Transparency report 2009 published by Grant Thornton International

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.

For further information please contact:

Christine Hobart
International communications manager
Grant Thornton International
T: +44 (0)207 391 9548
M: +44 (0) 79 0005 2240
E: christine.hobart@gtuk.com

About Grant Thornton International

Grant Thornton International is one of the world's leading organisations of independently owned and managed accounting and consulting firms. The strength of each local firm is reflected in the quality of our organisation. All Grant Thornton International member firms share a commitment to providing the same high quality service to their clients wherever they choose to do business.

Grant Thornton International does not deliver services in its own name. Each member and correspondent firm of Grant Thornton International is a separate independent national firm. These firms are not members of one international partnership or otherwise legal partners with each other, nor is any one firm responsible for the services or activities of any other. Each firm governs itself and handles its administrative matters on a local basis.

All references to Grant Thornton International are to Grant Thornton International Ltd. Grant Thornton International Ltd is a non-practicing, international umbrella entity organized as a private company limited by guarantee incorporated in England and Wales.