At Grant Thornton, we use a single audit methodology across our global network. This means that our clients gain the same proven, high-quality approach wherever they are.
Our audit methodology, Horizon, targets our audit efforts on those areas of your financial statements that represent the greatest risk.
Horizon features integrated quality-control processes, including policies and procedures for engagement quality-control.
Our methodology is underpinned by established processes and cutting-edge technology. We don’t concentrate on robotic verification; rather we ensure compliance and help to improve the way you do business – including systems and internal controls, managing risk, and establishing appropriate accounting policies.
Our established audit process
We apply a five-step method that helps us to quickly understand your business and to deliver results at speed.
Step one: Planning
In this phase we obtain an understanding of the entity’s operations, control environment, accounts and information systems. We’ll then construct an audit timetable that meets your requirements.
The result: a tailored audit strategy that is structured around your business or organisation.
Step two: Risk assessment
We use our understanding of the entity’s internal control system and operations to identify the inherent audit risks and strengths of its businesses and information systems. By performing this risk assessment, we can customize our audit approach to focus our efforts on key areas.
Step three: Evaluation of internal controls
We will evaluate the entity’s operations and its internal control system. Based on the results of this evaluation, we determine the extent of our substantive testing.
Step four: Audit testing
When appropriate, we use audit software to perform substantive testing. This enables us to retrieve information from data files, if needed, without affecting the integrity of the data.
Step five: Conclusion and reporting
Drafts of all of our reports are provided to management for their input and review shortly after the conclusion of the fieldwork. In this step, we apply an additional check to ensure the accuracy of our work.
Our cutting-edge audit technology
We also use proven and innovative technology as part of our audit process. For instance, the Horizon methodology is supported by the Voyager suite, which is an integrated set of proprietary software tools.