Quality control procedures

One of the pillars of the global strategy is to support member firms in their delivery of consistent high quality client service worldwide. Quality control of assurance services is overseen by a worldwide director – quality control. Under his direction, member firms are provided with guidance on the design and implementation of their own quality control systems to support their compliance with all applicable international and local standards through the Grant Thornton Ethics and Quality Control Manual.

Ethics and quality control manual
One of the criteria for membership within Grant Thornton is that member firms and their personnel must comply with the IFAC Code of Ethics and the ISQC 1 or, if stricter, Grant Thornton’s ethical and independence policies or local ethical standards. While the focus of ISQC 1 is on the provision of assurance services, it also addresses certain requirements for member firm governance and oversight that are relevant to all service lines.

National quality control systems
In addition to their own quality control procedures, member firms of Grant Thornton are required to abide by a system of quality control that encompasses, at a minimum, the following standards issued by the IFAC (as supplemented by additional Grant Thornton quality assurance policies):
  • ISQC 1 :Quality Control for Firms That Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
  • International Standard on Auditing 220: Quality Control for Audits of Historical Financial Information
  • IFAC Code of Ethics for Professional Accountants.


These procedures provide Grant Thornton, other member firms and the member firm itself with reasonable assurance that its personnel comply with applicable professional standards and Grant Thornton policies and procedures.

All member firms, no matter their size, are required to have an effective internal inspection programme in place. Grant Thornton has developed a template to assist member firms in adopting their own internal quality control review inspection. This template includes guidelines, work programmes, forms and a draft report, all of which have been benchmarked to ISQC 1 and made available to member firms.