We carry out an internal quality control review annually in accordance with the adopted policies. During this review, we inspect design of policies and procedures and effectiveness of the system, as well as the inspection of selected completed audit assignments.
The purpose of this review is to identify possible deficiencies and to implement corrective actions. This is a key process of the quality control of our work.
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high quality services to our clients.
To accomplish this, each member firm submits to an inspection of its quality control system under the Grant Thornton Audit Review (GTAR) at least once every three years.
The GTAR monitors compliance with professional standards and global audit policies. It is conducted by independent partners and managers from other member firms under the direction of the global audit quality control leader.
The inspection process includes an evaluation of the member firm’s assurance policies, benchmarking these against the international organisation. The team reviews financial statements, audit reports, engagement work papers and files, and interviews partners and staff.
The report on a firm’s quality-control system will report one of the following:
When the GTAR identifies a deficiency, the member firm is expected to address the deficiency and document its action plan to address the findings within a reasonable period of time and submit appropriate documentation. When follow up actions are required by member firms to address findings identified during the GTAR, a further visit or remote assessment is made to review progress in implementing these actions.
Our quality control system is subject to review by the Chamber of Authorized Auditors of the Republic of Serbia. During inspection, the Chamber controls design of the quality control system and effectiveness of its implementation, as well as the control of selected audit projects.
Details of the Chamber of Authorized Auditors can be found on their webpage www.kor.rs
To learn more about our audit quality monitoring, please read our transparency report.