Grant Thornton LLP posts 17% rise in fiscal 2007 revenues to $1 billion

CHICAGO, October 17, 2007 - Grant Thornton LLP, the U.S. member firm of Grant Thornton International, today reported that revenues climbed 17 percent in the fiscal year ending July 31, 2007, to $1.036 billion. Of the 1,896 new client engagements, 1-in-5 were companies with global operations.

"Our extraordinary growth reflects the global marketplaces’ recognition of our unique and innovative approach to client service and the caliber of our people," said Edward Nusbaum, Grant Thornton LLP chief executive officer.

Fiscal year 2007 highlights

Thought leadership

• Review of lease accounting rules - Publicly supported the FASB/IASB review of lease accounting rules, as the firm believes that the current lease standards need to be changed to give investors greater transparency in the reporting of financial information.
• Auditor change disclosure - Urged the Securities and Exchange Commission (SEC) to revise 8-K rules to require reasons for all company dismissals of auditors, for all auditor resignations and for all instances in which the auditor chooses not to stand for reappointment. We also asked that the SEC require open communications between predecessor and successor audit firms to prevent inconsistencies and sensitive areas from being overlooked.
• Section 404 changes - Rather than roll back Section 404 provisions of the Sarbanes-Oxley Act, we believe that these provisions should be given a chance to work through collaborative fine-tuning. In the process of "getting it right," it is vital to make sure that new guidelines protect investors without unduly burdening companies with excessive costs. Included in that broader charge is the implicit responsibility to maintain a level playing field.
• Foreign companies and GAAP - Publicly supported the SEC in its decision to allow foreign private issuers, when reporting financial results in the United States, to prepare their financial statements in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board without reconciliation to U.S. Generally Accepted Accounting Principles.
• Effective Section 199 safe harbors - Asked the Internal Revenue Service and the Department of the Treasury to issue additional safe-harbor rules under Section 199 to minimize the burden of tracking W-2 wages.

Workplace

• PINK magazine's inaugural list of top companies for women - Making up this year's "Elite Eight" companies for women are American Express Co., Heller Ehrman LLP, Kelly Services, Aflac Inc., FedEx Services, Grant Thornton LLP, Turner Broadcasting System Inc. and Wachovia Corp.
• Working Mother "100 Best Companies" - In making family-friendly policies the norm, including flextime, childcare and telecommuting, Working Mother magazine recognizes Grant Thornton LLP for creating a corporate culture that encourages the retention and advancement of women.
• Best Places to Work - Grant Thornton LLP local offices named by their local media outlets as best places to work:
  
  • Philadelphia
  • Edison, N.J.
  • Wichita
  • Atlanta
  • Honolulu
  • Irvine, Calif.
  • Washington, D.C.
  • Albuquerque
  • Portland
  • Tampa Bay
• "Companies That Care" Honor Roll - For the third consecutive year, Grant Thornton LLP has been named to the Center for Companies That Care Honor Roll. This distinction recognizes organizations that demonstrate an outstanding and measurable commitment to their communities, both within the workplace and beyond.

Client service

• Former SEC Deputy Chief Accountant joins Grant Thornton LLP - Former deputy chief accountant for the Securities and Exchange Commission, Andrew D. Bailey, Jr., now provides leadership on regulatory compliance, academic research and thought leadership.
• Launched India Tax and Business Services Gateway - Based out of the firm's Seattle office, the service will assist U.S. companies interested in either establishing a presence or structuring investments in India.
• Launched private equity initiative - A new, comprehensive approach to serving private equity firms and their portfolio companies that will enhance significantly the value of the services received from Grant Thornton.
• COSO - Commissioned by The Committee of Sponsoring Organizations of the Treadway Commission (COSO) to develop guidance designed to help organizations monitor the quality of their internal control systems. The end product will serve as a tool for effectively monitoring internal controls, as well as complying with the U.S. Sarbanes-Oxley Act of 2002.
• Opened two new offices in San Antonio, Texas, and San Diego, Calif.
• Acquired Stout Risius Ross, Inc.'s Restructuring and Performance Improvement Group - The acquisition complements existing global automotive expertise and services of Grant Thornton member firms and enhances Grant Thornton LLP's U.S. Recovery and Reorganization Services practice.

About Grant Thornton
Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations. Through member firms in more than 110 countries, including 50 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe. Visit Grant Thornton LLP at www.GrantThornton.com.

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