Grant Thornton LLP reported that the firm's revenues climbed 29 percent, to $728 million, for the fiscal year ending July 31. According to the firm, the growth in its U.S. operations was the largest stateside increase for any of the global accounting organizations.
"Growth is a natural outcome of quality service," said chief executive Edward Nusbaum, in a statement. "I'm proud of our people -- in truly living our guiding principles, in their demonstration of thought leadership to the accounting profession, in their continued ability to provide independent, quality services to mid-cap, small-cap and privately-held clients, and in their increasing success in providing non-audit services to Fortune 1000 clients."
In recent years, the firm has worked to bolster its stature as a thought-leader, advocating for several of the reforms eventually included in the Sarbanes-Oxley Act and then refusing to document internal controls for its audit clients, saying the work would violates the principles of SOX. As a firm, Grant Thornton has also supported a principles-based approach to accounting, as well as the expensing of stock options.Grant Thornton is strategically focusing on both midsized firms (organizations between $100 million and $5 billion in annual revenues) and on Fortune 1000 firms with respect to providing non-audit services. The firm ranked No. 6 on Accounting Today's 2005 list of Top 100 Firms, with $634 million in annual revenues.
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