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

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Transparency report 2013

  1. 1. GRANT THORNTON INTERNATIONAL LTDTransparency report 2013
  2. 2. Contents01 Foreword02 Governance and management – Legal structure and ownership – Governance – Management05 Risk management – Member firm admissions – Independence policies, guidance and training – Global independence system (GIS) – Relationship checking – Complaints and dispute resolution process08 Audit quality – Client acceptance/continuance – Global audit methodology and technology – Global IFRS resources – Audit quality monitoring – Engagement with regulators12 Financial information Grant Thornton is one of the world’s leading Ed Nusbaum Ian Evans Chief executive officer Global leader – tax services organisations of independent assurance, Grant Thornton International Ltd Grant Thornton International Ltd tax and advisory firms. These firms help T +44 (0)20 7391 9520 T +44 (0)20 7391 9544 E E dynamic organisations unlock their potential Gernot Hebestreit for growth by providing meaningful, Global leader – business development and markets actionable advice. Proactive teams, led Grant Thornton International Ltd T +44 (0)20 7391 9538 by approachable partners in these firms, E use insights, experience and instinct to Paul Raleigh understand complex issues for privately Global leader – strategic growth and development owned, publicly listed and public sector Grant Thornton International Ltd T +44 (0)20 7391 9539 clients and help them to find solutions. E Over 35,000 Grant Thornton people, across Nigel Ruddock 100 countries, are focused on making a Global leader – advisory services difference to clients, colleagues and the Grant Thornton International Ltd T +44 (0)20 7391 9559 communities in which we live and work. E If you would like to find out more about Ken Sharp how Grant Thornton member firms can Global leader – assurance services Grant Thornton International Ltd assist you please visit the global website T +1 704 632 6781 at E
  3. 3. Foreword ED NUSBAUM CHIEF EXECUTIVE OFFICER GRANT THORNTON INTERNATIONAL LTDThe 2013 Grant Thornton global transparency local currency basis our revenues increased 13.2%report is a public statement of our commitment and when measured in Euros this increases to anto provide high quality assurance services to impressive 18.8%. The growth, however measured,organisations operating throughout the world. exceeds our 10% growth target for 2012. As part of our continuing focus on transparency, While we are proud of this accomplishment,this report is designed to help our many stakeholders I know our people will say the true measure of our(including clients, audit committees, regulators and success is how well we served our clients. By thisthe general public) understand our global measure, I am confident in saying it was a veryorganisation of member firms. Our stakeholders good year and something we will build upon.rightly expect us to have people, processes and Our continued ambition going into 2013 is to betechnology in place that result in actions that are in recognised as the leading provider of high quality,the public interest, which includes delivering a high professional services to dynamic organisations,quality audit in the countries where we operate. helping them unlock their potential for growth. Our combined global revenues for the year More than 35,000 Grant Thornton peopleended 30 September 2012 were US$4.2 billion, an worldwide are committed to the highest level ofincrease of 10.4% from 2011. Assurance services quality and making a difference for clients,accounted for approximately 45% of that total or investors, other stakeholders and the globalUS$1.9 billion. When measuring this growth on a community. Transparency report 2013 1
  4. 4. Governance and managementGrant 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.GovernanceBoard of governors Chair of the BoardThe Board of governors (the Board) is the principal The role of the Chair of the Board (the Chair) isand overriding authority in GTIL. The Board is a a proactive role with a focus on ensuring that thegroup selected from Grant Thornton member firms Board functions as a coordinated group in supportworldwide and its governance responsibilities of the CEO on global strategy, including but notinclude: restricted to provision of distinctive client service• approving the global strategic direction and by our member firms. policies as established by the chief executive The current Chair is Peter Bodin and his officer (CEO) current term runs to December 2014. The role• suspending the rights of, or expelling, a member of the Chair is pivotal to creating the conditions firm necessary for a highly effective Board focused• appointing and setting the remuneration of the on our strategic global development. Chair of the Board• appointing, evaluating performance and setting the remuneration of the CEO.2 Transparency report 2013
  5. 5. ManagementTHE BOARD OF GOVERNORS AS AT 30 SEPTEMBER 2012 Chief executive officer Ed Nusbaum The CEO is appointed by the Board for an initial Peter Bodin CEO, Grant Thornton term of five years and is eligible for successive terms Chair, Sweden International Ltd of three years each. The CEO is appointed from a pool of candidates who are nominated by the Board. Pascal Boris Robert Quant The role of the CEO includes the development Independent director Australia and recommendation of global strategic priorities for ratification by the Board, together with overseeing execution of these priorities. The CEO Phil Noble Jean Schnob has responsibility for appointing the global Canada Canada leadership team (GLT), subject to the concurrence of the Board. The GLT assists the CEO in the execution of the global strategy. The CEO is Jason Chen Daniel Kurkdjian regularly briefed by GLT members on China France recommended modifications to global policies and procedures, including those governing international work for the assurance, tax and Klaus-Günter Klein Vinod Chandiok advisory service lines. Germany India Paul McCann Satoru Endo Ireland Japan Hector Perez Aguilar Frank Ponsioen Mexico The Netherlands Scott Barnes Stephen Chipman United Kingdom United States of America Transparency report 2013 3
  6. 6. Global leadership teamThe GLT develops and drives the execution of the Implementation of the strategy will build onglobal strategy, and is chaired by the CEO. It is a strategic frameworks, prioritised investments andfull time management group dedicated to leading growth strategies that are appropriate for ourthe successful execution of the global strategy. chosen markets. Our ambition is to be known throughout The wider leadership team (WLT) support thethe world as the leader in helping dynamic GLT in the development and implementation of theorganisations unlock their potential for growth. global strategy. 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. AT 30 SEPTEMBER 2012 THE GLT AND WLT MEMBERS WERE: Ed Nusbaum Chief executive officer Ken Sharp Nigel Ruddock Ian Evans Gernot Hebestreit Paul Raleigh Global leader – Global leader – Global leader – Global leader – Global leader – assurance advisory tax services business strategic services services development development and markets and growth Laurie Kalman Ricky Lawrence Esther Teeken Dan Lichtenstein Jon Geldart Paul Herring Rob McGillen April Mackenzie Global head – Executive Head of finance General counsel Global head – Global head – Global head – Global head – people and director – marketing and strategy, information governance and culture administration communications knowledge technology public policy and risk management4 Transparency report 2013
  7. 7. Risk managementRisk management is an enterprise-wide activity managed by theenterprise risk committee (ERC) of the GLT and overseen by therisk committee of the Board. There is an overall focus on continuousimprovement in quality of service delivery, procedures to monitorquality and the risk management methodology.Professional risks are managed by the risk • monitoring member firm progress againstmanagement function under the direction of action plans developed in response to qualitythe global head – strategy, knowledge and risk inspection programme findings and takingmanagement, who also serves as a member of additional remedial actions as necessary.the ERC. The responsibilities of the global risk The global practices have primary responsibility formanagement function include: the development, communication and maintenance• developing, communicating and maintaining of global policies and procedures regarding the global policies and procedures designed to: delivery of professional services. − maintain independence and objectivity of In addition, a quality and professional risk professionals committee (QPRM) provides recommendations to − establish minimum standards for client GTIL management on the identification and acceptance and client continuance activities management of professional risks. The QPRM is of member firms chaired by the global head – strategy, knowledge• developing training programmes covering the and risk management. Membership of the QPRM items referenced above includes quality control, independence programme• developing and maintaining technology and risk management leaders from several member solutions to facilitate the effective and efficient firms and GTIL legal counsel. execution of the procedures referenced above• monitoring the effectiveness of the design and operation of member firms’ systems of quality control over providing high quality services Transparency report 2013 5
  8. 8. Member firm admissions GTIL monitors compliance with these policies.Prospective member firms must meet a number of Member firms are required to identify a partnercriteria in order to be considered for membership. with responsibility for overseeing independenceThe criteria for membership include: matters, including providing training and obtaining• the prospective firm’s reputation for quality annual confirmations of compliance with and its adherence to high standards independence policies.• adoption of our global policies, procedures and The increase in regulations and standards and methodologies, including our methods and the growing volume of services provided to quality control systems for providing services international clients by member firms have made to clients, our engagement protocols and our compliance with independence requirements a ethical and independence policies complex process. A global independence team (led• maintenance of a system of quality control that by the executive director – regulatory matters) meets or exceeds International Standards on assists member firms with these requirements. The Quality Control (ISQC) 1 global independence team’s responsibilities include:• agreement to the periodic evaluation of their • providing member firms with policy, guidance system of quality control by our global quality and training on independence matters monitoring teams. • communications designed to provide guidance to member firms on interpreting, applying andAdmission as a member firm is dependent on the complying with global policy or specific auditoroutcome of a due diligence process performed to independence rulesdetermine whether the prospective firm meets the • oversight, compliance monitoring and supportcriteria for membership. of the automated global independence system All member firms are subject to obligations set (GIS)out in the Grant Thornton Member Firms and • maintaining an international relationshipName Use agreements and are required to abide checking process designed to provide reasonableby our global policies. assurance that non-audit services are not provided to an audit client or its affiliateIndependence policies, guidance and training without appropriate consultation with the auditMember firms are required to adopt global policies partner and, where applicable, the client’s auditand procedures that are designed to safeguard committeeindependence on assurance engagements and • providing member firms with appropriateidentify circumstances that could pose a conflict of independence consultation when dealinginterest. The global independence policies and with complex international regulatory andprocedures are based on the International Ethics independence matters.Standards Board’s Codeof 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.6 Transparency report 2013
  9. 9. Global independence system Complaints and dispute resolution processAvoiding financial interests in an assurance client, The global complaints and dispute resolutionor its affiliate, prohibited by the independence rules process is modelled on the respected and acceptedis a key objective in maintaining the independence complaint/misconduct investigation processof member firms and the client service engagement adopted by the Professional Bodies forteams. To help individuals and member firms Accountants in the UK and Ireland and comprisesachieve this objective, Grant Thornton uses the a mix of investigation, independent and objectiveGIS – an automated tracking system that identifies assessment, mediation, disciplinary resolution andrestricted entities (issuers of publicly traded sanctions. The process is applicable to membersecurities in which financial interests are prohibited firms irrespective of size.or restricted). This information is made available A complaint will be investigated where it is ato all personnel in all member firms. substantial matter, for example: Member firms, partners and client-facing • failure to adhere to global strategy, such asmanagers are required to maintain a record of their provision of services that have not beenfinancial interests in the GIS along with the financial authorised under the strategyinterests of their spouses, spousal equivalents and • material breaches of global agreements, rulesdependents. The GIS monitors compliance with the or policiesfinancial interest policies by comparing financial • breaches of technical requirements and policiesinterests recorded in the system with a regularly • behavioural breaches, such as unethicalupdated list of restricted entities. Individuals and behaviour.their compliance officer are notified by the system inthe event a recorded financial interest is in a restricted A disciplinary panel will be convened on an ad-hocentity. The GIS provides a mechanism to assist the basis to deal with disciplinary reports from anindividual in determining, based on the facts and investigation panel. The disciplinary panel imposescircumstances, whether it is appropriate to hold the sanctions as deemed appropriate which include,financial interest. Where it is not appropriate to hold but are not restricted to, financial penalties andthe financial interest, it must be disposed of. ultimately expulsion of the member firm (which GIS compliance monitoring is performed at requires ratification by the Board).both 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 firmand global levels are designed to identify existingrelationships. These processes also includerequirements for appropriate consultation whenrelationships are identified, prior to accepting newassignments. Transparency report 2013 7
  10. 10. Audit qualityGrant Thornton views audit AUDIT RESPONSIBILITYquality as an essential element Ken Sharp Assuranceof our business. advisory Global leader – assurance committee servicesTo that end, global resources are available to assistmember firms in maintaining audit quality,including:• an audit methodology, with supporting Andrew Watchman Rick Wood Keith Newton Jim Stanker state-of-the-art software, that is used globally IFRS International Audit Audit quality auditing standards technology control• policies and procedures contained in audit manuals that are benchmarked against international auditing, quality control, In implementing the strategy the global leader independence and ethics standards is also supported by assurance functional leaders• protocols that enable member firms to consult for international financial reporting standards; with the global auditing standards team and, international auditing standards; audit technology; if necessary, with audit specialists in other and audit quality control. Each functional leader member firms is supported by advisory committees and team• protocols that enable member firms to consult members comprised of member firm partners with our International Financial Reporting and managers who excel in these specific areas. Standards (IFRS) help desk Grant Thornton actively participates in• a comprehensive intranet service that includes international financial reporting, auditing, ethics up-to-date information for member firms on and quality control standards-setting processes. auditing, financial reporting, ethics and The people participating in these processes provide independence standards and guidance on insight and support to all of our assurance personnel. applying them effectively. This interaction provides information used in the development of our strategy, methodologies, trainingResponsibility for the global assurance strategy and risk management processes.rests 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.8 Transparency report 2013
  11. 11. Global audit methodology and technologyAUDIT RESPONSIBILITY Client Each year further investment is made in acceptance methodology development, technology, training, and continuance communications and guidance toward the continuous improvement of audit quality. In 2012, GTIL enhanced its supporting audit tools and provided member firms with application guidance Audit Quality planning/risk in the form of bulletins on current audit and monitoring Auditing standards assesment accounting issues. The global audit methodology provides Ethics and independence member firm audit teams with a clear and direct Quality control link between identified financial reporting risks, Technology Guidance Policies Protocols internal controls that address the risks and auditMethodology Training procedures. This approach enables audit teams to Audit Communicate procedures and judge how the current environment impacts an audit results documentation entity’s financial reporting, how the entity responded, and how to develop an appropriate audit response. The global audit methodology Member firm includes integrated quality control processes Member firm and GTIL GTIL including, for example, policies and procedures for engagement quality control review. This diagram illustrates how the teamwork Grant Thornton applies the global audit between member firms and the global assurance methodology using the Voyager suite: an integrated function enables our member firms to deliver high set of proprietary software tools. The suite quality audits. currently includes: • Voyager™ – a tool for assisting audit teams in Client acceptance/continuance the identification of financial statement risks Achieving professional excellence means accepting and linkage to the processes and internal and retaining member firm clients that share the controls established to address those risks. global objectives of quality and integrity. The global Voyager also assists audit teams in documenting, client acceptance/continuance procedures integrate evaluating and testing internal controls with member firm policies. The acceptance/ • TBeam™ – a trial balance and workpaper continuance processes provide member firms with generation tool that is fully integrated with information to judge whether the entity meets or Voyager, allowing audit teams to automatically exceeds necessary standards of integrity and update lead sheets for changes to the trial whether the member firm has the capacity to balance, perform analytical procedures, evaluate perform a high quality audit. misstatements and create standard and custom GTIL establishes key assurance assignment workpapers (KAA) criteria that member firms use to evaluate • Voyager Information System (VIS) tracking potential assignments. Member firms submit – an application that provides member firms potential assignments that meet the KAA criteria to with the ability to view information about their an international review committee for consideration. assurance clients contained in Voyager files; The assurance client acceptance review manage and monitor concurring review policies; committee reviews submitted KAAs to judge control and monitor the archiving process for whether the member firm has the ability to annual and interim periods; and control the perform the audit with a high level of quality. storage and protection of archived Voyager files This committee is chaired by the executive • Client acceptance – an application that director – quality control and is comprised of risk enforces policies and procedures that each management/quality control partners from a member firm must adopt to accept a new diverse group of selected member firms. assurance engagement. Transparency report 2013 9
  12. 12. Global IFRS resources • International Standard on Quality Control 1:Capability in IFRS is a core skill. The full time Quality Control for Firms That Perform Auditsglobal IFRS team that is responsible for promoting and Reviews of Historical Financialhigh quality, consistent application of IFRS Information, and Other Assurance and Relatedthroughout Grant Thornton. The IFRS team is Services Engagementsadvised and supported by member firm IFRS • International Standard on Auditing 220:experts, including an IFRS interpretations group Quality Control for Audits of Historicaland a financial instruments working group. Financial Information The IFRS team promotes consistency • IESBA Code of Ethics for Professionalthroughout the world by: Accountants.• offering training programmes including regular webinar updates Each member firm’s system of quality control• operating an IFRS helpdesk service is designed to provide global and national• publishing extensive technical and interpretive management with reasonable assurance that audit guidance, newsletters and other tools and engagements are conducted in accordance with resources. applicable professional standards and global policies and procedures.These materials, along with IFRS developments, are Member firms are required to have an effectivecommunicated via a network of designated IFRS internal inspection programme in place that meetschampions in member firms. As a core skill, IFRS the requirements of ISQC 1. Member firms areis integral to the Grant Thornton Audit Review provided with templates to assist them in adoptingprocess (discussed below). Any issues concerning their internal quality control inspection. TheseIFRS are reviewed to determine if training or templates includes guidelines, work programmes,additional guidance is necessary. forms and examples of reports, all of which have Grant Thornton also contributes actively to the been benchmarked to ISQC 1.development of IFRS, including the submission ofglobal comment letters on proposals for new and Grant Thornton Audit Reviewamended standards and participation in roundtables Each member firm is required to submit to anand advisory groups. inspection of its quality control system, referred to as the Grant Thornton Audit Review (GTAR), atAudit quality monitoring least once every three years. The GTAR process isA key component of our global strategy is to designed to monitor member firm compliance withpromote the delivery of consistent, high quality professional standards and global audit policies andclient service worldwide. To support this objective, procedures. The GTAR is conducted byGTIL developed a dedicated quality monitoring independent and suitably qualified partners andprogramme to support the assurance practices of managers from other member firms under thethe member firms. Under this programme, member overall direction of the global audit qualityfirms are provided with information on the design, control leader.implementation and operation of their assurance GTAR inspection teams review the conduct ofpractice quality audit work performed by each member firm. Thecontrol systems. inspection process includes an evaluation of policies and procedures of the member firm applicable to itsNational quality control systems assurance practice, benchmarking those policies andIn addition to their own national quality control procedures against relevant policies and procedures.procedures, member firms are required to abide by The inspection team reviews financial statements,a system of quality control that encompasses, at a audit reports and engagement work papers andminimum, the standards issued by the standard- files. The inspection team also interviews partnerssetting boards of the International Federation of and staff on various matters.Accountants, including:10 Transparency report 2013
  13. 13. The GTAR inspection team members assess Synthesising and evaluating programme resultswhether a firm’s system of quality control is There is a regular review of findings from thedesigned, implemented and operated to provide the GTAR programme by the global leadership ofmember firm with reasonable assurance that the assurance to consider whether there are any changesfirm and its personnel comply with professional that should be made to training, audit methodology,standards and applicable legal and regulatory tools or internal standards and guidelines regardingrequirements; and the reports issued by the firm are quality controls. A summary of the key findingsappropriate in the circumstances. These include from the GTAR programme is communicated toleadership responsibilities for quality, ethics and all member firms on an annual basis.independence, client acceptance and continuance,human resources, engagement performance and Remedial actionsmonitoring. The inspection team, as part of One of our principal responsibilities is the settingevaluating engagement performance, also reviews and maintenance of standards for continueda sample of assurance engagements. membership in Grant Thornton. These standards GTAR inspection team members use include compliance with professional, statutory andproprietary software, the Quality Monitoring Tool regulatory mandates governing the performance of(QMT) to record and track individual findings. assurance engagements. There are global policies forMember firm management is provided with all of remediating violations and deficiencies identified inthe individual findings identified during the GTAR. a GTAR. These policies include graduated remedialThis enables the reports to focus on overall actions, up to and including referring the firm to theconclusions. This approach also provides an complaints and dispute resolution process. The typeeffective way of communicating the detailed GTAR of remedial action recommended will depend onfindings and results to member firm management. the nature, severity and frequency of the violation Upon the conclusion of each GTAR, a report is or deficiency.issued based on the inspection findings. The reporton a firm’s quality control system will be one of the Transparent reportingfollowing: The GTAR programme is a key component of our• suitably designed and operating effectively system of quality control, and provides information (an ‘unqualified’ report); for member firms referring work within the• suitably designed and operating effectively network. To provide information to firms referring except for one or more significant deficiencies, work within the network, the first part of the (an ‘except for’ report); or GTAR report, which sets out the overall opinion• having material weaknesses in the design or and includes a description of any significant operation of the quality control system, (an deficiencies or material weaknesses in the member ‘adverse’ report). firm’s system of quality control, is available to designated member firm representatives on theWhen the GTAR identifies a deficiency, the global intranet site.member firm is expected to address the deficiencywithin a reasonable period of time and submit Engagement with regulatorsappropriate documentation. When follow-up Member firms are expected to maintain an openactions are required by member firms to address and constructive relationship with their nationalfindings identified during the GTAR, a further visit regulators. This is consistent with our global policyor remote assessment is made to review progress in of embracing external oversight, along with ourimplementing these actions. support of a balanced public reporting of external inspection programmes. Grant Thornton meets at least annually with the International Forum of Independent Audit Regulators (IFIAR) and contributes regularly to the public debate on major industry issues. Transparency report 2013 11
  14. 14. Financial information GLOBAL COMBINED REVENUES FOR YEAR ENDING 30 SEPTEMBER 2012The combined global revenues ofmember firms for the year ended By region 2012 revenue 2011 revenue Variance Variance (US$m) (US$m) (%) (US$m)30 September 2012 were US$4.2 Americas 1,912 1,776 7.7% 136billion, driven by 10.4% growth Asia Pacific 579 435 32.9% 144in US dollars, 18.8% in Euros Europe, Middle East & Africa 1,691 1,577 7.3% 114(€3.2 billion) and 13.2% in local Total 4,182 3,788 10.4% 394currency. The growth – however By service line 2012 revenue 2011 revenue Variance Variancemeasured – exceeds our 10% (US$m) (US$m) (%) (US$m)growth target for 2012. Assurance 1,895 1,713 10.6% 182 Tax 909 833 9.1% 76Growth was strong across all key service lines, Advisory 1,090 922 18.2% 168with assurance growing 11% to US$1.9 billion, Other 288 320 -10.1% (32)tax growing 9% to US$0.9 billion and advisory Total 4,182 3,788 10.4% 394growing 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.12 Transparency report 2013
  15. 15. Grant Thornton around the worldGrant Thornton presence worldwide Afghanistan Egypt Korea Romania Albania El Salvador Kosovo Russia Algeria Estonia Kuwait Saudi Arabia Argentina Finland Latvia Senegal Armenia France Lebanon Serbia Australia Gabon Lithuania Singapore Austria Georgia Luxembourg Slovak Republic Azerbaijan Germany Macedonia South Africa Bahamas Gibraltar Malaysia Spain Bahrain Greece Malta Sweden Belarus Guatemala Mauritius Switzerland Belgium Guinea Mexico Taiwan Bolivia Haiti Moldova Tajikistan Botswana Honduras Morocco Thailand Brazil Hong Kong Mozambique Togo Bulgaria Hungary Namibia Tunisia Cambodia Iceland Netherlands Turkey Canada India New Zealand Uganda Cayman Islands Indonesia Nicaragua Ukraine Channel Islands Iraq Norway United Arab Emirates Chile Ireland Oman United Kingdom China Isle of Man Pakistan United States of America Colombia Israel Panama Uruguay Costa Rica Italy Paraguay Uzbekistan Croatia Ivory Coast Peru Venezuela Cyprus Jamaica Philippines Vietnam Czech Republic Japan Poland YemenThis list represents the countries and territories where Denmark Jordan Portugal ZambiaGrant Thornton member firms had operations as at Dominican Republic Kazakhstan Puerto Rico Zimbabwe1 February 2013. Ecuador Kenya Qatar
  16. 16.© 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.