Audit and assurance (2024)

To be the only firm ever to receive two consecutive years of 100% of files inspected in the top quality gradings bracket, is something our firm is immensely proud of. It’s only been achieved through significant investment in our people, infrastructure, and in driving the right client base for tomorrow. It’s why we will only work with businesses, who share our commitment to quality and where we are sure that we can deliver a top-quality client experience.

Wendy Russell Head of Audit, Grant Thornton UK LLP

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About Us

Why Grant Thornton

Audit is always changing, but our agile approach to preparing for the future and maintaining excellence stays the same.

It’s why we’ve structured our audit practice to enable our teams to work across one of three markets (public interest, private capital, or entrepreneurial services), so our people have both the experience and enthusiasm to audit similar businesses to yours.

This expertise and focus ensures you’ll feel like you’re important to our teams and that they’re passionate about the quality of audit they perform.

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How we can help

Independence and professional scepticism that meet the highest regulatory expectations.

We’re constantly investing in quality control that responds to client feedback and leverages our technical expertise.

We hold ourselves accountable through our Audit Quality Board: external experts who bring accountability and challenge.

The latest Financial Reporting Council’s findings prove that we’re consistently delivering on our commitment to excellence.

In 2022, we were the first firm to ever be awarded the highest quality gradings bracket for 100% of files reviewed by the FRC. We’re delighted that these results were repeated in 2023.

Furthermore, the 2023 regulatory report includes the results from the QAD review where, again, 100% of audits reviewed for our firm are in the highest bracket awarded by the regulator.

Bespoke proprietary software, our Audit AppStore, and embedded data analytics leveraged by efficient project management mean an effective audit approach.

All information is held centrally, so you can see the status of your audit at any time – with greater insight, efficiency, and value.

Our specialist digital audit team are continuously developing new tools and cutting-edge solutions.

Knowledge and insight customised to your organisation:

  • One of the largest auditors in the AIM marketplace
  • Working with 50% of councils at any one time, with a 35% share of NHS audits
  • In excess of 300 PE/VC-backed audit clients
  • Financial services audit team includes specialists focusing on regulatory, CASS, and safeguarding audits
  • A pensions practice with over 330 clients, acting for over 20% of the top 100 Schemes
Audit and assurance (2024)

FAQs

Is audit and assurance exam hard? ›

However, at the Applied Skills level, Audit and Assurance (AA) is in some ways more difficult for students because the concepts are so novel, and there is a lot of new material and terminology and processes to learn. The key topics examined in AA provide the foundational audit knowledge.

What is the pass mark for audit and assurance? ›

The pass mark for all ACCA Qualification examinations is 50%. ACCA reserves the right to examine any learning outcome contained within the study guide. This includes knowledge, techniques, principles, theories, and concepts as specified.

Is audit and assurance easy? ›

ACCA Audit and Assurance (formerly F8) often feels very alien to students, but it's not as difficult as you think. A lot of students don't pass Audit and Assurance the first time, but that's because they approach the paper in the wrong way.

How do you answer audit questions? ›

Honesty, sincerity, and straightforwardness should be the touchstones of your responses. An auditor is looking for the truth. A guess, even if it is an educated guess, is not the truth.

What is the pass rate for the ACA audit and assurance exam? ›

Audit and Assurance: 83.8%

What is the pass rate for the assurance exam? ›

2022 PEP Pass Rates
CPA PEP Module2022 Pass Rate2020 Pass Rate
Core 174.0%81.9%
Core 282.5%86.2%
Taxation87.5%88.0%
Assurance89.7%89.1%
2 more rows

Why is the audit exam so hard? ›

The AUD section of the CPA Exam isn't easy, and one factor contributing to CPA Exam difficulty is the fact that the exam assesses candidates at four different levels of skill. The pass rate for AUD hovers around 50%, so it's important to make sure you have a firm grasp of the subject matter.

How to pass the AA ACCA exam? ›

How to pass ACCA AA exam. Use the OpenTuition ACCA AA lectures along with the AA Course Notes and worked questions (revision lectures). Make sure you know auditing theory and, very importantly, understand how it is applied to the scenarios in the worked questions.

Is there a lot of math in auditing? ›

Math ranks among the most essential skills for accountants and financial analysts. But that doesn't mean accountants have to take upper-division math classes in college. A bachelor's in accounting builds the math skills that accountants, auditors and financial analysts use in their jobs.

How do you successfully pass an audit? ›

When preparing for an audit, taking the following steps can help you have a smooth journey and successful outcome:
  1. Develop a project plan. ...
  2. Perform a risk assessment. ...
  3. Design and implement controls. ...
  4. Document your work. ...
  5. Conduct an audit-readiness assessment.
Jun 3, 2024

How can I do well in audit exam? ›

To pass the AUD exam, you need to develop a deep understanding of the audit process and internal controls. You also need to know the principles within the proper context and be able to apply them appropriately, or you could get tripped up on this exam.

How do I prepare myself for an audit? ›

Our top tips on how to prepare for an upcoming audit fall into five broad categories: Get acquainted with the auditor; Clean up records; Keep up with internal changes; Keep abreast of external changes; and Prepare thoughtfully for the actual audit. . Open a line of communication before the audit start date.

How hard is the audit exam? ›

The AUD section of the CPA Exam isn't easy, and one factor contributing to CPA Exam difficulty is the fact that the exam assesses candidates at four different levels of skill. The pass rate for AUD hovers around 50%, so it's important to make sure you have a firm grasp of the subject matter.

Is an audit exam difficult? ›

I found my audit classes in college to be expecially hard, but the AUD exam to be as hard as the rest. Test is much harder compared to material. Try answering a mcq that has 4 right answers, but you have to decide which is the most right depending on the scenario.

What is the hardest accounting exam? ›

The FAR section of the CPA Exam is hard because it's the most comprehensive of the 4 exam sections, and it has a lot of math questions that are mentally taxing to get through. It has the lowest pass rate of all 4 exam sections and is considered the hardest CPA Exam section.

How long is the audit and assurance exam? ›

Introducing the Audit and Assurance exam. The exam is 2.5 hours in length and the pass mark is 55%.

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