Grant Thornton International

Grant Thornton is the world's seventh largest professional services network[2] 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-practising, international umbrella membership entity organised as a private company limited by guarantee. Grant Thornton International Ltd is incorporated in London, England, and has no share capital.

According to Grant Thornton International Ltd, member firms within the global organisation operate in over 130 countries employing over 53,000 personnel for a combined global revenue of US$5.45 billion.[3]

Grant Thornton International Ltd
Global network of independent member firms
IndustryProfessional services
Founded1980
Key people
Peter Bodin (CEO)
ProductsAssurance services, Tax advisory, Specialist advisory services, Management consulting
RevenueIncreaseUS$5.45 billion (2018)[1]
Number of employees
53,000(2018)[1]
Websitewww.grantthornton.global
Walkie-Talkie - Sept 2015
Grant Thornton International Ltd's headquarters at 20 Fenchurch Street.

Early history

The earliest origins of the name date back to 1904, when the UK firm of Thornton, Webb & Co was formed. Through a series of name changes this firm merged in 1959 with another UK firm, Baker & Co, which traced its origins to 1868, to form the firm Thornton Baker. In 1975 Thornton Baker merged with Kidston, Jackson, McBain, a UK firm which traced its origins to the Glaswegian accountant, Robert McCowan, who set up in practice in 1844, and was a founder of the Institute of Accountants and Actuaries in Glasgow in 1853.

In the US, 26-year-old Alexander Richardson Grant founded Alexander Grant & Co in Chicago in 1924. Grant had been a senior accountant with Ernst & Ernst (now EY). 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 States to establish the organisation of Alexander Grant Tansley Witt. This organisation operated successfully for 10 years.

In 1980 Alexander Grant & Co and Thornton Baker, firms with similar qualities, clients, personnel numbers and values, joined with 49 other firms to form a global organisation, Grant Thornton. In 1986, Alexander Grant & Co and Thornton Baker changed their names to Grant Thornton, reflecting their mutual affiliation and strategic alignment.[4]

Recent history

In 2018 Grant Thornton UK LLP, the UK member firm of the network, was fined £4 million for audit misconduct after a former partner joined the audit committees of two organisations while Grant Thornton UK LLP was still auditing them.[5] Later that year, for unrelated reasons, Grant Thornton UK LLP's chief executive Sacha Romanovitch, their first female chief executive, announced she would step down.[6] Early in 2019 the UK member firm lost the audit of Patisserie Valerie after it failed to spot a £20m accounting black hole in its books, thereby triggering an investigation by the Financial Reporting Council.[7]

Recent significant mergers

  • In 1987 Grant Thornton merged with Carter Chaloner & Kearns
  • Grant Thornton UK merged with RSM Robson Rhodes in July 2007[8]
  • Grant Thornton Russia merged with Rosexpertiza in January 2012[9]
  • Grant Thornton China merged with Ascenda CPA in January 2012[10]
  • In May 2012 Grant Thornton Australia merged with several former BDO offices in Melbourne and Sydney.
  • In July 2013, Grant Thornton Johannesburg merged with the local PKF member firm.[11]
  • In February 2018, Grant Thornton South Africa merged with SizweNtsalubaGobodo.[12]

Although many of the firms now carry the Grant Thornton name, they are not all members of one international partnership. Each member firm[13] 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.

Member firms

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

Grant Thornton International Ltd carries out an annual global research project: the International Business Report,[14] which surveys the views and expectations of over 11,500 privately held businesses across 40 economies.

Moldova bank fraud scandal

Grant Thornton Moldova has been accused of incompetence after being the auditor for three of Moldova's banks involved in the Moldovan bank fraud scandal. The theft was discovered in November 2014 at Unibank, Banca de Economii and Banca Sociala, which Grant Thornton Moldova audited in 2011 and 2013 along with KPMG. Stephane Bride, one of the managing partners of Grant Thornton in Moldova, was appointed as the Moldovan Minister of Economy after the scandal broke out. Allegedly, the money was embezzled and spirited out of the country in complex financial transactions, some through UK companies. The authorities had to rescue the three banks with a bailout equivalent to half the annual budget. None of these allegations have been proven and Grant Thornton Moldova did qualify the audit reports for these banks.[15]

See also

References

  1. ^ a b "Strategic investment drives strong growth for Grant Thornton". Grant Thornton International Ltd. Home. Retrieved 30 September 2018.
  2. ^ Smith, Philip. "Top 20 International Networks 2018". www.accountancyage.com. Accountancy Age. Retrieved 2019-02-18.
  3. ^ "Strategic investment drives strong growth for Grant Thornton". Grantthornton.global. Retrieved 30 September 2018.
  4. ^ "Archived copy". Archived from the original on 7 April 2012. Retrieved 4 March 2012.CS1 maint: Archived copy as title (link)
  5. ^ Fino, Jessica (29 August 2018). "Grant Thornton fined £4m over audit misconduct". economia. Institute of Chartered Accountants in England and Wales. Retrieved 16 October 2018.
  6. ^ Deans, Jason (16 October 2018). "Grant Thornton chief resigns after anonymous attack". The Guardian. Retrieved 16 October 2018.
  7. ^ "RSM replaces Grant Thornton as Patisserie Valerie auditor". consultancy.uk. Retrieved 13 April 2019.
  8. ^ "Auditors join forces to take on Big Four", The Daily Telegraph, 28 April 2007
  9. ^ Angela Ceroni. "Grant Thornton International Ltd. Home". gti.org. Archived from the original on 11 September 2012.
  10. ^ Angela Ceroni. "Grant Thornton International Ltd. Home". gti.org. Archived from the original on 1 August 2012.
  11. ^ "Merger of equals as Grant Thornton and PKF in Johannesburg join forces to create a formidable client service offering". gt.co.za.
  12. ^ "SizweNtsalubaGobodo joins Grant Thornton network". Grant Thornton South Africa: An instinct for growth. Retrieved 27 August 2018.
  13. ^ Grant Thornton International Limited Member firms Archived 23 July 2011 at the Wayback Machine
  14. ^ insight landing. "Insights". internationalbusinessreport.com. Archived from the original on 26 January 2013.
  15. ^ Chișinău, Matei Rosca in (1 July 2015). "Vanishing act: how global auditor failed to spot theft of 15% of Moldova's wealth". The Guardian. Retrieved 27 August 2018.
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In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accountants in the United States after being found guilty of criminal charges relating to the firm's auditing of Enron, an energy corporation based in Texas, which filed for bankruptcy in 2001. In 2005, the Supreme Court of the United States unanimously reversed Arthur Andersen's conviction due to serious errors in the trial judge's instructions to the jury that convicted the firm.The former consultancy and outsourcing practice of the firm separated from the firm's accountancy practice and split from Andersen Worldwide in 2000 whereby it renamed itself Accenture. It continues to operate.

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Grant Thornton (disambiguation)

Grant Thornton may refer to:

Grant Thornton International, a professional services network

Grant Thornton LLP, a U.S. accounting firm

Raymond Chabot Grant Thornton, a Canadian accounting firm

Grant Thornton Tower, an office tower in Chicago, Illinois, USA

Grant Thornton (cricketer), a British cricket player

Grant Thornton LLP

Grant Thornton LLP is the American member firm of Grant Thornton International, the seventh largest accounting network in the world by combined fee income. Grant Thornton LLP is the sixth largest U.S. accounting and advisory organization. The firm operates 59 offices across the US with approximately 7,000 employees, 550 partners, and produces annual revenue in excess of US$1.74 billion.Headquartered in Chicago, Grant Thornton LLP has three service lines: audit, tax, and advisory services. Specific advisory services and areas of expertise include: Sarbanes-Oxley compliance, mergers and acquisitions advice, tax, and business valuations. Target industries include construction, distribution, energy, financial services, food and beverage, health care, hospitality and restaurants, life sciences, manufacturing, not-for-profit organizations, private equity, public sector, real estate, retail, technology, and transportation.

Grant Thornton Tower

Grant Thornton Tower (formerly Chicago Title & Trust Center, 161 North Clark and sometimes Chicago Title Tower) is an office tower located in Chicago designed by the firm Kohn Pedersen Fox Associates.

Before completion in 1990 the twin tower design was awarded The Chicago Athenaeum's "Best Building" Architecture Award, the award was received by one of the lead designers Kevin Flanagan. (view PLP Architects).

The fifty-storey building rises 756 feet (230 m) in the Loop and was completed in 1992, on the site of Chicago's Greyhound Bus Station. Previously, a structure at 111 West Washington was known as the Chicago Title & Trust Building. After CT&T moved to the new tower in 1992, its former home became known as the Burnham Center.One of the tower's most notable features is its eastern-facing slanted roof at upper levels. At night, the top of the building facing east and west is flooded with light, creating a memorable presence on the Chicago skyline.

The building was originally intended to have a twin at 181 N. Clark Street, but the plan has been dropped twice: initially, after the completion of the first tower, and then a second time in 2001 after the 9/11 terror attacks. A multi-level parking structure currently occupies the space where the north tower may someday be constructed.

It has a basement-level pedway connection westward to the south-east corner of the James R. Thompson Center's food court.

As initial tenant CT&T reduced its presence in the building, it became known by its address (161 North Clark). In 2012, Grant Thornton International acquired the naming rights to the building for its 2015 lease. The official address has moved as Grant Thornton's official address is Grant Thornton Tower, 171 North Clark, Suite 200, Chicago, Illinois, 60601 according to U.S. Securities and Exchange Commission filings.

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Raymond Chabot Grant Thornton

Raymond Chabot Grant Thornton (RCGT) is a Canadian firm in the areas of assurance, tax, advisory, and business recovery & reorganization services. With more than 2,600 professionals, including close to 200 partners, the firm provides services locally and globally to organizations in all socio-economic activity sectors: SMEs, large businesses and public and parapublic organizations. Raymond Chabot Grant Thornton is a member firm of Grant Thornton International Ltd.

Emilio Imbriglio is Raymond Chabot Grant Thornton’s President and Jean-Paul David, Partner in the Recovery and Reorganization Group, is Chair of the Partnership Board. The firm has more than 100 offices throughout Quebec, as well as in Ottawa and Edmundston. It offers several services and through its numerous affiliates: Raymond Chabot Inc, Raymond Chabot Ressources Humaines, Taxo, Operio, Auray Capital, RCGT Consulting and Catallaxy, a blockchain consulting firm, co-founded by local Bitcoin experts, Jonathan Hamel, Francis Pouliot and Vincent Gauthier..

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