Strategy for robust audit delivery

Grant Thornton views quality as paramount. As auditors our member firms exist and grow only on the bedrock of their reputation for high quality audits.

Grant Thornton provides resources that assist member firms in delivering high quality audits. These resources include: 

• the Grant Thornton global audit methodology (known as Horizon™) , with supporting state of the art software 
• policies and procedures contained in industry oriented audit programmes and manuals that are benchmarked against International Standards on Auditing, ISQC1 and the IESBA Code of Ethics 
• protocols that enable member firms to consult with the Grant Thornton auditing standards team and, if necessary, with audit specialists in other member firms 
• protocols that enable member firms to consult with our International Financial Reporting Standards (IFRS) help desk 
• a comprehensive intranet service that includes up to date information for member firms on relevant professional standards, a worldwide restricted entity list, topical alerts, financial statement templates and examples.

Horizon is a key quality element of the global assurance strategy. During the 2008/2009 period, Horizon was updated to incorporate the revised standards of auditing known collectively as the clarity ISAs. At the same time, new state of the art software called Voyager was released to assist audit teams with the consistent application of Horizon. Finally, centrally developed training was delivered to all audit personnel globally to further develop a consistent understanding and implementation of our global audit methodology. All of this has been supplemented with ongoing global communications regarding answers to frequently asked questions, additional guidance on practical implementation issues, help desk support and training in selected topics.

Responsibility for the global assurance strategy rests with the global leader – assurance services. Excellence is a core Grant Thornton value and quality is an integral component of excellence. An advisory committee supports the global leader - assurance services with strategy development and implementation. The advisory committee is composed of the heads of assurance from the major member firms who bring knowledge, experience and authority to effectively develop and implement the strategy.

In implementing the strategy the global leader is also supported by an executive director – international financial reporting standards and an executive director – international auditing standards. Both executive directors are supported by advisory committees and team members comprised of member firm partners and managers who excel in these subjects. In addition, Grant Thornton actively participates in the financial reporting, auditing, ethics and quality control standards setting processes. The people participating in these processes provide insight and support to the executive directors. Finally, the executive directors interact with our professionals involved in the quality monitoring process and this interaction provides information used in the maintenance of Horizon and the quality monitoring process. Responsibility for this process lies with the executive director – international auditing standards.