Quality assurance review - UK

The audit practice of the Grant Thornton member firm in the UK is regulated by the Institute of Chartered Accountants in England and Wales (ICAEW) and audit work is examined annually by the Audit Inspection Unit (AIU) of the Professional Oversight Board, a part of the Financial Reporting Council (FRC) (public interest audits) and the Quality Assurance Directorate of the ICAEW (other audits). Each visit by the AIU considers the suitability of the firm’s audit methodology, and reviews a number of public interest assignment files.

The fieldwork for the latest reviews was carried out in Summer 2007 and the final reports are likely to be presented to the Audit Registration Committee of the ICAEW in early 2008. Neither review highlighted any areas believed to have a significant bearing on the firm’s registered audit status. Both reports that were submitted to the Audit Registration Committee in March 2007 confirmed the firm’s eligibility to continue conducting statutory audits.

Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd