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Grant Thornton

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Grant Thornton

Grant Thornton International Ltd
Global network of independent member firms
Industry Professional services
Founded 1980
Headquarters London, United Kingdom
Key people Ed Nusbaum, CEO
Grant Thornton International
Products Assurance services
Tax advisory
Specialist advisory services
Privately held business services
Revenue Increase$4.2 billion USD (2012)
Employees 35,800 (2012)
Website www.gti.org

Grant Thornton International 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, 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 International (GTI). 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

  • Grant Thornton
  • Raymond Chabot Grant Thornton
  • Grant Thornton
  • Warth & Klein Grant Thornton AG
  • Grant Thornton
  • Grant Thornton Russia
  • Grant Thornton Japan
  • Grant Thornton Sweden AB
  • Grant Thornton NL
  • Grant Thornton New Zealand
  • Grant Thornton UK LLP
  • United States - Grant Thornton LLP

Grant Thornton member firms service international work through their local International Business Centers—located in 40 major commercial centers throughout the world.

Grant Thornton International 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

  • Professional services networks
  • Accounting networks and associations

References

External links

  • Grant Thornton website
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