Grant Thornton
 | |
| Company type | Global network of independent member firms |
|---|---|
| Industry | Professional services |
| Founded | 1980 |
| Headquarters | London, United Kingdom |
Key people | Ed Nusbaum, CEO Grant Thornton International Ltd |
| Products | Assurance services Tax advisory Specialist advisory services Privately held business services |
| Revenue |  $4.2 billion USD (2012) |
Number of employees | 35,800 (2012) |
| Website | www.gti.org |
Grant Thornton is the world's sixth largest professional services network[1] of independent accounting and consulting member firms which provide assurance, tax and advisory services to privately held businesses, public interest entities, and public sector entities. Grant Thornton International Ltd is a not-for-profit, non-practicing, international umbrella membership entity organized as a private company limited by guarantee. Grant Thornton is incorporated in London, United Kingdom, and has no share capital.
According to Grant Thornton International Ltd, member firms within the global organization operate in over 120 countries. Combined global revenues from member firms in 2012 was US$4.2billion (2011: US$3.8 billion.[2]) There are over 2,500 member firm partners and total member firm personnel of over 35,000.
Early history
In 1924, 26-year-old Alexander Richardson Grant founded Alexander Grant & Co. in Chicago. Grant had been a senior accountant with Ernst & Ernst (now Ernst & Young). Alexander Grant was committed to providing services to mid-sized companies.
When Grant died in 1938, Alexander Grant & Co. survived the change in leadership and continued to grow nationally. In 1969, Alexander Grant & Co. joined with firms from Australia, Canada, and the United Kingdom to establish the organization of Alexander Grant Tansley Witt. This organization operated successfully for 10 years.
By 1980, Alexander Grant & Co. joined with 49 other accounting firms, including Thornton Baker in the UK, a firm with similar qualities, clients, personnel numbers and values, to form a global organization, Grant Thornton. In 1986, Alexander Grant & Co. changed its name to Grant Thornton, reflecting its affiliation with the United Kingdom firm Thornton Baker, which also changed its name to Grant Thornton.[3]
Fraud Investigation
In early 2010 the SEC and Australian Securities and Investment Commission began investigations into several audits which had been undertaken by the company in the early stages of the decade.
Several Partners of the company are facing legal battles with regard to off-shore funding, which appears to have been embezzled from several of their larger clients, proceeding the financial crisis in late 2008.
Recent significant mergers
- Grant Thornton UK merged with RSM Robson Rhodes in July 2007[4]
- Grant Thornton Russia merged with Rosexpertiza in January 2012[5]
- Grant Thornton China merged with Ascenda CPA in January 2012[6]
- In May 2012 Grant Thornton Australia merged with several former BDO offices in Melbourne and Sydney.
- In July 2013, Grant Thorton Johannesburg is set to merge with the local PKF member firm.[7]
Although many of the firms now carry the Grant Thornton name, they are not all members of one international partnership. Each member firm[8] is a separate national entity, and governs itself and manages its administrative matters independently on a local basis. This is similar to other professional services networks.
Grant Thornton is notable for its role in the Parmalat's collapse. The firm paid $6.5 million to settle with Parmalat's equity holders.[9]
Top 10 member firms
- Australia - Grant Thornton
- Canada - Grant Thornton LLP, Raymond Chabot Grant Thornton
- France - Grant Thornton
- Germany - Warth & Klein Grant Thornton AG
- Ireland - Grant Thornton
- Russia - Grant Thornton Russia
- Japan - Grant Thornton Japan
- Sweden - Grant Thornton Sweden AB
- The Netherlands - Grant Thornton NL
- New Zealand - Grant Thornton New Zealand
- United Kingdom - Grant Thornton UK LLP
- United States - Grant Thornton LLP
Grant Thornton member firms service international work through their local International Business Centres—located in 40 major commercial centers throughout the world.
Grant Thornton International Ltd carries out an annual global research project: the International Business Report,[10] which surveys the views and expectations of over 11,500 privately held businesses across 40 economies.
See also
References
- ^ http://www.accountancyage.com/digital_assets/6839/All_int_charts_2013_v2.pdf
- ^ http://www.gti.org/Press-room/Grant-Thornton-announces-US3-8-billion-global-revenues.asp
- ^ http://www.grantthornton.com/portal/site/gtcom/menuitem.91c078ed5c0ef4ca80cd8710033841ca/?vgnextoid=75f52e5a13bc5010VgnVCM100000308314acRCRD&vgnextfmt=default
- ^ "Auditors join forces to take on Big Four", Daily Telegraph, 28 April 2007
- ^ http://www.gti.org/Press-room/Grant%20Thornton%20announces%20merger%20in%20Russia.asp
- ^ http://www.gti.org/Press-room/Significant_merger_boosts_Grant_Thornton_presence_in_China.asp
- ^ http://www.gt.co.za/news/2013/05/merger-of-equals-as-grant-thornton-and-pkf-in-johannesburg-join-forces-to-create-a-formidable-client-service-offering/
- ^ Grant Thornton International Ltd Member firms http://www.gti.org/Member-firms/Member-firm.asp
- ^ http://www.reuters.com/article/2010/03/11/parmalat-auditors-settlement-idUSN1125315520100311 US judge approves Parmalat ex-auditors settlement Mar 11, 2010
- ^ Grant Thornton international business report http://www.internationalbusinessreport.com/