October 28, 2008
Grant Thornton LLP Revenues Rise to $1.2 Billion
Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, today reported that revenues climbed 9.5 percent in the fiscal year ending July 31, 2008, to $1.2 billion. Of the 2,012 new client engagements, revenues from new international clients accounted for more than 25 percent.
"Our continued growth in both national and global markets reflects our focus on providing clients with industry expertise and personalized service," said Edward Nusbaum, Grant Thornton LLP chief executive officer. "The growth of Grant Thornton in the face of a very challenging economic landscape has been made possible, once again, by the distinctive people our culture attracts. Treating our people the way we expect them to treat our clients is moving our brand into a category of its own, a fact recognized by the numerous awards we've won for being a culture which values the individual -- as well as the individual's ability to make a difference."Fiscal year 2008 highlights
-- IFRS and GAAP -- Grant Thornton LLP strongly supports the decision to allow foreign private issuers, when reporting financial results in the United States, to prepare their financial statements in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board without reconciliation to U.S. Generally Accepted Accounting Principles.
-- Grant Thornton LLP CEO Edward Nusbaum served on the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR). The Committee issued its final recommendations in August.
-- Grant Thornton LLP endorsed the recommendations of the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR), calling the committee's report "a catalyst for future action to make public company financial reporting more relevant, accessible and reliable."
-- Grant Thornton LLP disagrees with SEC delays on 404 -- Grant Thornton LLP believes that the proposed delay is neither warranted nor prudent for the following reasons: few smaller public companies have taken advantage of previous deferrals of the Section 404 effective date to prepare properly for Section 404 and, as a result, the Commission's ability to gather accurate cost statistics for smaller companies will be impaired; there is ample evidence that Section 404 has substantially improved the quality of financial reporting for those companies that have fully implemented its requirements; the incidents of major internal control weaknesses, financial statement restatements and fraud are all more prevalent in smaller companies; and, another delay will further bolster smaller public companies' expectations that Section 404 may never apply to them, thus reducing their willingness to invest any additional effort in evaluating the effectiveness of their internal control systems.
-- Phil Wedemeyer joined Grant Thornton LLP's National Professional Standards Group, having most recently worked at the Public Company Accounting Oversight Board (PCAOB), where he established and directed the Office of Research and Analysis.
-- Grant Thornton LLP opened new offices in St. Louis, San Diego and San Antonio.
-- Grant Thornton LLP took first place in the Public Accounting Report second quarter 2008 audit rankings. The ranking marks the first time one of the four largest accounting firms has not won the PAR quarterly audit ranking.
-- Melissa Koeppel becomes the only woman to run operations for a national accounting firm in Wisconsin, as she assumes responsibility in leading the Grant Thornton Wisconsin practice, which includes offices in Milwaukee, Madison and Appleton.
-- Grant Thornton LLP named a "2008 Working Mother 100 Best Company" by Working Mother magazine.
-- Grant Thornton LLP named to PINK magazine's "2008 Top Companies for Women."
-- For the fourth consecutive year, Grant Thornton LLP has been named to the Center for Companies That Care Honor Roll.
-- More than a dozen local Grant Thornton offices honored with "Best Places to Work" awards in their cities.
-- Survey of 1200 U.S. accounting educators at more than 170 colleges and universities rated Grant Thornton LLP as best national accounting firm for work-life balance and ethics (Public Accounting Report's 26th Annual Survey of Accounting Professors).
About Grant Thornton LLP
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.