{"id":931090,"date":"2026-10-13T05:12:22","date_gmt":"2026-10-13T05:12:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/931090\/"},"modified":"2026-10-13T05:12:22","modified_gmt":"2026-10-13T05:12:22","slug":"canadian-audit-watchdog-issues-audit-inspection-reports-for-grant-thornton-branded-accounting-firms","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/931090\/","title":{"rendered":"Canadian audit watchdog issues audit inspection reports for Grant Thornton branded accounting firms"},"content":{"rendered":"

TORONTO, October 12, 2026 \u2013 The Canadian Public Accountability Board recently released inspection reports for three separate accounting firms, all with the words \u201cGrant Thornton\u201d in their name. Two of the three firms represent the Grant Thornton name in English and Francophone Canada respectively, while the third, Grant Thornton LLP (GT), is an American firm headquartered in Chicago, Illinois.<\/p>\n

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The history of accounting brand name Grant Thornton is one of international mergers. \u201cGrant Thornton\u201d combines the surnames of accounting firm founders in England and the United States that merged in the 1980s. While business relationships existed with Canadian firms prior to the 1980s, Grant Thornton\u2019s real footprint in Canada can be traced to the adoption of the brand by H.R. Doane & Company<\/a> in English Canada, and Raymond Chabot in Quebec<\/a>.<\/p>\n

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Doane Grant Thornton LLP (DGT) and and Raymond Chabot Grant Thornton S.E.N.C.R.L. (RCGT) are both member firms of Grant Thornton International. Together, they operate over 81 offices across the country with more than 3,000 to 4,000 personnel and hundreds of partners.\u00a0<\/p>\n

According to its 2025 inspection report<\/a>, as of year-end 2024, GT audited eight \u201creporting issuers\u201d (i.e., public companies) in Canada, including two listed on Toronto Stock Exchange (TSX). CPAB inspected one sole file but found one significant finding, related to \u201crevenue and related accounts.\u201d A significant finding is described by CPAB as:<\/p>\n

\u00a0<\/p>\n<\/p>\n

a deficiency in the application of auditing or other relevant professional standards, as defined in Section 300 of CPAB\u2019s Rules, where the audit firm must perform additional audit work to support the audit opinion and\/or is required to make significant changes to its audit approach. CPAB requires firms to carry out additional audit procedures to determine the need, if any, to restate the financial statements due to material error, or to substantiate that the firm obtained sufficient and appropriate audit evidence with respect to a material balance sheet item or transaction stream to support their audit opinion.<\/p>\n

Doane Grant Thornton has a larger client base befitting its Canadian presence. According to its 2025 inspection report<\/a>, Doane Grant Thornton audited 23 reporting issuers, including five on the TSX, as well as 19 mutual or traded funds. CPAB inspected two audit files and found one significant finding, related to \u201clong-lived assets.\u201d<\/p>\n

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In 2025, the French publication Les Affaires ranked Raymond Chabot Grant Thornton as the largest accounting firm in Quebec for the third year in a row, well ahead of Big Four competitors Deloitte Canada and KPMG Canada.\u00a0<\/p>\n

As of December 31, 2024, RCGT audited the highest number of reporting issuers that fall within CPAB\u2019s scope. According to its 2025 inspection report<\/a>, RCGT audited 42 reporting issuers, including seven listed on the TSX, and 127 funds. CPAB inspected one audit files and found no significant findings.<\/p>\n

\u00a0<\/p>\n<\/p>\n

Colin Ellis is a contributing editor to Canadian Accountant. Title image: iStock ID 1161029738.<\/p>\n

\"Canadian<\/p>\n","protected":false},"excerpt":{"rendered":"TORONTO, October 12, 2026 \u2013 The Canadian Public Accountability Board recently released inspection reports for three separate accounting…\n","protected":false},"author":2,"featured_media":931091,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[210717,49,48,146051,210719,319745,319746,319742,319743,319741,319744,319748,44,319747,319749,210722,210724],"class_list":["post-931090","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-accounting-firms","tag-ca","tag-canada","tag-canadian-firms","tag-canadian-public-accountability-board","tag-doane-company","tag-doane-grant-thornton","tag-grant-thornton","tag-grant-thornton-llp","tag-inspection-reports","tag-international-mergers","tag-largest-accounting-firm-in-quebec","tag-news","tag-raymond-chabot-grant-thornton","tag-rcgt","tag-reporting-issuers","tag-significant-finding"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/931090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=931090"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/931090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/931091"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=931090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=931090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=931090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}