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January 28, 2023

Grant Thornton Audit Partners Might Want to Read Those Opinions Just a Bit Closer

Call this is a GT service announcement (or something). A tipster informed us a little while ago that there were a couple of Purple Rose of Chicago audit opinions floating around that have an unfortunate typo.

Titan International and Gentherm, Inc. filed 10-Ks in 2013 with Grant Thornton's name spelled wrong on the opinion – spelling it "Grant Thorton" on both….you would think the partner on each engagement would read at least the opinion page before the document is filed with the SEC.
To be fair, it's an easy mistake to make (you'll be shocked to know that I've done it in these very pages), and keep in mind that this likely got past all the members of the engagement team, but yeah, the signing and concurring partners should feel especially sheepish on this one.  

Here's Titan International, Inc.:

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Titan International Inc. (and subsidiaries) as of December 31, 2012, and the results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on criteria established in Internal Control-Integrated Framework issued by COSO.
/s/ Grant Thorton LLP
Chicago, Illinois
February 27, 2013
And Exhibit B, Gentherm, Inc.:
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of the Company as of and for the period ended December 31, 2012, and our report dated March 15, 2013 expressed an unqualified opinion on those consolidated financial statements.
Southfield, Michigan
March 15, 2013

At least the partners can take solace in the fact that their names aren't at the bottom of the opinion. In the future, they might not be so lucky. 

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