Independence policies, guidance and training

Grant Thornton requires member firms to adopt global policies and procedures that are designed to safeguard independence on assurance engagements and identify circumstances that could pose a conflict of interest. The global independence policies and procedures are based on the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants with supplements to govern compliance with our global independence and international relationship checking processes. Member firms are also required to adhere to their local regulatory requirements where more restrictive.

Grant Thornton monitors compliance with these policies. Member firms are required to identify a partner with responsibility for overseeing independence matters, including providing training and obtaining annual  confirmations of compliance with independence policies.

The increase in regulations and standards and the growing volume of services provided to international clients by Grant Thornton have made compliance with independence requirements a complex process. A global  independence team (led by the Executive director – regulatory matters) assists member firms with these requirements. The global independence team’s responsibilities include:

• providing member firms with policy, guidance and training relating to independence matters
• communications designed to provide guidance to member firms on interpreting, applying and complying with global policy or specific auditor independence rules
• oversight, compliance monitoring and support of the Global independence system (GIS)
• maintaining an international relationship checking process designed to provide reasonable assurance that non-audit services are not provided to an audit client, or its affiliate without appropriate consultation with the audit partner and, where applicable, the client’s audit committee
• providing member firms appropriate independence consultation when dealing with complex international regulatory and independence matters.