Grant Thornton LLP Fiscal 2006 Revenues Rise to $886 Million

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting organizations, today reported that revenues climbed 22 percent, to $886 million in the fiscal year that ended July 31, 2006.

“While I am very gratified with our continued growth, I am most proud of our people for living our guiding principles—in demonstrating thought leadership to the accounting profession and business community, in delivering high quality audit, tax and advisory services, and in providing personalized attention to our clients," said Edward Nusbaum, CEO of Grant Thornton LLP.

“I’m also very proud of our culture. Together, we have created a workplace conducive to balancing work with personal priorities, building exciting and rewarding careers and serving our wide range of clients, characteristics affirmed recently by BusinessWeek, which named Grant Thornton LLP one of the 50 best places to start a career.”

FISCAL YEAR 2006 HIGHLIGHTS

Thought leadership

  • SEC proposed Section 404 changes -- Although ultimately serving the interests of investors, auditors must also aid audit committees and companies with ever-evolving compliance requirements. Rather than roll back Section 404 provisions of the Sarbanes-Oxley Act (SOX) of 2002, as was recommended by the SEC's Advisory Committee on Smaller Public Companies, we believe that these provisions should be given a chance to work through collaborative fine-tuning. In the process of "getting it right," it is vital to make sure that new guidelines protect investors without unduly burdening companies with excessive costs. Included in that broader charge is the implicit responsibility to maintain a level playing field.

  • Increased transparency in reporting auditor change -- Advocating increased transparency when companies report audit firm changes, we urged the SEC to revise 8-K rules to require reasons for all company dismissals of auditors, for all auditor resignations and for all instances in which the auditor chooses not to stand for reappointment. We also asked that the SEC should require open communications between predecessor and successor audit firms to prevent inconsistencies and sensitive areas from being overlooked.

  • Section 199 -- Grant Thornton submitted comments to the United States Treasury Department (DoT) and the Internal Revenue Service (IRS) on the Section 199 Proposed Regulations. In our comments, we urged them to consider several safe harbors and simplification for small and medium-size businesses.

  • XBRL -- Grant Thornton Partner Dan Roberts was re-elected as Chairman of the XBRL-US Steering Committee, which works to promote Extensible Business Reporting Language (XBRL) as a technology that provides a standard form of communication in both internal and external reporting of financial information.

  • Yale Center for Corporate Governance – Grant Thornton Partner Robert Colson was honored with an appointment to the inaugural advisory board for the Yale Center for Corporate Governance and Performance.

Workplace

  • Working Mother 100 Best Company – For 21 years the Working Mother 100 Best Companies has celebrated employers whose groundbreaking benefits—from flexible schedules and child care, to innovative leave policies for new parents—are helping redefine workplace standards across the nation. In making family-friendly policies, including flextime, childcare and telecommuting, the norm, the 100 Best recognizes Grant Thornton for creating a corporate culture that encourages the retention and advancement of women.

  • BusinessWeek 50 Best Places to Launch a Career -- Landed the No. 34 spot on the list which identifies top employers for recent college graduates. Grant Thornton was joined by three other national accounting firms on the list, and in Chicago, Grant Thornton was ranked as the third best place to launch a career.

  • IDG’s Computerworld -- Named Grant Thornton LLP as the No.5 Best Place to Work in Information Technology.

  • Best Places to Work for Grant Thornton local offices -- Selected as one of the 100 "Best Places to Work in the Bay Area" by the San Francisco Business Times, Silicon Valley/San Jose Business Journal and East Bay Business Times; won Philadelphia "Best Place to Work" Award; named to New Jersey’s "Best Places to Work"; named as one of 30 best places to work in the Wichita area; Ranked 3rd in the 2006 work/life Award from the Charlotte City Committee.

  • Companies That Care -- For the second consecutive year, named to the Center for Companies That Care Honor Roll. This distinction recognizes organizations that demonstrate an outstanding and measurable commitment to their communities, both within the workplace and beyond. Grant Thornton was one of 27 organizations chosen to receive this special honor and one of only three accounting firms named to the list.
  • Client Service

    • Increased global clients -- Added more than 200 new clients with global operations, bringing the client total near 2,000.

    • Launched Healthcare Practice -- Anne McGeorge joined Grant Thornton LLP as the national managing partner of the firm's new Health Care Industry Practice.

    • Launched Recovery and Reorganization Services -- Practice provides professional services to underperforming and financially troubled businesses and their stakeholders.

    • Managing Partner of Client Services -- Thomas G. Rotherham, the former CEO and president of RSM McGladrey, Inc., joined Grant Thornton LLP as the new U.S. managing partner of client service. In this new role, Rotherham is now overseeing the Grant Thornton Experience for Clients.

    • Latin American Tax Portal -- Launched the Latin American Tax Portal to better serve rapidly expanding client base of multinational companies. Based out of the firm's Miami office, the portal will coordinate international tax services for Grant Thornton clients that have Latin American operations, and will assist Latin American companies with tax issues created by their investments in the United States.

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