Grant Thornton took first place in Public Accounting Report's second-quarter audit rankings, the first time one of the Big Four audit firms didn't get the top spot for the quarterly rankings.

To achieve this ranking, Grant Thornton placed second in net gain in SEC clients, net gain in revenue audited, net gain in assets audited, and third in net gain in audit fees for the second quarter.

The period ended with a net gain of five clients for Grant Thornton, an approximate $5.3 billion in client revenue and a net gain of $5.1 billion in client assets audited.

Grant Thornton ranked sixth in Accounting Today's list of the Top 100 Firms of 2008.

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