Foreword from the CEO

David McDonnell
CEO
Grant Thornton International

Growth
The member firms of Grant Thornton International Ltd (“Grant Thornton International”) had an outstanding year in 2007 with combined global revenue of US$3.5 billion, a 25% increase on 2006. This makes Grant Thornton International the fastest growing of all the major global accounting organisations with a significantly higher growth rate than any of our major competitors. We have set ourselves some challenging financial objectives over the next few years and it continues to be our intention that these will be achieved through a combination of strategic acquisitions and strong organic growth.

Strategy and transparency
Our global strategy encourages and supports the growth and success of member firms within Grant Thornton International. Clients of member firms expect seamless service and consistent capability regardless of where they access Grant Thornton member firms around the world. In addition, the demand for more choice in accounting, audit and advisory service providers is presenting growth opportunities for member firms within Grant Thornton International, both within the public interest entity market and the dynamic privately held companies market.

Grant Thornton International and its member firms continue to invest in people and methodologies. People are the driving force and lifeblood of the organisation and we aim to be recognised as the leader in the global accounting profession through the continued development of forthright and likeable people in our member firms who provide exceptional client service with consistently high quality. We are achieving this through the medium of an increasingly cohesive global organisation in which the member firms implement the global strategy. As a result we compete vigorously with the big 4 and other organisations.

Grant Thornton member firms will be known for not only delivering high quality, personalised service to their clients but also for speaking boldly and objectively about important matters of public interest. 

Leadership is often mistakenly equated with size. Leadership is not about size. This transparency report demonstrates our leadership role in the global accounting profession. This is the fourth year we have produced such a report and this year we have aligned it to the transparency  requirements of the EU 8th Directive. While Grant Thornton International is an umbrella organisation that does not deliver services directly to clients, we have compiled this report within the spirit of the Directive and are pleased to make it available to all, including clients and potential clients of member firms, regulators, audit oversight bodies and other interested parties.

This transparency report is also a demonstration of our willingness to speak out on issues that matter both to the clients of Grant Thornton member firms and to the wider public. It discloses information about financial performance, risk management and quality control systems. It outlines the requirements for membership of this organisation and the governance structure we have in place to support our objective to deliver what the member firms need to grow and succeed. Finally, we believe this commitment to openness helps to demonstrate to clients, regulators and the wider public that we are an organisation in which they can continue to have trust and confidence.