PracticeAuditGrant Thornton ditched by audit client

Grant Thornton ditched by audit client

American financial services provider Countrywide has dropped Grant Thornton as its auditor in favour of KPMG.

Link: Grant Thornton may sever ties with Italian arm

The move follows hard on the heels of GT’s involvement in the Parmalat scandal, however Countrywide has stated that the decision is not linked to this situation.

‘The decision was based on our board’s audit committtee determining that because Countrywide had grown so much that the resources that KPMG had were better aligned with our growing company,’ Countrywide spokeswoman Susan Martin told Reuters.

Grant Thornton has served as Countrywide’s auditor since the early 1970s.

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