Big Four firm Grant Thornton has received the highest failure rate ever registered in a single inspection report by the Public Company Accounting Oversight Board (PCAOB), Compliance Week reported.oard gave Grant Thornton a failing grade on 65% of audits inspected in 2012, finding problems with 22 of 34 audits studied. Among those 22 audits, inspectors found internal control problems in 19 of them. In 2011, 43% of audits were found to have problems.
“The volume of findings in this report is concerning and of great importance to our dedicated professionals,” wrote CEO Stephen Chipman along with Trent Gazzaway, national MP of audit services. They also said the report addresses 2011 financial statements that were audited in 2012 and inspected in 2013. The firm revised its audit methodology and internal controls training in the summer of 2012. The changes, they wrote, “have been effective at improving audit quality in this important area.”