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The Board found, among others things, that Grant Thornton knew that Burns and another partner had failed to properly perform audits in prior years, yet continued to allow them to serve as engagement partners, without sufficient support or monitoring when it assigned them to serve as engagement partners in connection with two separate 2013 public company audits. Neither of the respondents admitted or denied the findings contained in the Board's orders. Burns, a former Grant Thornton partner, who served as the engagement partner for the 2013 Bancorp audit, for his violations of PCAOB auditing standards in that audit.īurns was barred from associating with a PCAOB-registered accounting firm, with the right to petition to remove the bar after one year, with further limits on his auditing activities for an additional year, censured, and ordered to pay a $15,000 penalty. This matter should serve as a case study for what not to do."

"Effectively designed and operated quality control systems are crucial to conducting audits in compliance with PCAOB standards. When quality controls concerning personnel assignment and oversight fail, serious violations of auditing standards can result, as they did here, to the detriment of investors," said James R. "A firm's system of quality control should reasonably assure that personnel with the right skills and experience are assigned to public company audits. The Board also found that, in one of those audits, the 2013 audit of The Bancorp, Inc., Grant Thornton violated PCAOB auditing standards. The quality control violations were in connection with the firm's assignment, support, and monitoring of two engagement partners on 2013 audits performed in the financial services practice based in Philadelphia. The Public Company Accounting Oversight Board today announced a $1.5 million civil penalty and censure against Grant Thornton LLP for violations of quality control standards and for audit failures. Small Business and Broker-Dealer Forums.PCAOB International Institute on Audit Regulation.Conference on Auditing and Capital Markets.Information for Auditors of Broker-Dealers.The International Forum of Independent Audit Regulators and Other International Organizations​.Board Determinations Under the Holding Foreign Companies Accountable Act.PCAOB Cooperative Arrangements with Non-U.S.Updated PCAOB Staff Considerations on Recommending the Identification of Issuers and/or Broker-Dealers in Settled Enforcement Orders.Inspections-Related Board Reports and Statements.Implementation Resources for PCAOB Standards and Rules.Technology Innovation Alliance Working Group.Standards and Emerging Issues Advisory Group.