manual. The two executive directors share responsibility for the design and running of a periodic review programme of tax services by member firms.

A global tax manual has been produced and will be introduced to member firms in mid-2008. This manual includes standards for the provision of tax services within and between member firms.

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Specialist advisory services (SAS)
The global leader – specialist advisory services chairs an advisory group, the SAS committee, which is comprised of SAS service line representatives from the larger member firms. The committee members are responsible for providing input to the SAS strategy, policies and procedures. The executive director – SAS risk management sits on the SAS committee and is responsible for the design and delivery of appropriate risk management and quality control measures for SAS authorisation of member firms. Detailed technical quality control of services within individual service lines is the responsibility of the global head for that service line in conjunction with the executive director – SAS risk management, including authorisation of member firms to provide certain services.

A list of the key risks for specialist advisory services is provided to all authorised member firms so that they can benchmark their policies and procedures. In addition, a specialist advisory services manual (the SAS manual) is made available to authorised member firms as a resource for documenting their approach to risk management. The SAS manual covers general risk management procedures for all specialist advisory  services and also includes specific service line risk management procedures and guidance on conducting assignments. Member firms can edit this manual to reflect the local requirements of their own jurisdiction. The SAS manual is updated on an annual basis and interim policies, if required, are issued in SAS alerts which are then incorporated in the next update to the SAS manual.

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