Transparency report 2009 published by Grant Thornton International
30 June 2009
Grant Thornton International has published its transparency report for 2009. The report confirms that, despite the unprecedented turbulence in global markets, the 96 member firms of Grant Thornton International generated combined revenues of US$4 billion in 2008, a 14% increase on 2007. In the interests of openness and transparency, the report includes, for the first time (and unusually amongst global accounting organisations) details of the funding of Grant Thornton International itself by its member firms.
It outlines the legal structure and governance of the Grant Thornton umbrella organisation and the tools provided to the individual member firms of the organisation to support them in producing distinctive, high quality client service in the fields of assurance and accountancy, tax and specialist advisory services. The report explains the global quality control procedures and the global independence practices and tools. It also highlights the attention paid to client acceptance and risk management.
David McDonnell, chief executive officer, Grant Thornton International explains, "This transparency report has been produced to enable our stakeholders - businesses, investors, regulators and communities - to better understand our global organisation. It explains how the organisation is run and how we provide reasonable assurance that member firms perform high quality audit, tax and advisory services. Transparency is a key element underpinning the confidence of the world's capital markets in the audit process, and Grant Thornton will continue to play its part in creating a more accountable and robust accounting profession."
The transparency report is modelled to the extent possible on the transparency reporting regime required by the European Union 8th Directive of individual audit firms that perform assurance work for public interest entities. An increasing number of Grant Thornton member firms around the world are now publishing their own transparency reports, based on a template and guidelines developed by the global organisation that follows best practice.
Note to editors
The transparency report 2009 is in respect of the year ended 31 December 2008, which is also the fiscal year end for Grant Thornton International Ltd. The combined worldwide revenue figures for the member firms given in the financial information section are reported to a 30 September year end.
-ends-
For further information please contact:
Christine Hobart
International communications manager
T +44 (0) 20 7391 9548
M +44 (0) 79 0005 2240
Grant Thornton International has published its transparency report for 2009. The report confirms that, despite the unprecedented turbulence in global markets, the 96 member firms of Grant Thornton International generated combined revenues of US$4 billion in 2008, a 14% increase on 2007. In the interests of openness and transparency, the report includes, for the first time (and unusually amongst global accounting organisations) details of the funding of Grant Thornton International itself by its member firms.
It outlines the legal structure and governance of the Grant Thornton umbrella organisation and the tools provided to the individual member firms of the organisation to support them in producing distinctive, high quality client service in the fields of assurance and accountancy, tax and specialist advisory services. The report explains the global quality control procedures and the global independence practices and tools. It also highlights the attention paid to client acceptance and risk management.
David McDonnell, chief executive officer, Grant Thornton International explains, "This transparency report has been produced to enable our stakeholders - businesses, investors, regulators and communities - to better understand our global organisation. It explains how the organisation is run and how we provide reasonable assurance that member firms perform high quality audit, tax and advisory services. Transparency is a key element underpinning the confidence of the world's capital markets in the audit process, and Grant Thornton will continue to play its part in creating a more accountable and robust accounting profession."
The transparency report is modelled to the extent possible on the transparency reporting regime required by the European Union 8th Directive of individual audit firms that perform assurance work for public interest entities. An increasing number of Grant Thornton member firms around the world are now publishing their own transparency reports, based on a template and guidelines developed by the global organisation that follows best practice.
Note to editors
The transparency report 2009 is in respect of the year ended 31 December 2008, which is also the fiscal year end for Grant Thornton International Ltd. The combined worldwide revenue figures for the member firms given in the financial information section are reported to a 30 September year end.
-ends-
For further information please contact:
Christine Hobart
International communications manager
T +44 (0) 20 7391 9548
M +44 (0) 79 0005 2240
