April 2024
Following an inspection by the Financial Reporting Council (FRC)s Audit Quality Review (AQR) team, the FRC’s Enforcement Committee (Committee) recently concluded that Grant Thornton UK LLP failed to comply with the Regulatory Framework for Auditing in its audit of a local authority’s pension fund for the year ended 31 March 2021.
The Committee found failures I the reviewed audit, which it considered represented a significant departure from the standards expected of a Registered Auditor and had the potential to affect the public, employees, pensioners or creditors.
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Source: Financial Reporting Council (FRC)