Assurance client acceptance review committee

The assurance client acceptance review committee is charged with reviewing and approving member firms’ KAA. This committee is chaired by the executive director - risk and regulatory matters and is comprised of the executive director - quality control and certain member firm risk management/quality control partners nominated by their firms’ managing partners. The committee members represent a geographically diverse group of member firms. The committee only reviews assurance acceptance and reacceptance submissions from member firms that meet one or more risk criteria. These criteria, which are reviewed regularly, cover a variety of potential key risks, including the size of the potential/existing assurance client, the amount of fees expected to be generated from the assignment, potential reputational issues that may impact the Grant Thornton brand and the member firm’s relevant recent experience with clients having similar characteristics.

The assurance client acceptance review committee meets weekly, or as required, to discuss submissions from member firms. Grant Thornton has identified over 300 key assurance assignments performed by member firms and has conducted more than 400 acceptance and re-acceptance reviews over the past two years.