J. M. Grant has recently been elected to the board of directors of Montrose Company. The other directors of Montrose are beginning to regret this action. Grant has proved to be very opinionated, very stubborn, and quite old fashioned. Every decision by the board members since Grant joined the board has taken two to three times as long as it should have because Grant seems to disagree with everything that everyone else says.
The most recent crisis is over the preparation of the quarterly report. Grant was shocked to learn that quarterly reports do not include the same detail as is contained in the annual report and that estimates and assumptions are used extensively in preparing the summary information that goes into the quarterly report. The last straw for Grant was when he learned that the quarterly report is not audited. Grant has absolutely refused to accept this slipshod method of quarterly reporting and has vowed that he will bottle up board action on all other decisions until the board agrees to the preparation of a quarterly report that contains the same detail, the same accounting practices, and the same type of audit opinion as the annual report.
You have been appointed by the board to reason with Grant. What will you tell him?