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South Africa: Record Growth At Grant Thornton
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Business Day (Johannesburg)
13 May 2008
Posted to the web 13 May 2008
Sanchia Temkin
Johannesburg
INTERNATIONAL accounting firm Grant Thornton International's global revenue rose by a record 25% last year to $3,5bn.
This makes it the fastest- growing of the six largest global accounting organisations.
The South African member firm reported a 29% increase in revenue to $39,5m for the period.
The local firm's increase is attributed mainly to the growth of its specialist advisory services, which include business risk and tax services, as well as strategic solutions consulting.
The South African practice showed a 20% increase in revenue from tax services, and a 35% increase in revenue from management consulting services.
David McDonnell, CEO of Grant Thornton International, said yesterday: "Grant Thornton International has been the fastest-growing global accountancy organisation for some time now and I believe we are in pole position to take advantage of growth opportunities as businesses increasingly demand partner attention and consistency in quality ."
McDonnell said the firm had set itself challenging financial objectives over the next few years.
The South African practice had recently acquired an indirect tax practice from one of the big four accounting firms, and had taken on more public interest clients. It was upgrading tax compliance services, and upmarket corporate compliance services.
The local firm plays an important role in the global group, with representatives on several international committees such as public interest assurance, privately held business, risk management, the interpretation of international financial reporting standards, marketing advisory and human resources.
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Leonard Brehm, chairman of Grant Thornton SA, is a member and past chairman of the International Board of Governors.
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