Global audit methodology and technology

Each year further investment is made in methodology development, technology, training, communications and guidance to maintain and enhance audit quality. For example, in 2010 the audit of groups (particularly those that operate across national boundaries) was a focus for the assurance profession worldwide. In response to this global issue, in 2010:

• the audit of groups was included as a focus of our quality monitoring programme
• our methodology was enhanced and member firms were provided with tools and guidance specifically aimed at improving the quality of group audits.

Many years ago, Grant Thornton recognised the importance of consistently performing high quality audits globally. In response, we implemented a global audit methodology, a global system of client acceptance and reacceptance, a global system of quality monitoring and global IFRS resources. These systems enable the delivery of quality audits by Grant Thornton member firms worldwide.

Global audit methodology

Grant Thornton's global audit methodology provides member firm audit teams with a clear and direct link between identified financial reporting risk, internal controls that address the risk and audit procedures. This approach enables audit teams to judge how the current environment impacts an entity's financial reporting, how the entity responded, and how to develop an appropriate audit response. The global audit methodology includes integrated quality control processes including, for example, policies and procedures on an engagement quality control review.

Voyager™ suite

Grant Thornton member firms apply the global audit methodology using the Voyager suite: an integrated set of proprietary software tools. Using Voyager, audit teams identify financial statement risks and link them to the processes and internal controls established to address those risks. This enables audit teams to tailor an audit response that is appropriate to the assessed risks. Voyager also assists audit teams in documenting, evaluating and testing internal controls.