Chicago (Oct. 23, 2003) – The U.S. business of international accounting firm Grant Thornton has surpassed last year’s revenue growth as the firm posted a 25 percent year-on-year earnings gain, largely due to significant new client wins and expanded services, the firm said.

Grant Thornton posted annual revenue of $459 million, up from $367 million during the prior fiscal year.

The firm picked up over 1,000 clients in the past year, many of whom had previously used Big Four firms including Global Crossing, Kaiser Aluminum, Allen-Edmonds Shoe Corp., and Tumi Inc. Grant Thornton also expanded its middle-market service capabilities by integrating more than 500 former Arthur Andersen professionals, opening eight new office locations, and launching auditCARE and CatScan – the firm’s new internal controls software.

“Our people have held fast to our guiding principles in their commitment to integrity and professional excellence in all that they do, while constantly keeping an unwavering eye on exceeding the expectations of our clients,” said Ed Nusbaum, Grant Thornton’s chief executive. “ I am also proud of the leadership positions we have taken in the past year in our effort to restore confidence in the accounting industry and better protect investors.”

Nusbaum also stressed the importance of implementing the rules of the Sarbanes-Oxley Act.

“As we move forward with Sarbanes-Oxley, it is essential that we apply the same principles-versus rules-based approach that we advocate for accounting to the implementation of Sarbanes-Oxley,” he said in a statement. “A spirit of the law versus letter of the law approach will guide everyone through the gray areas of Sarbanes-Oxley.” 

Grant Thornton employs more than 21,000 people in 110 countries, with nearly $2 billion in revenues.

-- Seth Fineberg

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