Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile8 entries
2022
Western Australia public-sector corruption findings
Western Australia's Corruption and Crime Commission reported that benefits were provided to public officials and that procurement rules were breached in connection with consulting contracts directed to Grant Thornton Australia.
2021
Patisserie Valerie audit failures
The FRC found failures in Grant Thornton's audits of Patisserie Valerie. The company entered liquidation after a major accounting shortfall, and the auditor later received a monetary sanction and the responsible audit partner received a temporary audit ban.
2021
Interserve audit investigation and sanction
Grant Thornton and an audit partner were fined following findings that the audits of Interserve did not demonstrate sufficient professional scepticism.
2021
Grant Thornton fined over Patisserie Valerie audits
Fine or penalty
The Financial Reporting Council fined Grant Thornton over its audits of Patisserie Valerie from 2015 to 2017, saying the audits missed red flags and failed to challenge the cafe chain's management. The regulator reduced the fine from £4 million to £2.34 million due to mitigating factors.
Company response
Apology — Grant Thornton
“We regret the quality of our work fell short of what was expected of us in this instance,” Grant Thornton said.
Source excerpt
The FRC said Grant Thornton’s audits during 2015, 2016 and 2017 missed “red flags” and failed to stand back and challenge the management of the cafe chain, whose collapse FRC said led to the closure of 70 stores and more than 900 job losses.
The Financial Reporting Council (FRC) said it was fining Grant Thornton 4 million pounds ($5.47 million) but would cut it to 2.34 million pounds due to mitigating factors, as well as imposing non-financial measures to improve its procedures.
2020
FRC fines Grant Thornton over Conviviality audit
Fine or penalty
The Financial Reporting Council fined Grant Thornton £3 million, discounted to £1.95 million for admissions, over failures and loss of independence in its audits of Conviviality, the collapsed owner of Bargain Booze. The FRC said Grant Thornton admitted breaching ethical standards and audit-independence requirements.
Source excerpt
The Financial Reporting Council (FRC) said Grant Thornton had admitted breaching "very important" ethical standards and requirements between 2014 and 2017 to ensure the independence of its audit.
Accountancy giant Grant Thornton has been fined £3m, discounted to £1.95m for admissions, by the industry watchdog for failures and loss of independence in its auditing of collapsed Bargain Booze owner Conviviality.
The U.K. Financial Reporting Council on Wednesday fined Grant Thornton £1.95 million (U.S. $2.4 million) for firmwide ethical and independence failures concerning its audit of alcohol retailer Conviviality Retail before the latter collapsed in 2018.
2019
VEREIT shareholder litigation settlement
Grant Thornton settled claims brought by VEREIT stockholders concerning alleged violations of Section 11 of the United States Securities Act of 1933.
2019
Grant Thornton fined over audit
Fine or penalty
The Financial Reporting Council fined Grant Thornton £650,000 over its audit of an unnamed listed company in 2016. The article reports that Grant Thornton admitted the offences and that the fine was reduced to £422,500.
Source excerpt
The fines were reduced to £422,500 for Grant Thornton and £13,000 for the partner after they admitted the offences.
Accountancy giant Grant Thornton was fined £650,000 by the Financial Reporting Council on Tuesday for a botched audit of a mystery stock market-listed company in 2016.
2018
Nichols and University of Salford audit misconduct
The Financial Reporting Council fined Grant Thornton UK over audit misconduct, including concerns involving a former partner's appointment to audit committees while the firm continued auditing the organizations.