Within a successful economy, sustainable growth depends on markets working with trust and integrity built in, regulatory and legislative mechanisms which act to reduce the risk of market failure, and where unproductive capital is minimised so that resources can be deployed efficiently.
For the UK to be able to compete on a global scale we believe the regulatory, legislative and tax regimes all need further simplification and updating.
Growth that's emerging through disruptive model innovations – enabled by digital, sharing, connectivity, artificial intelligence and data – will only be achieved in a society built on trust and transparency.
There are also big questions about whether existing statutory audit and corporate reporting are addressing the wider needs of the market. Innovation and reform is needed in these areas to give greater insight and value, and we are already actively working to help achieve this.
The role we play
We have a range of roles in supporting efficiency, trust and integrity in markets and this work means we have relevance across all market sectors, particularly financial services, consumer and public service.
We support regulators in the financial services sector and provide advisory services to the providers of capital in public and private markets.
Our forensic services contribute to discovering and assessing the impact of fraud, while our restructuring and insolvency capabilities help us to support corporate renewal and the recovery of capital and resources resulting from business failure. Our work within corporate renewal led HM Treasury to invite us to review and advise on other corporate renewals within the market.
We provide business risk services, as well as investing in a growing range of value-add assurance services beyond our statutory audit capabilities.
We were engaged to prepare an expert report in relation to the business and on-going viability of a former major Russian oil and gas company which had made a variety of claims against the Russian Government.
Our strengths and credentials to do this
In the new connected environment, our reputation in acting without self-interest and our wide range of services has enabled us to develop sizeable market presence.
We advise more than half of the FTSE 100, and audit 33% of UK local authorities, 14% of AIM companies and we have recently carried out the UK Government’s first corporate renewal review as well as a major remediation project for a high street bank. We’ve carried out over 85 Section 166 Skilled Person Reports, and we also have a particular specialism in monitoring and internal audit to support stronger governance.
We’re advising the IMF, European Central Bank and European Commission in the restructuring and monitoring of two of the four key banks in Greece. This work involves a wide range of areas including governance, credit policy and disposal of non-core businesses.
Swap mis-selling remediation
In a demanding, large-scale and complex project, we worked with an integral global financial institution to deal effectively with all the issues that followed the mis-selling of Swaps.
The 15th year of our corporate governance review
In November 2016 we released our annual FTSE 350 Corporate Governance Review, entitled ‘The future of governance: one small step ...’. The review highlights trends in the disclosure of compliance with the UK Corporate Governance Code and assesses the quality of explanations of underlying practices among the UK’s largest listed companies.
Collaborating to bring new services to market
With continued public and media attention around tax, and with large household brands having their tax affairs scrutinised, our large corporate tax and business risk teams have developed a risk and reputation service. It’s predominantly aimed at larger businesses who need to make sure their policies and practices, particularly in tax, align and conform with their approach to risk.
Kodak pension plan
A multidisciplinary, multinational team of 250 specialists across the Grant Thornton global network worked together to deliver ground breaking and award winning work providing innovative solutions that safeguarded the benefits of 15,000 UK pension scheme member.
The creditor claim value of live insolvency cases we managed in 2015
Over 85 section 166 skilled person reviews conducted
2013 & 2015
Voted by finance directors as the global firm of the year at the British Accountancy Awards
Hours supporting the governance risk and internal audit functions of FTSE 100 and FTSE 250 corporates and financial service organisations across banking, insurance and fund management
We audited 33% of UK local authorities in the 12 months to December 2015
We audit 14% of all aim companies which means we're the third ranked auditor of aim listed companies (as at 31 December 2015)
Working days spent supporting the regulatory compliance and remediation programmes of the tier 1 systemically significant bank
The value of claims involving accounting integrity and conduct on which we are acting as accounting expert witnesses