September 20, 2018

Grant Thornton

FRC Didn’t Want Grant Thornton U.K. to Feel Left Out of All the Disciplinary Fun

The Big 4 firms in the U.K. have been the target of repeated tongue-lashings from the Financial Reporting Council lately because, let’s face it, audits have been pretty damn bad. Things have gotten so desperate that EY is bringing in behavioral psychologists to improve audit quality. But the U.K. accounting watchdog’s most recent tongue-lashing wasn’t […]

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Grant Thornton Admits 32 New Partners and Principals

This just in from the Purple Rose of Chicago: Grant Thornton LLP has admitted 32 new partners and principals, and promoted 29 to managing director, effective today. Specifically, 20 new partners and 12 new principals are members of the class of 2018. Here’s how this year’s numbers compare to previous years’ new partner/principal promotions at […]

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Grant Thornton Gets Dinged for Giving Partners with Audit Quality Issues More Work

The Public Company Accounting Oversight Board has announced a big settlement with Grant Thornton over quality control violations and audit failures. The firm was censured and agreed to pay a $1.5 million civil penalty. The quality control violations related to the assignment of two Philadelphia-based partners to audits in 2013 when they had been cited […]

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Grant Thornton Admits 39 New Partners and Principals

Who are the new Grant Thornton partners? Glad you asked. The firm announced them earlier today along with new principals and managing directors, as is customary for the Purple Rose of Chicago. If you like to parse these things out, then it breaks down as: 27 partners, 12 principals and 28 managing directors. In the […]

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Here’s Your Open Thread for Grant Thornton Compensation Discussions (2017)

By the sound of things, it’s time for us to open the gate on the Grant Thornton compensation thread. This is a little strange because, in years past, tips usually start rolling into our inbox in the last half of July. One message we received over the weekend, however, might explain the delay: Comp releasing […]

grant thornton compensation 2017

Grant Thornton Making Some Tweaks to Its Unlimited PTO Policy

Last time we checked on Grant Thornton’s unlimited PTO policy, we learned that it was having at least one desired effect: people were taking more time off. The median number of PTO days taken jumped from 17.4 to 19.1. However, the comments from that article suggested that things were getting a bit out of hand. […]

How’s Grant Thornton’s Unlimited Vacation Policy Been Working Out?

Last year, the only second-tier accounting firm not cool enough to go by its inititals, Grant Thornton, announced a new paid-time off policy that would allow its employees to take unlimited vacation. Although GT employees seemed happy with the idea, the move was met by skepticism here and elsewhere.

Grant Thornton Offers Unnecessary Reminder

#ElectionDay fact: Hillary Clinton and Donald Trump are two of the most unpopular candidates in history>> https://t.co/bjeXFC2rpV — Grant Thornton (@GrantThorntonUS) November 8, 2016 Thanks, GT.

Don’t Pretend That the Presence of Three Grant Thornton CEOs Had Nothing to Do With a Cubs Victory

The first Cubs World Series win at Wrigley Field in 71 years wasn't just going to happen. The three CEO's of Grant Thornton since 2001 at the World Series tonight! Go Cubs! pic.twitter.com/jhf2lVgDba — J. Michael McGuire (@mikemcguireCLT) October 31, 2016

Grant Thornton Admits 47 New Partners and Principals

Grant Thornton announced its new partner class yesterday and while this year's group was slightly smaller than last year's class of 50, it's still far larger from those in recent years. There were 32 new partners admitted in 2014, 30 in 2013, 27 in 2012, 26 in 2011 and 22 in 2010. Here's the newly […]

Grant Thornton CEO Does His Best Ferris Bueller Impression

Mike's just blowing off work to see a Cubs game: Our @mikemcguireCLT put on his #Cubs hat + took to the mound to throw out the first pitch. #LetsGo pic.twitter.com/kl0fPlFsyC — Grant Thornton LLP (@GrantThorntonUS) August 5, 2016 Ball? Strike? Wild pitch? If you were there, get in touch to let us know how he […]

Here’s Your Open Thread for Grant Thornton Compensation Discussions (2016)

Grant Thornton saves its compensation discussions for the dog days of summer. My hunch is that they like sharing disappointing news when people are feeling lethargic and unwilling to make too much of a fuss over a raise that barely keeps up with inflation.

Grant Thornton Hoping to Bring Soul-Crushing Disappointment to Charlotte Hornets With New Sponsorship

Grant Thornton recently became a multi-year sponsor of the Charlotte Hornets basketball team. The deal will afford them several perks including "leasing a suite at Time Warner Cable Arena, advertising courtside and putting the firm’s name on a private club near the home locker room." It's a great deal for GT; a sports franchise — […]

Grant Thornton: New Unlimited PTO Policy Not Designed to Get People to Take Less Vacation

As you've all heard by now, Grant Thornton will be launching an unlimited PTO policy starting November 1. The firm documented its employees' surprise to the move and it is surprising since less than 1% of companies offer unlimited vacation. Not only that, but the Purple Rose of Chicago will be the only major accounting […]

Grant Thornton Demonstrates Its Instinct for Diversity in Its Paid Time-Off Video

Grant Thornton’s video announcing their unlimited paid time off policy was exceptional cinema. For starters, everyone in the video looks very uncomfortable — like they weren’t sure if they were giving feedback on company policy or making a sex tape with a tax manager. It’s also clear that the people who were ambushed in the […]

Grant Thornton’s Revenue Didn’t Take Time Off

The Purple Rose of Chicago earned $1.45 billion in the U.S., beating last year's haul of $1.35 bil. Judging by Mike McGuire's canned quote, everything is on the up and up: “Our financial results are a direct reflection of the value we’re providing to our clients,” said Mike McGuire, chief executive officer of Grant Thornton […]

Grant Thornton Should Pay Its People to Take Vacation

Grant Thornton is getting into the surprisingly generous benefits act, announcing that it will offer its employees unlimited time off starting in November. They even shot this video of their people's reactions to the news: Those people seem genuinely surprised. That's kinda nice. Few companies offer unlimited PTO; this Bloomberg report says fewer than 1% […]

Stephen Chipman Calling it a Career at Grant Thornton

Stephen Chipman, erstwhile CEO of Grant Thornton, blogger, romantic, inexperienced Chicagoan, incredibly unprepared Chicagoan, note writer, dynamic perpetual optimist etc. etc. is hanging it up after 34 years at the Purple Rose of Chicago:   Grant Thornton LLP announced that Stephen Chipman, senior vice chairman of Grant Thornton LLP, has elected to retire early from […]

Grant Thornton Admits 50 New Partners

Grant Thornton deified 50 new partners on August 1st, according to a firm press release. This year's class size dwarfs those from recent years; there were 32 new partners admitted in 2014, 30 in 2013, 27 in 2012, 26 in 2011 and 22 in 2010. Purple Rose of Chicago CEO Mike McGuire heaps on the […]

Judge Felt Compelled to Call Out Grant Thornton’s Extraordinarly Crappy Work

It's always amusing when a judge reprimands an accounting firm for sucking at its job. Usually it's due to some dumpster fire that auditors watched burn for too long, but today's bench slap came from a judge on Delaware's Court of Chancery in regards to some valuation work Grant Thornton performed: Vice Chancellor Travis Laster […]

Oops: Grant Thornton Lost an Audit Client Due to ‘Inadvertent Scope Creep’

Ahhhh, independence. The albatross around the neck of the audit profession. Or maybe that's the PCAOB. Or maybe it's the technology. Fuck, I don't know. If you imagine all the giant birds shitting on auditors, ugh, that's a horrific thought.

Here’s Your Open Thread for Grant Thornton Compensation Discussions (2015)

The last time we teased with talk of GT compensation, our tipster seemed impatient and harboring inflated expectations. Hopefully most of you McGuire Munchkins are either more patient or realistic about your comp news. Or perhpas you've adopted, "I don't care about money anymore," as your personal comp season motto. That'd be a fun surprise […]

Bonus Watch: Impatient Grant Thornton Employees with Big Expectations

This just in: Grant Thornton will pay out bonuses early this year (July 21). They will electronically disseminate salary and bonus information on July 14. All I'm saying is they better be good. Our tipster included an excerpt from an alleged message to the troops: At Grant Thornton, our people are talented, intellectually curious and […]

Grant Thornton Poaches a Deloitte Partner and Issues a Press Release, Part I

Grant Thornton has put everyone on notice that they've snagged Deloitte National Managing Partner for U.S. Government Affairs & Public Policy Jim Brady. He will become GT's Central Region Managing Partner effective August 1. Brady has had quite a career at Deloitte, serving in many similarly dynamic roles. Among them: National Audit Leader for Growth […]

Grant Thornton Has Starring Role in Marine Corps’s Snafu Audit

How's this for a Charlie Foxtrot: the professional services firm known as Grant Thornton (or, if you prefer, Golf Tango) is smack dab in the middle of the Pentagon's messy accounting. Reuters has the whole scoop but the long/short of it is this: last year the Defense Department announced that the Marine Corps "passed" its […]

Grant Thornton Not Gonna Let Some Rich Guy Drag Its Good Name Through the Mud and Get Away With It

You wanna get nuts? Come on, let's get nuts! Grant Thornton has filed a counter-claim against Vincent Tchenguiz for defamation after the property entrepreneur sued the accounting firm for £2.2bn and accused it of a conspiracy.  In documents filed at the London High Court on Tuesday, Grant Thornton denied Mr Tchenguiz’s claims and said it […]

Grant Thornton’s Hartford Office Will Need All the Comforts of Your Average Frat House

The modern office has changed. With companies like Google and Facebook throwing around perks like free sushi, bowling alleys, dog runs, a keg in every kitchen, full spa service, among other luxuries, businesses feel the need to keep up however they can.  Grant Thornton's Glastonbury office is currently shopping around space in Hartford and Frank Kurre, the […]

Grant Thornton Names New Big Cheese in Wisconsin

Don't have a cow. You won't have to learn a new name as Jeff Bradford succeedsJeff Robinson. Although if you suspect a Jeff nepotism in GT Dairyland, we wouldn't blame you. Incidentally, Bradford earned his Bachelor's and Master's at UT so if you suspect a Longhorn biaswithin GT, you can run with that, too. [MJS] 

UK Auditor Regulator Stops Short of Calling Grant Thornton Audits ‘God-Awful’

The PCAOB inspection report for Grant Thornton, while worse in susbtance, doesn't quite express the feelings of a regulator who expects a little more.  A report from the UK accountancy watchdog said it was “disappointed” to find that five of the eight Grant Thornton audits it reviewed required either improvements or significant improvements, a blow […]

Spotted: Chevy Belonging to Grant Thornton Refugee or Peeing Calvin

There's also a chance that this is a picture of one of Craig Haber's old cars. Don't want to rule out any possibilities. 

Grant Thornton to Have Rat Problem for Foreseeable Future

A little bad news for Grant Thornton today: The towering rat balloon—six to 25 feet tall, often dubbed “Scabby the Rat”—is a common and sometimes contentious sight. It’s a gimmick used most frequently by unions to protest employers, but the inflated rats have occasionally been used by unions to protest other unions and, in an […]

Grant Thornton Warns Alumni the Sky is Falling

We wish we could tell you why Grant Thornton sent out this email to their alumni list today, unfortunately we don't have any clue. Not even crazy speculation barely rooted in reality. Even our tipster, who presumably receives odd emails from Grant Thornton regularly as a member of the esteemed Grant Thornton alumni email list, […]

Grant Thornton’s Chosen Markets Netted the Firm Record-Breaking Revenue This Year

Not one to be left out of the "we made a metric shit ton of money this year, guys" party, Grant Thornton announced today the highest revenue in the firm's 90 year history. Considering a dollar could buy you a month's worth of groceries, a house, and a horse 90 years ago1, that's not saying […]

Let’s Play Spot the Spelling Error at Meet the Firms with Grant Thornton

This suspect was spotted at University of South Carolina: Wonder if GT is in the market for a proofreader?

Grant Thornton’s Downtown NYC Office Still Has a Rat Problem

If Grant Thornton had any competitors, those competitors would be thrilled to see what's ongoing at Grant Thornton's downtown Manhattan office at 60 Broad. We wrote about the Teamsters' giant rat down there back in July but now we have photographic evidence. With bold print and underlining! Let's see what's going on: This makes us […]

Grant Thornton’s Interns Are Making Your Interns Look Bad

First, nourishing your body with food is totally overrated anyway. Second, seems like this is good practice for busy season, when you won't so much forget but be completely unable to unless you don't mind stale Twizzlers and team pizza lunch.   Our MVPs > MT @mfuadster: So focused on the Intern Case Comp that […]

Grant Thornton Names Mike McGuire CEO-elect

Today: J. Michael McGuire named CEO-elect of Grant Thornton U.S. http://t.co/LEviUIJtDh pic.twitter.com/qfKWTBpp4f — Grant Thornton LLP (@GrantThorntonUS) June 2, 2014 Looks like Grant Thornton opted for something other than a Costanza lookalike for their next CEO. According to a Grant Thornton press release, JMM assumes the role of CEO-elect immediately and will take over for Stephen […]

Say Hello to Some Dynamic Grant Thornton Winterns

Welcome Southeast region Winter Class of 2014 #Interns from schools ranging from Baltimore to Miami! pic.twitter.com/9Xr3nbmzwX — GrantThorntonCareers (@GTCareersUS) January 15, 2014 Why is this in black and white? Did GT blow its entire color budget on its sharp purple marketing materials? Oh whatever. Congrats, you kids!

Let’s Congratulate Grant Thornton For Its Dynamic and Record-Breaking Audit Failure Rate

Colin put this in ANR this morning but it's the kind of thing that deserves a post of its own just to make sure you don't miss it and mock appropriately: The Public Company Accounting Oversight Board gave a failing grade to Grant Thornton on 65 percent of audits inspected in 2012, the highest failure […]

Grant Thornton Employees Break Out Dynamic Christmas Sweaters for Holiday Party

You'd all do well to follow this example for your respective office parties this season: Successful @GrantThorntonUS #atlanta holiday party last night. Tacky sweaters and all. @mmangrum1126 @griffinehunt pic.twitter.com/ZoE3BqEbKF — Christian Hyatt (@christianhyatt) December 13, 2013 Okay, guy on the left — we see that you phoned it in by just opting for a Christmas […]

Grant Thornton Feeling Good About Grant Thornton’s Effort

The Purple Rose of Chicago turned in a scorecard of $1.274 billion in revenue, up 5 percent, for fiscal 2013. And Stephen Chipman, for one, thinks that's a solid effort:    "Attaining record revenues in a still tepid economic environment is a testament to our long-term strategy of focusing on dynamic, mid-sized clients that are poised for […]

Grant Thornton Doubles Down Nationwide on Corporate Doublespeak

Color me baffled, maybe I haven't spent long enough digesting PRspeak. ??? Does culture then wash it down with a nice, cold glass of Kool-Aid? Grant Thornton is supposedly holding "All Hands" meeting in all 54 US offices today to ensure the staff are sufficiently brainwashed into thinking this actually means something. Not very dynamic […]

Oh Dear Lord, Grant Thornton’s Belfast Office Has a Willy Wonka Room

Grant Thornton is the most dynamic accounting firm known to man. Now, some of you might doubt this based on past revelations such as temp tatts, unoriginal taglines, and questionable advertising campaigns, but the following report out of the Belfast office will make you believe. We all know accounting firm offices can be, er, less […]

Ex-Grant Thornton Partner Sorry for Taking $4 Million That Wasn’t His

Craig Haber, who, after being a partner at Grant Thornton for 11 years, started helping himself to client fees, admitted today that what he did was wrong and he's sure sorry about the whole thing:   Craig Haber, who prosecutors said diverted money to his own bank accounts between 2004 and 2012, pleaded guilty to […]

Here’s a List of Grant Thornton’s Newest Partners

Stephen Chipman has bestowed 30 purple roses, saying, "Our partners and principals have demonstrated great value to our dynamic clients and to our firm through their technical expertise and passionate leadership." There's also 20 new managing director,s however they merely, "[help] our partners execute the firm's strategy." Sounds like a slap in the face. I […]

Grant Thornton Audit Partners Might Want to Read Those Opinions Just a Bit Closer

Call this is a GT service announcement (or something). A tipster informed us a little while ago that there were a couple of Purple Rose of Chicago audit opinions floating around that have an unfortunate typo. Titan International and Gentherm, Inc. filed 10-Ks in 2013 with Grant Thornton's name spelled wrong on the opinion – spelling it […]

Here’s Your Open Thread for Grant Thornton Compensation Discussions (2013)

Last month we put out the GT comp fluffer post and with raises effective on August 1st, I suppose it's about time we gave the dynamic tattooed masses the thread they've been waiting for.

Comp Watch ’13: At Least One Grant Thornton Dynamo Is Optimistic

On Monday, compensation kvetching season officially kicked off with PwC. Papa Whisk(e)y Charlie generally sets the tone for the rest of the summer and we see some firms adjust their plans accordingly. Of course there are plenty of firms that don't adjust their plans, but probably do so at their own peril.   ANYWAY. The PwC […]

Grant Thornton Is Movin’ On Up

We appreciate the fact that the firm is enthusiastic about their growth, but this is getting ridiculous: Grant Thornton LLP has relocated its Minneapolis office within the north tower of the US Bank Plaza at 200 S. 6th St. to floors 14 and 15. The total space leased is 31,484 square feet. Today is the first […]

Hiring Watch ’13: Grant Thornton Chicago on the Hunt for Forensic and Investigative Dynamos

Last Friday while I was poorly navigating North Carolina, a tipster passed along an enthusiastic message that he received from a Grant Thornton National Talent Acquisition bounty hunter. And from the sounds of it, GT wants some fresh faces in their forensics group:

An Ex-Grant Thornton Partner Has Been Charged with Embezzling $4 Million

Here's an interesting story about a fella by the name of Craig Haber. Craig became a partner at Grant Thornton in 1993. Around 2004, Craig decided to start helping himself to client fees that rightfully belonged to GT. This went on for a while. Approximately $4 million in fees from 2004 to 2012, to be […]

Grant Thornton Was the Most Dynamite Accounting Firm in 2012, Says Grant Thornton

Eddie Nusbaum & Co. put up a good number, $4.2 billion to be precise. That's 10.4% (USD) greater than last time around. That's pretty good. So good, the firm reports in its press release that "Grant Thornton led the six largest global accounting organizations in reported revenue growth rate for 2012." And that appears to be true. […]

Grant Thornton Partner Asked to Take a Seat

GT partners have elected Dave Wedding as the next Chairman of the firm's board. He was also recently appointed OMP of the Purple Rose of Chicago: Carolinas practice. As a native of Charlotte, part of his appeal, undoubtedly, was his charming North Carolina accent.* This should match Stephen Chipman's charming English accent quite nicely. Leadership […]

New Grant Thornton Cleveland Location Will Benefit Employees, Withering Plants

The Purple Rose of Chicago: Cleveland Edition officially opened the doors at One Cleveland Center today and OMP Dan Zittnan says that's exciting for all kinds of reasons including "enhance[d] productivity and development," as well as, "more efficient layout, access to natural light, increased multipurpose space and more effective collaboration rooms." So not only will […]

Grant Thornton Gets Its Name Out There

Starting in 2015, Grant Thornton will be moving into the Chicago Title & Trust Co. building but more importantly will get naming rights meaning that 161. N. Clark St. will be known as the Grant Thornton something. But what? GTower? The Chipman Center? Big GT? Presumably all of these plus whatever else you can come up […]

Grant Thornton Is Going Places

Everyone's favorite tattoo parlor, Grant Thornton, has announced its revenues for the fiscal year ended, July 31, 2012 and things went pret-tay, pret-tay, pret-tay good. The $1.212 billion was so good, in fact, that it was a record for the firm and CEO Stephen Chipman says everything is going to plan: Grant Thornton’s strategy is […]

Is There a Hidden Message in This Interview with Grant Thornton’s Stephen Chipman?

As we've mentioned on several occasions here, when the media profiles Big 4 bigwigs, the revelations are far less interesting than, say, a movie star-governor. If touchy subjects are addressed, they are glossed over fairly quickly to move on to charity work, perseverance, or family life. It's like a heart-warming after-school special. Grant Thornton CEO […]

Someone at Grant Thornton Thought a Client Needed Help Holding Their Balls

After dominating much of 2011, the past year has been bit of a downer for the Purple Rose of Chicago. Last September, Grant Thornton reached its apex when the firm was crowned king of the hill in Vault's 50. Unfortunately, they were shoved off the pile by Ernst & Young less than a year later and things […]

Accounting News Roundup: A Deal on the Back of AMT?; Larry Flynt Makes an Offer; Diluted Audit Reforms | 09.10.12

U.S. Plans $18 Billion Sale of AIG Stock [WSJ]The Treasury Department said it would sell $18 billion of American International Group Inc. stock in a public offering, slashing its stake by more than half and making the government a minority shareholder for the first time since the financial crisis was roaring in September 2008. The sale […]

Compensation Watch ’12: Grant Thornton Starts Rolling Out the Numbers

Almost three weeks ago, we started the discussion for the Purple Rose of Chicago to help all the Grant Thornton dynamos gird their loins for this compensation season. We've received a number of requests for a follow-up since the discussions start this week and, finally, late last night someone shared their numbers with us: Grant […]

Comp Watch ’12: Grant Thornton Capital Market Servants Want Some Love

A simple request from someone out of the Purple Rose of Chicago: I know its not Big 4, but would you mind starting a thread on GT comp adjustments coming up this year? Mind? Apparently you're one of those people that think these pages devoted to the kvetching of Big 4 employees. Not so! When it […]

Grant Thornton Now Offering Insight to Fictional Advertising Agencies

According to a press release, GT's Canadian arm has found a new place to find dynamic clients – TV! Grant Thornton LLP has just published Foundation for Growth, a white paper that presents the results of research and analysis into how professional services firms view their performance and people, their planning and profitability. It contains […]

Grant Thornton’s New Private Equity Services Managing Director Is a Public Accounting Firm Bicycle

Kevin Hudson is not quite the bounder that Reznick Group's Joe Mudd is, but he has seen a few firms in his day: [Prior to Grant Thornton], Hudson served as a National Director with McGladrey’s Private Equity Services Group and was their Regional Private Equity Leader for the Northeast and Southeast regions. He has more than 19 years of […]

Bonus Watch ’12: Grant Thornton Auditors Who Manage to Ignore Their Wicked Impulses

Question for the auditors in the crowd – have you ever come across a nefarious situation in your career and thought, "You know, if doing the right thing were to pay better than doing the wrong thing, I'd walk away from this client in a second."?   Of course you have. That's pretty much the […]

Grant Thornton Is the Latest Firm to Join the Chinese Auditor Resignation Jamboree

SGOCO Group, Ltd. issued a press release this morning to let everyone know that Grant Thornton's Chinese affiliate decided to take a walk on May 14th. They disclosed this with the SEC around 10 am on Friday, but with the Facebook circus going on, no one noticed. What's interesting is that the company filed Form […]

The PCAOB Inspection Report of Grant Thornton Could Have Been Worse

The Board inspected 41 audits at 21 of Grant Thornton's 51 offices. Fifteen issuers were cited in the report that included various failures, primarily related to "obtain[ing] sufficient appropriate audit evidence to support its opinions on the financial statements and on the effectiveness of [internal controls over financial reporting]." There was everything from failure to […]

Stephen Chipman’s Gut Tells Him That the SEC Will Get on Board with IFRS

The Grant Thornton CEO tells Accounting Today he doesn't have any "inside information"; you're just going to have to trust him. “My sense is that the SEC is getting closer to a position,” he said during an interview with the Accounting Today staff on Tuesday. “I don’t have any inside information. This isn’t based on […]

Grant Thornton Now Issuing Temporary Tattoos for Laptops

Finally today, another bullseye out of the Purple Rose of Chicago:                       Our tipster writes: Can’t tell you how excited I am that the new laptop “wraps” came in at my office yesterday! See attached picture showing my company laptop sporting the new look. The handout […]

Unfounded Rumor of the Afternoon: Grant Thornton Scrapping CPA Requirement for Promotion to Senior

This just in: Rumor has it, GT is getting rid of the CPA exam requirement to be promoted to senior… GT is one of two firms (that we explicitly know of) that currently requires audit professionals to pass the CPA exam in order to be promoted. If this particular tidbit is true, then it would be […]

Grant Thornton Names New Head Dynamic Organization Hunter

Ed Novak has been appointed Head of National Sales and he'll be tasked with bringing home the dynamo bacon. “Hiring Ed is a key pillar in our strategy to establish Grant Thornton as the leading accounting and consulting firm serving dynamic organizations,” said Tricia Conahan, Chief Marketing & Sales Officer. That's great and all, but […]

Grant Thornton Probably Didn’t Realize They Were Quoting Nietzsche in Their New Slogan

A bookly tipster sent us the following: Grant Thornton ads and tattoos aren't the issue — Has anyone else noticed that Grant Thornton's new slogan– An instinct for growth — is totally lifted from Nietzsche's The Anti-Christ: "Life itself appears to me as an instinct for growth, for survival, for the accumulation of forces, for power; whenever the will […]

Any Tax Professionals at Grant Thornton Interested in Going to India?

Because of recent events, you may have thought that not much was in the works at Grant Thornton. Well, you'd be wrong. Stephen Chipman runs a tight fish and chip house so while you've all been distracted by pests, tattoos, and buttering up the POTUS, SC and his team have been planning your next dynamic […]

Grant Thornton Gives the All Clear After “Insect Issue” at Downtown Office

This is from earlier in the week and there's no official word about the pest in question but our tipster insists that it was edbugsbay: It was brought to our attention yesterday that there was a potential insect issue in a small location on the 24th floor of our 60 Broad Street Office.  We took […]

Here Is Exhibit A for the Argument Against Temporary Grant Thornton Tattoos

Look, you guys. I know the stress of busy season can be a lot to deal with but I beg you, don't let it cloud your judgment. Think about your loved ones. Think about the American people. Think about the children.  Whatever helps you recenter your perspective, keep that thing in mind so that you don't […]

Temporary Grant Thornton Tattoos Are the Worst Idea Ever

The last twelve months or so have been very good for the Purple Rose of Chicago. Let's recount a few highlights. They've been chasing dynamic clients around like fat kids chase ice cream trucks. Their solid work has been recognized by these dynamic clients. They were dismissed from a major shareholder lawsuit. At the behest […]

Grant Thornton Applauds President Obama’s Support of Start-Ups and Small Business Because, Duh, They Will Make More Money

Oh, Grant Thornton flacks. Could you put out a more ridiculously transparent, vapid, self-serving, bullshit press release? Grant Thornton LLP applauds President Obama for recognizing the importance of access to capital to start-ups and small business during his State of the Union Address last night. The Small Company Capital Formation Act, introduced by Rep. David […]

(UPDATE/CORRECTION) PwC Couldn’t Find a KPMG Partner to Join Their Irvine, California Office So They Poached a Grant Thornton Partner Instead

Today in partners ditching their firm for PwC news, Gary Wilson, a 20-year Grant Thornton veteran and managing partner of the Irvine, California office will take the exact same job at join PwC on January 5th. It appears this news was first reported by the OC Business Journal and not by a press release, which proves […]

Hiring Watch ’12: Grant Thornton Chicago Looking for Some New Dynamos

Much like E&Y, GT’s Chicago office is looking to get more asses in the seats because business is swell:

Grant Thornton LLP said it intends to add 140 jobs in its Chicago office next year, 80 of them entry level and 60 internships, most of them paid. Similar hiring this year was less than 100. According to a press release and a spokeswoman, the new hires are needed because the firm’s business is growing. The hires will work in “nearly every area” of the firm, including audit, tax and consulting.

Unlike E&Y, Hizzoner was not attendance:

[T]his announcement was not made by Mayor Rahm Emanuel, who has unveiled several somewhat similar moves by other companies in recent months.

Always a bridesmaid, GT. Always a bridesmaid.

Grant Thornton to step up Chicago hiring 40% next year [Crain’s, Earlier]

Grant Thornton CEO: Makeovers Don’t Win

As we all know, Grant Thornton has upped its game in the past few months. It rolled out a new fancy schmancy ad campaign that explains how not to be a loser and was the surprise top dog in this year’s Vault rankings.

Yesterday, the Purple Rose of Chicago announced that more good times are coming via its new “Growth Platform” that will give all those dynamo clients a spurt. Hey! there’s even a website for the whole thing.

So in case things aren’t clear, growth is winning. And it’s not just for the lucky clients who count GT as their professional services provider. The firm itself is a weed of dynamism, says Stephen Chipman:

Grant Thornton has growth plans of its own. “We want to grow ourselves,” said Chipman. “We’re dynamic and we’re on the move. We want to, over time, raise the bar on the growth agenda and be committed to it for the long haul.” The firm plans to continue with its global expansion plans, especially in emerging markets. “We’ve been very vocal about how the global organization has an ambitious five-year strategy to double our market share, and that’s consistent with our plans here in the United States,” said Chipman. “There will be organic growth, it will be strategic growth. We will invest in new talent and expertise, and it will be M&A growth through mergers and acquisitions.”

Right! Connecticut! What’s more exciting than the Constitution State? Wait, don’t answer that. You’re probably wondering if all this excitement means that GT will go for a sexy new makeover. You know, something less Northwestern and maybe something more…Ohio State, perhaps? Well, as of now, that won’t be necessary:

The new brand positioning will not extend as far as changing the firm’s logo or slogan, at least not yet. “We are not changing our logo,” said Chipman. “You will see the same Grant Thornton logo, but you will see a lot of branded material focused on supporting the growth agenda.” However, Grant Thornton may eventually evolve its strategy to incorporate new taglines or slogans. “As we move forward with this over the next several months, we will certainly be looking for different ways to innovate to present our messaging,” said Chipman.

So it sounds like the team colors will stay the same but could a message focused on “growth” actually involve something that tangibly “grows” like say, “roses”? And by extension, could this mean tangos will make a comeback? God, please make it so.

Grant Thornton Positions Itself for Growth [AT]

Does Eating Hours Win at Grant Thornton?

As we trudge towards busy season, there are certain things that everyone gets a little anxious about. Like not seeing the sun for three months. Like putting on an extra 15-20 pounds because you’re stuffing your face with takeout three nights (minimum) a week. Oh! and then there’s the hours. Right, the hours.

For those of you t awhile, you know how the game works. Do you really spend 14 hours a day staring at a spreadsheets, slapping together financial puzzles without nary a drop in your production? Obviously not. Some of you take smoke breaks. Some of you have the audacity to take a lunch hour. Some of you drop by this fine publication to keep yourself abreast of the latest haps in accounting world (and leave the page open all day). Some of you, on average, spend 15-30 minutes watching your your cubicle crush from afar thinking that you’ll just mosey over and say “What’s up? Numbers, huh?” only to snap out of your daydream.

All this non-billable time accumulates into a decent portion of your day. Accordingly, you work a little later to make up for your lack of productivity, charge the appropriate hours (based on your increasingly tighter budget) and you call it a day.

For those newer to the game, you may look up at the clock, note that it’s 6 pm and you think to yourself, “What did I accomplish today?” The answer: not much. But since there’s not charge code for “Fucking Around – General” and slamming it all to an administration code isn’t such a good move, you slip it into a code for a client that you’re supposedly working on. No problem, right?

Well, your managers and partners might have a problem. They look at the billed hours and then try to gauge what your progress is. If there are hundreds of hours and you have jack squat to show for it, people are going to be pissed.

With all that in mind, I’ll share a query from a reader out of Grant Thornton’s New York office:

I would like to know how wide-spread “Eating Hours” is at GT (NYC).

You are put on a project, its a lot of work, and as time progress more and more work piles on you. You end up putting a lot of hours. The manager/partner says that hours will not be a problem, and that you should bill all hours worked.

When the project is just about over, after you had worked tons of hours, when you are least expect it, they pull you into a meeting and admonishing you that there was no way that you worked those hours. (Basically calling you a thief to your face).

After that meeting, you are told to adjust all hours over and above the budgeted 35-40 hours work week.

Even though I am not an hourly employee, I do feel robbed in two ways. First, I can’t really enjoy the accomplishment of the project because I feel so cheated, unappreciated and disrespected by this unethical behavior. Additionally, I feel stress because how can I be expected to meet the already unrealistic utilization goals when those scumbags make me eat hours?

Okay, let me say first that I do not doubt this person’s account of being jerked around by a manager or partner with regard to hours. However, it’s a little bit unbelievable if this meeting where the de-pantsing occured came without any warning. Most of your superiors – whether they are partners, managers, SAs, whatever – are not completely unreasonable people. They don’t all of sudden turn on a dime and say, “Everything I told you was a lie. You should have known that you shouldn’t have been billing all those hours.” If that is the case, then you work for assholes.

Hopefully, if eating hours is expected of you, they tell you up front. I had former colleagues that were on engagements like this where a Senior Manager simply let them know exactly how many hours they were expected to bill but it was pretty obvious that they were going to be working far more than that to get the job done. It’s a fucked up equation to be sure, but at least you know what you’re up against. This has nothing to do with firms or offices but rather the people running the engagement.

As for GTNYC, it’s pretty tough to know how widespread the practice of eating hours is. How widespread is the alcoholism? Or doucebaggery? It’s not quantitative. But our tipster is still concerned:

I have spoken to many of my friends at other Big 4, at regional firms, and at smaller firms and no one had experienced it as bad as some of us here in GT (NYC).

Fine. But you’re very small cross-section of a huge population. Maybe you were just on a couple of bad engagements with bad partners/managers. It happens. Believe it.

For the Purple People Eaters out there, is eating hours at GT a problem? Does Vault have it all wrong? Eating hours definitely doesn’t win, but does it pay? Discuss below.

Schwag Watch ’11: Deloitte May Be Implying That Recruits Have Poor Personal Hygiene

Earlier this month our resident big man on campus, DWB, put out a call for all the schwagtacular gear that recruits were snatching up this fall. We didn’t get much for submissions at first but luckily a friend from the north passed along photos that ranged from “a bunch of junk” to Dr. Seuss to a PwC cookie describe as “soft” and “amazing.”

Things have quieted down since then but thankfully, another enterprising young recruit who is right in the wheelhouse of recruiting passed along a couple more pics that include examples of loot from Deloitte and Grant Thornton.


First our tipster’s thoughts on GT’s offering: “The GT cup is ok but the straw is totally useless.” And for the gazillionth time, purple just sucks.


According to our tipster, the Deloitte sanitizer is really the most perplexing item: “I am not sure what to think of Deloitte’s hand sanitizer.”

So what do we make of this? It’s not a surprise that Deloitte isn’t a “If it’s brown flush it down; if it’s yellow keep it mellow” kinda place but what does this bottle of freshness really communicate? Do they simply think college students are unkempt? Is Deloitte making the assumption that all the recruits are applying there because the Occupy movement rejected their applications? Or, since there is fairly new leadership in place, does this speak more directly to the firm’s position on germs in general? Put simply: Are Joe Echevarria and Barry Salzgerg germophobes? I’m inclined to go with option 3 but would entertain other theories.

Grant Thornton Tops Vault’s Accounting 50 (2012)

Yes my friends, the Purple Rose of Chicago’s focus on all things dynamic and pinstripe hating was enough to catapult the firm to the #1 spot on Vault’s Accounting 50. Varnton’s rise “an upset of sorts” but I’ll go ahead and say this is more worthy of “shocker” status. This is like “Dewey Defeats Truman.” It’s the Miracle on Ice. Hell, it’s like when Brad Pitt finds Gwenyth Paltrow’s head at the end of Se7en (what do you MEAN you haven’t seen it?).

Don’t get me wrong, Grant Thornton is a fine firm. Sure, purple isn’t my favorite but the people there seem nice and very capable but HONESTLY this was not expected. When he hears the news, Stephen Chipman will probably start running through halls of the Chicago office sans pants trousers rallying everyone down to the nearest pub (pictures, please). Anyway, let’s get to the Top 25 (previous year in parenthesis), shall we?

1 (23) Grant Thornton
2 (2) PwC
3 (1) Deloitte
4 (3) Rothstein Kass
5 (5) Dixon Hughes Goodman


6 (6) Moss Adams
7 (11) WithumSmith + Brown
8 (8) Friedman
9 (4) Marcum
10 (28) EisnerAmper
11 (14) Eide Bailly
12 (18) SS&G Financial Services
13 (12) Berdon
14 (7) Elliott Davis
15 (NR) Rehmann
16 (33) Baker Tilly Virchow Krause
17 (17) Armanino McKenna
18 (16) CBIZ/Mayer Hoffman McCann
19 (41) Marks Paneth & Shron
20 (20) Schenck
21 (10) Cherry, Bekaert & Holland
22 (21) Ernst & Young
23 (22) KPMG
24 (25) McGladrey
25 (24) BDO

As for how GT orchestrated this epic upset, here’s Vault’s Derek Loosvelt:

Although the Big Four firms PwC and Deloitte both significantly outscored Grant Thornton (the perennial fifth largest accounting firm in the country) in terms of prestige, Grant Thornton handily beat PwC and Deloitte in nearly every quality of life category. In other words, while the two Big Four firms’ names still carry much more weight than Grant Thornton’s in the marketplace, insiders are much more pleased with their day to day work lives at the non-Big Four GT than their peers are at PwC and Deloitte. In fact, non-Big Four firms ranked No. 1 and No. 2 in all but three quality of life categories (these rankings will be released over the next couple of days). Although Grant Thornton did not top any single category, it consistently placed ahead of PwC and Deloitte. Particular tough categories for the Big Four firms were hours and overall satisfaction.

So there are a couple of stories here: 1) Holy shit – Grant Thornton?! and 2) prestige seems to carry less and less weight in favor of quality of life for those looking to choose a public accounting firm as their employer. We’ll be covering the Vault list and the firms therein with more posts but until then, feel free to comment on the Top 25 and what you make of GT as the new #1.

50 Most Prestigious Accounting Firms [Vault]
Vault’s New Accounting 50 Ranking Has Plenty of Surprises [GC]

Layoff Watch ’11: Grant Thornton

Similar to the recent cuts at McGladrey and KPMG, The Purple Rose of Chicago is apparently informing some support professionals that their services are no longer needed:

Layoffs occurring at director levels in the support staff and maybe other areas.

This included a director in communications, another in Knowledge Management and “others are forthcoming.” Email us updated with the latest details if you’re in the know.

Here’s Grant Thornton’s Full-Page Ad Out of The Wall St. Journal

If you’re a fan of pinstripes, you won’t be pleased.

Grant Thornton Ad

As a commenter noted yesterday, this obviously isn’t applicable to the Yankees. The Cubs on the other hand…well, I think we all know that story.

Grant Thornton Survey: Celebrities’ Acceptance of Infidelity Carrying Over to the Plebs

In Northern Ireland, anyway. Yes, if you’re moseying around Belfast and catch your spouse in an intimate embrace with someone who isn’t you, your heart may be broken but that doesn’t mean you’re going to divorce their cheating ass. Why, you ask? Well, you see, celebrities, being the model global citizens that they are, seem understand that marriage doesn’t really mean that you can’t have sex with other people, even if you haven’t expressed a desire to do so and regular Joes and Janes are starting to think that should be their attitude as well.

The UK Press Association reports, “one of the reasons for the shift may be the growing number of high profile celebrities that have publicly accepted their partner being unfaithful, according to consultancy and accountancy firm Grant Thornton, which carried out the matrimonial survey.” Yes Grant Thornton, fresh off their new ad campaign, is finding time to weigh in on marriage trends, although they readily admit they’re really just taking a stab at this:

Sally Longworth, partner at Grant Thornton’s Forensic and Investigations services practice, said: “The shift in the reasons for divorce is difficult to explain, although one potential influence could be the rise in the number of celebrities that are very publicly accepting their spouse’s infidelities.

Seems that GT is hard up for work in N.I.

[via UKPA]

What Do We Think of Grant Thornton’s New Ad Campaign?

As many of you trade tales of flooded basements, tree branches coming through the windows and slip n’ slides, some people had much grander plans for today. Back in the spring, we speculated about what Grant Thornton’s “major brand repositioning” might entail. Since Stephen Chipman took the helm back in 2009, things have focused towards the dynamic. Dynamic clients. Dynamic rumors. Dynamic hand-written notes. Now, as promised, the Purple Rose of Chicago has rolled out a new dynamic ad campaign.


Here’s your 30-second spot:


And your longer 60+ second ad, with an accent!

No tango. No roses. No emotion (unless business demeanor is an emotion). Just winning. So what do we think? What would Don Draper think? Tell us.

Grant Thornton Dodges the Koss Bullet, Is Dismissed From Shareholder Lawsuit

U.S. District Judge Lynn Adelman has dismissed Grant Thornton as a defendant in a class-action shareholder lawsuit against GT, Koss Corp. and CEO Michael J. Koss, filed in January 2010 on behalf of plaintiff David Puskala and other Koss shareholders.

In his ruling, Adelman stated that the plaintiffs failed to make a case for GT’s epic failure to detect former Koss executive Sue Sachdeva’s $34 million embezzlement/hoarding scheme. Reasonable, considering GT auditors scared the crap out of old Sue, even though they were sticking newbies on the gig.  “Fear was one thing. I thought it was imminent,” she said in a court deposition last year. “Their auditors, every time they walked in, I’d say, ‘This is it. They’re going to catch me.’” Shareholders’ issue – we assume – is that they didn’t. Year after year after year after year until 2009 rolled around and the whole house of cards came tumbling down.

The judge also dismissed claims of willful or reckless behavior against Michael Koss, saying “I conclude that the innocent explanations are more compelling than the inference of recklessness.” Meaning Mike couldn’t possibly have known Sue had been siphoning off millions in company money over a six year period, absent hanging out at her house and noticing all the fancy new shit she had strewn everywhere. And stashed in closets. And bursting out of her garage.

As for Grant Thornton, the judge wrote that the occurrence of fraud and failure to detect it doesn’t imply recklessness on the part of the accounting firm, but rather that the firm was negligent. While it is clear that Sachdeva used her position with Koss to bypass the company’s not-rock-solid internal controls, it is also believed that the controls were sufficient so as not to be obviously unreliable to a reasonable person (or auditor fresh out of accounting school). We’re looking forward to hearing how audit professors use this decision to emphasize the cavernous depth between “negligence” and “recklessness” on the part of auditors.

Sachdeva is still a defendant in the Puskala lawsuit and is currently serving 11 years for the fraud.

Grant Thornton dismissed from Koss shareholder lawsuit [Milwaukee Journal-Sentinel]

Comp Watch ’11: The Wait Is Nearly Over at Grant Thornton

From the mailbag, a tipster quotes his OMP:

“Compensation and bonuses have been approved. Final letters will be received from national HR by end of day tomorrow [i.e. today] and will be communicated by your practice leader before August 1.”

Fill us in if you have gotten the news or email us the details.

Promotion Watch ’11: Grant Thornton Admits 26 New Partners and Principals

Apparently everyone’s email at the Purple Rose of Chicago is broken because I had to learn about this from a press release.

Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations, admitted 26 new partners and principals to the firm, effective August 1. These partners and principals are based throughout the firm’s offices across the country.

Partners and principals admitted to the firm are thought leaders upon whom the firm relies to provide personalized attention in serving clients. These professionals have demonstrated consistently their extraordinary ability to understand and meet the needs of client companies and industries. They have also demonstrated long-term leadership in the accounting profession and the community.

“These professionals have demonstrated extraordinary client service, driving value for the dynamic firms we serve,” said Stephen Chipman, Grant Thornton’s CEO. “These leaders exemplify Grant Thornton’s mission of making a difference – to our colleagues, our clients, our profession and our communities.”

It’s also strange that no one from GT has dropped any news regarding compensation discussions as this is about the time we should start hearing it or sayeth comments from the last post on the subject. Anyway, give the new partners a slap on the back or at least a nice note.

Promotion Bonus Watch ’11: Grant Thornton

The latest from the moneymailbag:

Hi Caleb,
Can we get a thread opened about Grant Thornton raises and promotions. We started finding out promotions yesterday and the raise info came along with it. Thanks,

Not much news out of Grant Thornton lately so thanks for reaching out. The last we heard from Purple Rose of Chicago was that auditors were wanting their raises and bonuses to rival the Big 4 after a hellish busy season. I’d still be willing to be that Michelle Bachmann has a better chance of becoming President than GT’s raises keeping pace with the Big 4 but I do like a good longshot.

So if you’re in the House of Chipman and got news about a promotion, let us know and share the details of your newfound riches.

Chili Cook-offs, Thank You Notes Probably Keep Grant Thornton IT Team From Sabotaging the Whole Firm

As we know, your information technology teams can be what holds things together at your firm in times of strife. If you’re good to these people, they’re good to you. And if you treat them poorly, well…good luck to you.

Grant Thornton has been recognized as one of Computerworld’s best places for IT professionals to work, the only accounting firm on the list. It’s a typical ranking with the general buzzword descriptions along with examples of why you should be hella-jealous that you don’t work there. For the IT gang at GT, not only do they get to show off their culinary talents at “annual chili cook-offs and dessert competitions” but when they go above and beyond the call of duty, there seems to be a Hallmark system in place.

To encourage employees to thank their co-workers and recognize a job well done, the IT department developed a way to voluntarily track the sending and receiving of thank-you notes. The names of both senders and recipients are submitted for drawings in which the winners receive a gift cards.

What’s not entirely clear is if these “thank-yous” are inspired by Stephen Chipman’s past communications or if was simply another way that the IT team was able to avoid human contact. Either way, it sounds like they enjoy a decent gig at the Purple Rose of Cairo and that will keep anything catastrophic from happening.

Weikang Bio-Technology Felt Compelled to Issue a Press Release Announcing that Grant Thornton Successfully Verified Their Cash Balances with Bank Statements

Chinese companies certainly have had their share of problems with financial reporting in the U.S. but I had no idea that it would come to this.

The Audit Committee of the Board of Directors of Weikang Bio-Technology Group Co., Inc. (OTC Markets: WKBT.PK – News) (“WKBT,” “Weikang” or the “Company”), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People’s Republic of China, today announced that Grant Thornton (“GT”), one of the world’s leading organizations of independently owned and managed accounting and consulting firms, has verified that the cash amounts listed on the Company’s SEC filings for 2010 and the first quarter of 2011 are consistent with account statements obtained from WKBT’s banks directly by GT.

“Given the recent change in auditors and my new chairmanship of the WKBT Audit Committee, we authorized the Grant Thornton review to take place last week, and are now releasing the results,” said Jeffery Chuang, independent director and Chairman of the Audit Committee of WKBT. “Weikang continues to advance as a U.S. publicly-traded company and we are committed to high standards in the thoroughness of our financial information,” said Mr. Chuang, a U.S. CPA who is based in Southern California.

Obviously this is completely harmless compared to, say, threatening to take auditors hostage but as far as giant wastes of time go, it’s right near the top.

Could Detroit Become One of Grant Thornton’s New Dynamic Clients?

Maybe! At this point, what harm would it do?

In Detroit, the largest city in [Michigan], the upcoming budgeting process carries an implicit threat: If local politicians can’t convince the state they have what it takes to repair the city’s finances, the state could appoint an outside official to do the job for them. The city has already hit several of the triggers to initiate the process that could install an emergency manager, say local politicians, who are scrambling to keep the city government out of receivership.

But would-be emergency managers say they can succeed where elected officials have failed. They stand to draw six-figure salaries from the local governments under their management, but some talk about this work as if it were a civic duty.

“We feel very strongly that not only is there a business opportunity here, but we want to be part of a solution for the greater good,” said Michael Imber, a principal in Grant Thornton LLP’s corporate advisory and restructuring services practice in New York. “We’re absolutely ready to help.”

Finance Professionals Eye Detroit And Other Strapped Michigan Cities For Emergency Manager Takeover [HP]

Comp Watch ’11: Grant Thornton Auditors Want Some Love After a Tough Busy Season

From the mailbag:

Apparently, management finally recognizes that this was a real shitty busy season and as a last ditch effort to keep hemorrhaging seniors, is going to give some large bonuses and raises. Audit is to get increased comp because of how bad it was on our side. I mean GT-Chicago lost 3 seniors right before and 3 during busy season. Plus, we had a team working on a restatement that were working 80-100 hour weeks since November. I know GT will never pay out like the Big 4, but I’m curious to see if we’re in the ballpark this time around.

Who doesn’t love aggravated Grant Thornton auditors on a Monday morning? Frankly (and I know I’m not alone here), I’ll be floored like an Animal Kingdom Superfecta ticket holder, if GT pays out like the Big 4. However, because Stephen Chipman and GT have been on such a tear the past year – shedding less dynamic offices, making dynamic acquisitions – it’s possible some at GT may see better raises this year but it I’m guessing it won’t be the audit practice.

But our tipster’s email seems fairly optimistic (in a bitter, burned out auditor sort of way) since the attrition variable seems to be in full effect. If GT SAs are indeed heading for the exits, then perhaps there will be some pleasantly surprised GT dynamos after last year’s disappointment. Keep us updated.

Let’s Speculate About: Grant Thornton’s ‘Major Brand Repositioning’

As we mentioned this morning, Accounting Today reported – in an exclusive with Stephen Chipman! – that Grant Thornton is “planning a major marketing campaign later in the year to reposition the Chicago-based firm around the world.” Having had the luxury of watching a rival firm go through the process, we can’t help but think that GT won’t make as bold of a change but we’d love to be wrong about that.


Chipman told AT that GT wasn’t trying to jam into the Bigs saying, “We made it clear that we’re not building a firm to audit GE. Let’s get clear about the verticals and the skills.” So if you take SC at his word what exactly will this major brand repositioning involve? Some initial thoughts:

1. Underpants Gnome Accounting will become a specialty advisory service.

2. Poaching a certain golfer from a competitor.

3. Opting for pastel pinks and blues in a new logo to provide an “alternative.”

4. Four words: Gary Busey, Tax Partner.

5. Your ideas.

It’s Unlikely You’ll Hear More Rumors About a Grant Thornton and Moss Adams Merger

That’s because a source close to GT has told us “the deal with Moss Adams is dead.”

You’ll recall we first heard this rumor back in January which was denied by Moss Adams internally (GT was its typical mute self).

As for the why, our source told us, “The feedback from the Moss Adams board was that the MA partnership would not adequately support the merger.” Whether or not that’s true doesn’t take away from the fact that MA squeezed by GT in the GC Coolest Accounting Firm bracket and, thus, no MA partner worth their salt would want to join forces with GT and have to decipher hand-written notes from Stephen Chipman.

Despite this setback, that doesn’t mean GT isn’t on the prowl but we’ve got no idea who they might have their eye on, so we’d invite you to speculate on who that might be and get in touch if you know anything.

Grant Thornton Welcomes LECG Employees to the Brotherhood

After yesterday’s news that LECG that was more or less pulling the plug, Grant Thornton finally put out a press release that they were acquiring a “significant portion” of the company’s business.

GT is taking on 270 employees in Atlanta, Chicago, New York, Philadelphia and Portland across all its service groups. Naturally, Stephen Chipman is thrilled to share this dynamic news, “We are pleased to welcome these outstanding individuals to Grant Thornton LLP,” SC said, “I am confident that they will fit in perfectly with our people — intellectually curious, talented individuals who want to make a difference with their clients, in their workplace and in their communities.”

Which was a perfect segue into this:

“As I have stated before, our goal is to be the leading audit, tax and advisory firm serving dynamic organizations in our chosen markets,” continued Chipman. “Dynamic companies are companies that are ambitious and growing, expanding internationally. They are dealing with critical events or transactions and are in need of our value-added, integrated service solutions. We will continue to explore additional strategic mergers and acquisitions as our balance sheet is healthy [Ed. note: care to share?] and we are in a position to attract similar talent.”

In other words, GT is still on the prowl for more people to join their party. Any interested parties need to come with dynamism in boatloads.

Unfounded Rumor of the Day: Grant Thornton About to Announce a ‘Big West Coast Deal’

Remember those GT/Moss Adams rumors from back in January? At the time, our post sent both firms calling for plumbers but we still mangaged to get a copy of an email from Moss Adams CEO Rick Anderson that denied the rumor in an email to the firm’s partners. Everything has been quiet since then mostly because…well, it’s busy season. Granted, firm leaders like Stephen Chipman and Rick Anderson aren’t thigh-deep in spreadsheets like most of you so the fact it’s entirely plausible that while you’re all distracted, TPTB have been courting each other.

We received this brief note from a tipster yesterday:

Rumor is [Grant Thornton] [is] about to announce big west coast deal.


Our source originally speculated that a tax/valuation/consulting boutique was the target because of an old Andersen connection but then told us that the latest word from the west coast is that Moss Adams is back in the picture. In our original post, we went over the reasons for and against the GranMoss merger and frankly it still could go either way (we’re leaning “no” at this point). That said, Grant Thornton has been on a buying spree, most recently picking up some attest services from the LECG Corp. fire sale, so a merger of some kind wouldn’t be a surprise but WHO?? We’re listening to any and all well-founded or crackpot theories.

Moss Adams has declined to comment on the rumor thus far and Grant Thornton did not return an email requesting comment.

UPDATE: This just in from a Grant Thornton tipster:

While I have no actual basis for substantiating this, we have a Moss Adams wireless signal in our office in the central region. There is no Moss Adams office in our building, or even out state, its been there since about January when the rumors first popped up. I just thought it was interesting. I have no insight into any of this, I’m just a lowly peon staff…

Perhaps there’s an explanation for this but I’m no expert on the wireless signals and whatnot so I’ll leave it to you to reason this out.

Chief Audit Executives Like Sarbanes-Oxley…No, They Really Like It

A new survey of more than 300 chief audit executives (CAEs) by Grant Thornton LLP finds that while nearly half believe that the shifting regulatory landscape poses the greatest threat to their company, a vast majority (88%) do not believe that the Sarbanes-Oxley Act (SOX) should be repealed. Of those that believe SOX should be repealed, the cost of compliance is the main reason for doing so. “Since the passage of SOX, organizations have had to dedicate significant resources to comply with a host of new laws and regulations,” noted Warren Stippich, a Chicago-based partner and Grant Thornton’s national Governance, Risk and Compliance solution leader. “Based on discussions with various CAEs during the survey process, many believe that SOX brings a continued focus by management on financial and governance-related controls. However, CAEs believe that compliance audit processes are now well-defined and are currently exploring ways to contribute value creation to the organization well beyond compliance monitoring and reporting.” [GT]

Moss Adams CEO Denies Grant Thornton Merger Rumor in Email to Partners

In reaction to our post yesterday about the rumor of Grant Thornton and Moss Adams being united in wedded CPA firm bliss, Moss Adams Chairman and CEO sent an email to MA partners yesterday afternoon. The email, sent to us earlier today, let the partners know that no one is out of the loop, “[L]et me start by assuring you that you did not miss a partner call, a partner memo or any other such communication dealing with this.”


Mr Anderson also wrote that he has spoken to Grant Thornton, “Since we last had the all partner webinar, there have been no substantive discussions with GT – I say no substantive discussions because I have been at an AICPA major firms meeting where I not only had casual discussions with the GT leadership team, but I had similar discussions with the leadership of most of the 30-50 largest CPA firms in the country, exclusive of the Big 4.”

So you can interpret things like, “no substantive discussions with GT” and “casual discussion with the GT leadership team” how you like but Mr Anderson made himself a little clearer near the end of the email, “I can absolutely assure you that while we have had discussions with a large number of firms (of all sizes) over the past 12 months […] there are currently no negotiations under way with any firm regarding merger. But I can also tell you that I and other [Executive Committee] members will be talking to some west coast firms over the next several weeks.”

Moss Adams has not responded to our most recent request for comment. Grant Thornton sent back our carrier pigeon with it’s head cut off (very Chicago), which is the closest thing resembling a response that we’ve ever received from the firm. We’ll keep you updated.