Accounting firm Grant Thornton has been hauled over the coals by the Public Company Accounting Oversight Board for its slack audits.

With one client, the so-called experts at Grant Thornton failed to test the revenue and cost of revenue cycles and had failed to test certain value the company had placed on stock options it had issued actually measured up.

With another client, the PCAOB said the firm had failed to adequately test the valuation assertion regarding inventory.

And so the list goes.

Interestingly enough, the firm is quite conciliatory in its response.

And of course, the clients are not identified, leaving investors in the dark. Guess we can't have too much transparency, can we?