Grant Thornton Posts 31% Rise in 2004 Revenues
Grant Thornton LLP, the U.S. member firm of Grant Thornton International, this week reported that revenues climbed 31% in the calendar year ending Dec. 31, 2004, to $635 million.
In calendar year 2003, the firm posted revenues of $485 million. Grant Thornton LLP has led the other five global competitors in U.S. growth for three consecutive years.
"I believe that our growth is directly related to our reputation for providing independent, quality services to our many new and long-standing clients," said Grant Thornton Chief Executive Officer Edward Nusbaum. "We also believe that the chief findings identified in the recent J.D. Power and Associates 2004 Audit and Tax Firm Performance Study help substantiate that reputation."
According to the audit firm study, Grant Thornton LLP performs particularly well in understanding the client's operations and industry, in responding to requests and questions and in trustworthiness.
The firm achieved excellent revenue growth in 2004, even after rejecting many large fee engagements that didn't clear its client acceptance process. Grant Thornton LLP also resigned a higher percentage of public company audits than any other firm and as a percentage of departures, was dismissed as auditor relatively fewer times than any other firm.
Grant Thornton LLP picked up more than 1,000 new client engagements from Big 4 clients: situations in which most, if not all, the engagements were actively pursued by Big 4 firms. Of the more than 1,000 new engagements, only 23 were cases in which the former Big 4 firm resigned from the client.
"The centerpiece to all that we do in the coming year will be the 'Grant Thornton Experience'," said Nusbaum. "For our people, that experience is defined as leadership at every level of the firm, thinking as one firm and great teamwork in everything we do, work/life balance, personal development with opportunities for people to make a difference, and recognition for a job well done.
"For clients, the 'Grant Thornton Experience' includes easy access to our resources in the U.S. and around the world through Grant Thornton International member firms," said Nusbaum, adding that it also means: "personalized attention and communication, anticipating client needs, and knowing each client's business well enough to provide ideas and recommendations that add real value."
Grant Thornton LLP CEO Ed Nusbaum and U.S. Managing Partner of Client Services Shelley Stein were named in January 2005 to Business Finance magazine's "2005's Influencers: 50 Worth Watching." The article said, "Grant Thornton CEO Edward Nusbaum, once again stands out among his fellow accounting-firm chief executives for his willingness to take a strong and vocal stance.
Early on in the Sarbanes-Oxley compliance scramble, Nusbaum announced that his firm would not provide many Section 404-compliance-related services to its public audit clients. More recently, he called on influential U.S. senators (including Sarbanes) and congressmen (including Oxley) to urge them to support the FASB's independent rule-making authority."