transparency report 2013

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GRANT THORNTON INTERNATIONAL LTD Transparency report 2013

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El Global Transparency Report del 2013 ya está disponible en GTInet. Además de ser una declaración pública de nuestro compromiso de ofrecer servicios de alta garantía de calidad, el informe también incluye información de los ingresos globales para el año finalizado el 30 de setiembre de 2012

TRANSCRIPT

Page 1: Transparency report 2013

GRANT THORNTON INTERNATIONAL LTD

Transparency report 2013

Page 2: Transparency report 2013

Contents

01 Foreword

02 Governance and management

– Legal structure and ownership

– Governance

– Management

05 Risk management

– Member firm admissions

– Independence policies, guidance and training

– Global independence system (GIS)

– Relationship checking

– Complaints and dispute resolution process

08 Audit quality

– Client acceptance/continuance

– Global audit methodology and technology

– Global IFRS resources

– Audit quality monitoring

– Engagement with regulators

12 Financial information

Grant Thornton is one of the world’s leadingorganisations of independent assurance, tax and advisory firms. These firms helpdynamic organisations unlock their potentialfor growth by providing meaningful,actionable advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct tounderstand complex issues for privatelyowned, publicly listed and public sectorclients and help them to find solutions. Over 35,000 Grant Thornton people, across100 countries, are focused on making adifference to clients, colleagues and thecommunities in which we live and work.

If you would like to find out more about how Grant Thornton member firms canassist you please visit the global website at www.gti.org

Ian EvansGlobal leader – tax servicesGrant Thornton International LtdT +44 (0)20 7391 9544E [email protected]

Gernot HebestreitGlobal leader – business development and marketsGrant Thornton International LtdT +44 (0)20 7391 9538E [email protected]

Paul RaleighGlobal leader – strategic growth and developmentGrant Thornton International LtdT +44 (0)20 7391 9539E [email protected]

Nigel RuddockGlobal leader – advisory servicesGrant Thornton International LtdT +44 (0)20 7391 9559E [email protected]

Ken SharpGlobal leader – assurance servicesGrant Thornton International LtdT +1 704 632 6781E [email protected]

Ed NusbaumChief executive officerGrant Thornton International LtdT +44 (0)20 7391 9520E [email protected]

Page 3: Transparency report 2013

Transparency report 2013 1

Foreword

ED NUSBAUM CHIEF EXECUTIVE OFFICERGRANT THORNTON INTERNATIONAL LTD

The 2013 Grant Thornton global transparencyreport is a public statement of our commitment to provide high quality assurance services toorganisations operating throughout the world.

As part of our continuing focus on transparency,this report is designed to help our many stakeholders(including clients, audit committees, regulators andthe general public) understand our globalorganisation of member firms. Our stakeholdersrightly expect us to have people, processes andtechnology in place that result in actions that are inthe public interest, which includes delivering a highquality audit in the countries where we operate.

Our combined global revenues for the yearended 30 September 2012 were US$4.2 billion, anincrease of 10.4% from 2011. Assurance servicesaccounted for approximately 45% of that total orUS$1.9 billion. When measuring this growth on a

local currency basis our revenues increased 13.2%and when measured in Euros this increases to animpressive 18.8%. The growth, however measured,exceeds our 10% growth target for 2012.

While we are proud of this accomplishment, I know our people will say the true measure of oursuccess is how well we served our clients. By thismeasure, I am confident in saying it was a very good year and something we will build upon. Our continued ambition going into 2013 is to berecognised as the leading provider of high quality,professional services to dynamic organisations,helping them unlock their potential for growth.

More than 35,000 Grant Thornton peopleworldwide are committed to the highest level ofquality and making a difference for clients,investors, other stakeholders and the globalcommunity.

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2 Transparency report 2013

GovernanceBoard of governorsThe Board of governors (the Board) is the principaland overriding authority in GTIL. The Board is agroup selected from Grant Thornton member firmsworldwide and its governance responsibilitiesinclude:• approving the global strategic direction and

policies as established by the chief executiveofficer (CEO)

• suspending the rights of, or expelling, a memberfirm

• appointing and setting the remuneration of theChair of the Board

• appointing, evaluating performance and settingthe remuneration of the CEO.

Grant Thornton International Ltd (GTIL) is a private company limitedby guarantee, incorporated in England and Wales. It is an umbrellaorganisation that does not provide services to clients. Services aredelivered by Grant Thornton member firms around the world. GTILand the member firms collectively are referred to as Grant Thornton.

As at 30 September 2012, Grant Thornton has 121 independentmember firms. Each member firm is a separate legal entity. Membershipin the global organisation does not make any firm responsible for theservices or activities of other member firms. Member firms carry theGrant Thornton name, either exclusively or as part of their nationalpractice names.

Chair of the BoardThe role of the Chair of the Board (the Chair) is a proactive role with a focus on ensuring that theBoard functions as a coordinated group in supportof the CEO on global strategy, including but notrestricted to provision of distinctive client serviceby our member firms.

The current Chair is Peter Bodin and hiscurrent term runs to December 2014. The role of the Chair is pivotal to creating the conditionsnecessary for a highly effective Board focused on our strategic global development.

Governance and management

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Management Chief executive officerThe CEO is appointed by the Board for an initialterm of five years and is eligible for successive termsof three years each. The CEO is appointed from apool of candidates who are nominated by the Board.

The role of the CEO includes the developmentand recommendation of global strategic prioritiesfor ratification by the Board, together withoverseeing execution of these priorities. The CEOhas responsibility for appointing the globalleadership team (GLT), subject to the concurrenceof the Board. The GLT assists the CEO in theexecution of the global strategy. The CEO isregularly briefed by GLT members onrecommended modifications to global policies and procedures, including those governinginternational work for the assurance, tax andadvisory service lines.

Peter BodinChair, Sweden

Ed NusbaumCEO, Grant ThorntonInternational Ltd

Pascal BorisIndependent director

Robert QuantAustralia

Phil NobleCanada

Jean SchnobCanada

Jason ChenChina

Daniel KurkdjianFrance

Klaus-Günter KleinGermany

Vinod ChandiokIndia

Paul McCannIreland

Satoru EndoJapan

Hector Perez AguilarMexico

Frank PonsioenThe Netherlands

Scott BarnesUnited Kingdom

Stephen ChipmanUnited States of America

THE BOARD OF GOVERNORS AS AT 30 SEPTEMBER 2012

Page 6: Transparency report 2013

AT 30 SEPTEMBER 2012 THE GLT AND WLT MEMBERS WERE:

Implementation of the strategy will build onstrategic frameworks, prioritised investments andgrowth strategies that are appropriate for ourchosen markets.

The wider leadership team (WLT) support theGLT in the development and implementation of theglobal strategy.

Global leadership teamThe GLT develops and drives the execution of theglobal strategy, and is chaired by the CEO. It is afull time management group dedicated to leadingthe successful execution of the global strategy.

Our ambition is to be known throughout the world as the leader in helping dynamicorganisations unlock their potential for growth.

We organise our actions around fouroperational priorities, in addition to the overarchingobjective of quality in everything we do:• fast and strategic growth• distinctive client service• best people• efficient operations.

Ken SharpGlobal leader –assuranceservices

Nigel RuddockGlobal leader –

advisory services

Ian EvansGlobal leader –tax services

Ed NusbaumChief executive

officer

Gernot HebestreitGlobal leader –

businessdevelopmentand markets

Paul RaleighGlobal leader –

strategicdevelopment and growth

Laurie KalmanGlobal head –

people and

culture

Ricky LawrenceExecutive

director –

administration

Esther TeekenHead of finance

Dan LichtensteinGeneral counsel

Jon GeldartGlobal head –

marketing and

communications

Paul HerringGlobal head –

strategy,

knowledge

and risk

management

Rob McGillen Global head –

information

technology

April MackenzieGlobal head –

governance and

public policy

4 Transparency report 2013

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Professional risks are managed by the riskmanagement function under the direction of the global head – strategy, knowledge and riskmanagement, who also serves as a member of the ERC.

The responsibilities of the global riskmanagement function include:• developing, communicating and maintaining

global policies and procedures designed to:− maintain independence and objectivity of

professionals − establish minimum standards for client

acceptance and client continuance activitiesof member firms

• developing training programmes covering theitems referenced above

• developing and maintaining technologysolutions to facilitate the effective and efficientexecution of the procedures referenced above

• monitoring the effectiveness of the design andoperation of member firms’ systems of qualitycontrol over providing high quality services

Risk management is an enterprise-wide activity managed by theenterprise risk committee (ERC) of the GLT and overseen by the risk committee of the Board. There is an overall focus on continuousimprovement in quality of service delivery, procedures to monitorquality and the risk management methodology.

• monitoring member firm progress againstaction plans developed in response to qualityinspection programme findings and takingadditional remedial actions as necessary.

The global practices have primary responsibility forthe development, communication and maintenanceof global policies and procedures regarding thedelivery of professional services.

In addition, a quality and professional riskcommittee (QPRM) provides recommendations toGTIL management on the identification andmanagement of professional risks. The QPRM ischaired by the global head – strategy, knowledgeand risk management. Membership of the QPRMincludes quality control, independence programmeand risk management leaders from several memberfirms and GTIL legal counsel.

Risk management

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GTIL monitors compliance with these policies.Member firms are required to identify a partnerwith responsibility for overseeing independencematters, including providing training and obtainingannual confirmations of compliance withindependence policies.

The increase in regulations and standards andthe growing volume of services provided tointernational clients by member firms have madecompliance with independence requirements acomplex process. A global independence team (ledby the executive director – regulatory matters)assists member firms with these requirements. Theglobal independence team’s responsibilities include: • providing member firms with policy, guidance

and training on independence matters• communications designed to provide guidance

to member firms on interpreting, applying andcomplying with global policy or specific auditorindependence rules

• oversight, compliance monitoring and supportof the automated global independence system(GIS)

• maintaining an international relationshipchecking process designed to provide reasonableassurance that non-audit services are notprovided to an audit client or its affiliatewithout appropriate consultation with the auditpartner and, where applicable, the client’s auditcommittee

• providing member firms with appropriateindependence consultation when dealing with complex international regulatory andindependence matters.

Member firm admissionsProspective member firms must meet a number ofcriteria in order to be considered for membership.The criteria for membership include: • the prospective firm’s reputation for quality

and its adherence to high standards• adoption of our global policies, procedures and

methodologies, including our methods andquality control systems for providing services to clients, our engagement protocols and ourethical and independence policies

• maintenance of a system of quality control thatmeets or exceeds International Standards onQuality Control (ISQC) 1

• agreement to the periodic evaluation of theirsystem of quality control by our global qualitymonitoring teams.

Admission as a member firm is dependent on theoutcome of a due diligence process performed todetermine whether the prospective firm meets thecriteria for membership.

All member firms are subject to obligations setout in the Grant Thornton Member Firms andName Use agreements and are required to abide by our global policies.

Independence policies, guidance and trainingMember firms are required to adopt global policiesand procedures that are designed to safeguardindependence on assurance engagements andidentify circumstances that could pose a conflict ofinterest. The global independence policies andprocedures are based on the International EthicsStandards Board’s Code of Ethics for Professional Accountants withsupplements to govern compliance with our globalindependence and international relationshipchecking processes. Member firms are also requiredto adhere to their local regulatory requirementswhere more restrictive.

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Transparency report 2013 7

Global independence system Avoiding financial interests in an assurance client,or its affiliate, prohibited by the independence rulesis a key objective in maintaining the independenceof member firms and the client service engagementteams. To help individuals and member firmsachieve this objective, Grant Thornton uses the GIS – an automated tracking system that identifiesrestricted entities (issuers of publicly tradedsecurities in which financial interests are prohibitedor restricted). This information is made available to all personnel in all member firms.

Member firms, partners and client-facingmanagers are required to maintain a record of theirfinancial interests in the GIS along with the financialinterests of their spouses, spousal equivalents anddependents. The GIS monitors compliance with thefinancial interest policies by comparing financialinterests recorded in the system with a regularlyupdated list of restricted entities. Individuals andtheir compliance officer are notified by the system inthe event a recorded financial interest is in a restrictedentity. The GIS provides a mechanism to assist theindividual in determining, based on the facts andcircumstances, whether it is appropriate to hold thefinancial interest. Where it is not appropriate to holdthe financial interest, it must be disposed of.

GIS compliance monitoring is performed atboth the member firm and global levels.

Relationship checkingGlobal policy requires member firms andprofessional personnel from all service lines tomaintain their objectivity when delivering servicesto clients. It is essential to identify any existingclient, vendor or business relationships with aprospective client or its affiliate prior to appointment.

Policies and procedures at the member firm and global levels are designed to identify existingrelationships. These processes also includerequirements for appropriate consultation whenrelationships are identified, prior to accepting newassignments.

Complaints and dispute resolution process The global complaints and dispute resolutionprocess is modelled on the respected and acceptedcomplaint/misconduct investigation processadopted by the Professional Bodies forAccountants in the UK and Ireland and comprises a mix of investigation, independent and objectiveassessment, mediation, disciplinary resolution andsanctions. The process is applicable to memberfirms irrespective of size.

A complaint will be investigated where it is asubstantial matter, for example: • failure to adhere to global strategy, such as

provision of services that have not beenauthorised under the strategy

• material breaches of global agreements, rules or policies

• breaches of technical requirements and policies • behavioural breaches, such as unethical

behaviour.

A disciplinary panel will be convened on an ad-hocbasis to deal with disciplinary reports from aninvestigation panel. The disciplinary panel imposessanctions as deemed appropriate which include, but are not restricted to, financial penalties andultimately expulsion of the member firm (whichrequires ratification by the Board).

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8 Transparency report 2013

Grant Thornton views auditquality as an essential element of our business.

To that end, global resources are available to assistmember firms in maintaining audit quality,including:• an audit methodology, with supporting

state-of-the-art software, that is used globally• policies and procedures contained in audit

manuals that are benchmarked againstinternational auditing, quality control,independence and ethics standards

• protocols that enable member firms to consultwith the global auditing standards team and, if necessary, with audit specialists in othermember firms

• protocols that enable member firms to consultwith our International Financial ReportingStandards (IFRS) help desk

• a comprehensive intranet service that includesup-to-date information for member firms onauditing, financial reporting, ethics andindependence standards and guidance onapplying them effectively.

Responsibility for the global assurance strategyrests with the global leader – assurance services. Anadvisory committee supports the global leader withstrategy development and implementation. Thecommittee is composed of the heads of assurancefrom thirteen member firms, chosen for theirgeographic and/or demographic position in ourchosen markets. Committee members possess theknowledge, experience and authority required toeffectively develop and implement the strategy.

In implementing the strategy the global leader is also supported by assurance functional leaders for international financial reporting standards;international auditing standards; audit technology;and audit quality control. Each functional leader is supported by advisory committees and teammembers comprised of member firm partners and managers who excel in these specific areas.

Grant Thornton actively participates ininternational financial reporting, auditing, ethics and quality control standards-setting processes. The people participating in these processes provideinsight and support to all of our assurance personnel.This interaction provides information used in thedevelopment of our strategy, methodologies, trainingand risk management processes.

Audit quality

AUDIT RESPONSIBILITY

Andrew WatchmanIFRS

Rick WoodInternational

auditing standards

Keith NewtonAudit

technology

Jim StankerAudit quality

control

Ken SharpGlobal leader – assuranceservices

Assuranceadvisorycommittee

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Transparency report 2013 9

Global audit methodology and technologyEach year further investment is made inmethodology development, technology, training,communications and guidance toward thecontinuous improvement of audit quality. In 2012,GTIL enhanced its supporting audit tools andprovided member firms with application guidancein the form of bulletins on current audit andaccounting issues.

The global audit methodology providesmember firm audit teams with a clear and directlink between identified financial reporting risks,internal controls that address the risks and auditprocedures. This approach enables audit teams tojudge how the current environment impacts anentity’s financial reporting, how the entityresponded, and how to develop an appropriateaudit response. The global audit methodologyincludes integrated quality control processesincluding, for example, policies and procedures forengagement quality control review.

Grant Thornton applies the global auditmethodology using the Voyager suite: an integratedset of proprietary software tools. The suitecurrently includes:• Voyager™ – a tool for assisting audit teams in

the identification of financial statement risksand linkage to the processes and internalcontrols established to address those risks.Voyager also assists audit teams in documenting,evaluating and testing internal controls

• TBeam™ – a trial balance and workpapergeneration tool that is fully integrated withVoyager, allowing audit teams to automaticallyupdate lead sheets for changes to the trialbalance, perform analytical procedures, evaluatemisstatements and create standard and customworkpapers

• Voyager Information System (VIS) tracking– an application that provides member firmswith the ability to view information about theirassurance clients contained in Voyager files;manage and monitor concurring review policies;control and monitor the archiving process forannual and interim periods; and control thestorage and protection of archived Voyager files

• Client acceptance – an application thatenforces policies and procedures that eachmember firm must adopt to accept a newassurance engagement.

This diagram illustrates how the teamworkbetween member firms and the global assurancefunction enables our member firms to deliver highquality audits.

Client acceptance/continuanceAchieving professional excellence means acceptingand retaining member firm clients that share theglobal objectives of quality and integrity. The globalclient acceptance/continuance procedures integratewith member firm policies. The acceptance/continuance processes provide member firms withinformation to judge whether the entity meets orexceeds necessary standards of integrity andwhether the member firm has the capacity toperform a high quality audit.

GTIL establishes key assurance assignment(KAA) criteria that member firms use to evaluatepotential assignments. Member firms submitpotential assignments that meet the KAA criteria toan international review committee for consideration.

The assurance client acceptance reviewcommittee reviews submitted KAAs to judgewhether the member firm has the ability to perform the audit with a high level of quality. This committee is chaired by the executive director – quality control and is comprised of riskmanagement/quality control partners from adiverse group of selected member firms.

Auditing standards

Ethics and independence

Quality control

Clientacceptance

and continuance

Audit planning/riskassesment

Qualitymonitoring

Audit procedures anddocumentation

Communicateaudit results

Member firmMember firm and GTILGTIL

AUDIT RESPONSIBILITY

TechnologyPolicies

Methodology

GuidanceProtocolsTraining

Page 12: Transparency report 2013

• International Standard on Quality Control 1:Quality Control for Firms That Perform Auditsand Reviews of Historical FinancialInformation, and Other Assurance and RelatedServices Engagements

• International Standard on Auditing 220:Quality Control for Audits of HistoricalFinancial Information

• IESBA Code of Ethics for ProfessionalAccountants.

Each member firm’s system of quality control is designed to provide global and nationalmanagement with reasonable assurance that auditengagements are conducted in accordance withapplicable professional standards and global policiesand procedures.

Member firms are required to have an effectiveinternal inspection programme in place that meetsthe requirements of ISQC 1. Member firms areprovided with templates to assist them in adoptingtheir internal quality control inspection. Thesetemplates includes guidelines, work programmes,forms and examples of reports, all of which havebeen benchmarked to ISQC 1.

Grant Thornton Audit Review Each member firm is required to submit to aninspection of its quality control system, referred toas the Grant Thornton Audit Review (GTAR), atleast once every three years. The GTAR process isdesigned to monitor member firm compliance withprofessional standards and global audit policies andprocedures. The GTAR is conducted byindependent and suitably qualified partners andmanagers from other member firms under theoverall direction of the global audit quality control leader.

GTAR inspection teams review the conduct ofaudit work performed by each member firm. Theinspection process includes an evaluation of policiesand procedures of the member firm applicable to itsassurance practice, benchmarking those policies andprocedures against relevant policies and procedures.The inspection team reviews financial statements,audit reports and engagement work papers andfiles. The inspection team also interviews partnersand staff on various matters.

Global IFRS resourcesCapability in IFRS is a core skill. The full timeglobal IFRS team that is responsible for promotinghigh quality, consistent application of IFRSthroughout Grant Thornton. The IFRS team isadvised and supported by member firm IFRSexperts, including an IFRS interpretations groupand a financial instruments working group.

The IFRS team promotes consistencythroughout the world by:• offering training programmes including regular

webinar updates• operating an IFRS helpdesk service • publishing extensive technical and interpretive

guidance, newsletters and other tools andresources.

These materials, along with IFRS developments, arecommunicated via a network of designated IFRSchampions in member firms. As a core skill, IFRS is integral to the Grant Thornton Audit Reviewprocess (discussed below). Any issues concerningIFRS are reviewed to determine if training oradditional guidance is necessary.

Grant Thornton also contributes actively to thedevelopment of IFRS, including the submission ofglobal comment letters on proposals for new andamended standards and participation in roundtablesand advisory groups.

Audit quality monitoring A key component of our global strategy is topromote the delivery of consistent, high qualityclient service worldwide. To support this objective,GTIL developed a dedicated quality monitoringprogramme to support the assurance practices ofthe member firms. Under this programme, memberfirms are provided with information on the design,implementation and operation of their assurancepractice quality control systems.

National quality control systems In addition to their own national quality controlprocedures, member firms are required to abide bya system of quality control that encompasses, at aminimum, the standards issued by the standard-setting boards of the International Federation ofAccountants, including:

10 Transparency report 2013

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Transparency report 2013 11

Synthesising and evaluating programme resultsThere is a regular review of findings from theGTAR programme by the global leadership ofassurance to consider whether there are any changesthat should be made to training, audit methodology,tools or internal standards and guidelines regardingquality controls. A summary of the key findingsfrom the GTAR programme is communicated to all member firms on an annual basis.

Remedial actionsOne of our principal responsibilities is the settingand maintenance of standards for continuedmembership in Grant Thornton. These standardsinclude compliance with professional, statutory andregulatory mandates governing the performance ofassurance engagements. There are global policies forremediating violations and deficiencies identified ina GTAR. These policies include graduated remedialactions, up to and including referring the firm to thecomplaints and dispute resolution process. The typeof remedial action recommended will depend onthe nature, severity and frequency of the violationor deficiency.

Transparent reporting The GTAR programme is a key component of oursystem of quality control, and provides informationfor member firms referring work within thenetwork. To provide information to firms referringwork within the network, the first part of theGTAR report, which sets out the overall opinionand includes a description of any significantdeficiencies or material weaknesses in the memberfirm’s system of quality control, is available todesignated member firm representatives on theglobal intranet site.

Engagement with regulators Member firms are expected to maintain an open and constructive relationship with their nationalregulators. This is consistent with our global policyof embracing external oversight, along with oursupport of a balanced public reporting of externalinspection programmes. Grant Thornton meets atleast annually with the International Forum ofIndependent Audit Regulators (IFIAR) andcontributes regularly to the public debate on majorindustry issues.

The GTAR inspection team members assesswhether a firm’s system of quality control isdesigned, implemented and operated to provide themember firm with reasonable assurance that thefirm and its personnel comply with professionalstandards and applicable legal and regulatoryrequirements; and the reports issued by the firm areappropriate in the circumstances. These includeleadership responsibilities for quality, ethics andindependence, client acceptance and continuance,human resources, engagement performance andmonitoring. The inspection team, as part ofevaluating engagement performance, also reviews a sample of assurance engagements.

GTAR inspection team members useproprietary software, the Quality Monitoring Tool(QMT) to record and track individual findings.Member firm management is provided with all ofthe individual findings identified during the GTAR.This enables the reports to focus on overallconclusions. This approach also provides aneffective way of communicating the detailed GTARfindings and results to member firm management.

Upon the conclusion of each GTAR, a report isissued based on the inspection findings. The reporton a firm’s quality control system will be one of thefollowing: • suitably designed and operating effectively

(an ‘unqualified’ report);• suitably designed and operating effectively

except for one or more significant deficiencies,(an ‘except for’ report); or

• having material weaknesses in the design oroperation of the quality control system, (an‘adverse’ report).

When the GTAR identifies a deficiency, themember firm is expected to address the deficiencywithin a reasonable period of time and submitappropriate documentation. When follow-upactions are required by member firms to addressfindings identified during the GTAR, a further visitor remote assessment is made to review progress inimplementing these actions.

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12 Transparency report 2013

The combined global revenues ofmember firms for the year ended30 September 2012 were US$4.2billion, driven by 10.4% growthin US dollars, 18.8% in Euros(€3.2 billion) and 13.2% in localcurrency. The growth – howevermeasured – exceeds our 10%growth target for 2012.

Growth was strong across all key service lines, with assurance growing 11% to US$1.9 billion, tax growing 9% to US$0.9 billion and advisorygrowing 18% to US$1.1 billion.

There was a strong performance across all theregions. In Asia Pacific combined revenues grew33% to US$579 million, boosted by significantM&A activity in Australia and China. India alsoreported strong organic growth of 25%. In theAmericas combined revenue grew 8% to US$1.9billion, with growth of 20% in Latin America toUS$146 million and 7% in North America toUS$1.8 billion. In the EMEA (Europe, Middle Eastand Africa) region, combined revenues grew by7%, with European revenues growing by 8% to US$1.6 billion – Austria, Denmark, Germany,Greece, and Poland, all reported growth of 20% ormore (in local currency terms), Grant ThorntonUK reported 13% growth – and Middle Eastrevenues increasing by 18% to US$30 million.

During the year to 30 September 2012, GrantThornton extended its global reach in a number oflocations including Belarus, Estonia, Haiti, Latvia,Lithuania, Paraguay and Senegal.

Financial information

GLOBAL COMBINED REVENUES FOR YEAR ENDING 30 SEPTEMBER 2012

By region 2012 revenue 2011 revenue Variance Variance

(US$m) (US$m) (%) (US$m)

Americas 1,912 1,776 7.7% 136

Asia Pacific 579 435 32.9% 144

Europe, Middle East & Africa 1,691 1,577 7.3% 114

Total 4,182 3,788 10.4% 394

By service line 2012 revenue 2011 revenue Variance Variance

(US$m) (US$m) (%) (US$m)

Assurance 1,895 1,713 10.6% 182

Tax 909 833 9.1% 76

Advisory 1,090 922 18.2% 168

Other 288 320 -10.1% (32)

Total 4,182 3,788 10.4% 394

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AfghanistanAlbaniaAlgeriaArgentinaArmeniaAustraliaAustriaAzerbaijanBahamasBahrainBelarusBelgiumBoliviaBotswanaBrazilBulgariaCambodiaCanadaCayman IslandsChannel IslandsChileChinaColombiaCosta RicaCroatiaCyprusCzech RepublicDenmarkDominican RepublicEcuador

EgyptEl SalvadorEstoniaFinlandFranceGabonGeorgiaGermanyGibraltarGreeceGuatemalaGuineaHaitiHondurasHong KongHungaryIcelandIndiaIndonesiaIraqIrelandIsle of ManIsraelItalyIvory CoastJamaicaJapanJordanKazakhstanKenya

KoreaKosovoKuwaitLatviaLebanonLithuaniaLuxembourgMacedoniaMalaysiaMaltaMauritiusMexicoMoldovaMoroccoMozambiqueNamibiaNetherlandsNew ZealandNicaraguaNorwayOmanPakistanPanamaParaguayPeruPhilippinesPolandPortugalPuerto RicoQatar

RomaniaRussiaSaudi ArabiaSenegalSerbiaSingaporeSlovak RepublicSouth AfricaSpainSwedenSwitzerlandTaiwanTajikistanThailandTogoTunisiaTurkeyUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States of AmericaUruguayUzbekistanVenezuelaVietnamYemenZambiaZimbabwe

Grant Thornton presence worldwide

This list represents the countries and territories whereGrant Thornton member firms had operations as at 1 February 2013.

Grant Thornton around the world

Page 16: Transparency report 2013

www.gti.org

© 2013 Grant Thornton International Ltd. All rights reserved.References to “Grant Thornton” are to the brand under which the GrantThornton member firms provide assurance, tax and advisory services to theirclients and/or to one or more member firms, as the context requires. GrantThornton International Ltd (GTIL) and the member firms are not a worldwidepartnership. Each is a separate legal entity. Services are deliveredindependently by the member firms. GTIL does not provide services to clients.