The Public Company Accounting Oversight Board released a copy of its annual inspection of Grant Thornton, noting several deficiencies in the firm's audits of five clients.

With one unidentified client, the firm failed to adequately test the revenue and cost of revenue cycles, to test certain factors that the company had used in determining the fair value of the stock options that the company had issued or to perform procedures to assess whether the company had recognized compensation expense over the proper service period.

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