PracticeAuditGrant Thornton ditches two US lenders

Grant Thornton ditches two US lenders

Firm won’t audit troubled sub-prime lenders

The sub-prime lender meltdown in the US has
seen Grant
Thornton resign as auditor
for two troubled lenders, the companies have
revealed in separate regulatory filings.

Accredited Home Lenders Holding and
Fremont
General
said separately that Grant Thornton had resigned as their auditor
after advising them that it needed to ‘significantly expand’ the scope of its
audit of their 2006 financial statements.

News of Grant Thornton’s resignation came at the same time that New Century
Financial, a leader in the once-booming subprime lending industry, filed for
bankruptcy.

Officials at Grant Thornton could not immediately be reached for comment.

Further reading:

Grant Thornton interim revenues surge 16%

Grant Thornton warns Brown to cut business taxes

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