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 various standard setting boards of the International Federation of Accountants: 

• ISQC1: 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 
• IESBA Code of Ethics for Professional Accountants.

These procedures are designed to provide global and national management with reasonable assurance that audit engagements are conducted in accordance 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 that meets the requirements of ISQC1. Grant Thornton has developed a template to assist member firms in adopting their own internal quality control inspection. This template includes guidelines, work programmes, forms and a draft report, all of which have been benchmarked to ISQC1 and made available to member firms.