COMPANY PROFILE -Grant Thornton International
Business Sector :Consulting, Audit and Professional Services
Operating Geography :United Kingdom, Europe, Global
About Grant Thornton International :
Grant Thornton International Ltd. is an independent accounting and consulting member firm network that provides assurance, tax, and advice services to privately held enterprises, public interest entities, and government bodies. It is a private corporation limited by guarantee that is a not-for-profit, non-practicing international umbrella membership organization. Grant Thornton International Ltd. is headquartered in London, England, with no shareholders. Alexander Richardson Grant, started Alexander Grant & Co. in Chicago in 1924. By 1980, Alexander Grant & Co. had merged with 49 other accounting firms, including Thornton Baker in the United Kingdom, a firm with similar attributes, clients, employee numbers, and values, to form a global corporation, and the firm's name was changed to Grant Thornton International in 1986. International business is handled by Grant Thornton member firms through their local International Business Centres, which are located in 40 major commercial centres across the world. It conducts an annual global research project called the International Business Report, which polls over 11,500 privately held enterprises from 40 countries. In June 2021 Grant Thornton LLP announced that it has partnered with nonprofit education provider NextGen Cyber Talent to build a cybersecurity curriculum for marginalised and underprivileged college-aged children in the San Francisco Bay Area.
Grant Thornton International's Unique Selling Point or USP lies in it being one of the world’s leading organizations of independent audit, tax and advisory firms. Grant Thornton International's mission statement reads, "To be the leading business advisors to dynamic organizations by helping them unlock their potential for growth".
Grant Thornton International Revenue :
US$ 5.76 billion - FY ending 30th September 2020 (y-o-y growth 0.6%)
US$ 5.72 billion - FY ending 30th September 2019
Competitive Analysis of Grant Thornton International
The SWOT analysis for Grant Thornton International is presented below in a matrix followed by the detailed analysis report:
Strengths | Weaknesses |
1. Agile and resilient business model
2. One of the most preferred workplaces due to equality
3. One of the world’s leading professional services firm
4. Vast network providing diverse services
| 1. Involvement into multiple controversies |
Opportunities | Threats |
1. Companies rearranging operations for revival will need professional services
2. Virtual offices to accelerate penetration
3. Organizations in need of cybersecurity with increased digitization
4. Complex tax regulations to necessitate tax services
| 1. Automation in auditing can replace traditional firms
2. Possible bans on auditors after corporate failures
3. Intense competition from large firms
|
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Detailed SWOT Analysis of Grant Thornton International
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
1. Companies rearranging operations for revival will need professional services:
It Is being estimated that professional services demand will grow at a CAGR of 7% to $7.06 trillion. This demand is mainly an effect of Covid-19 disruption. The pandemic has changed the way firms operate. It can be seen in the rising trend of remote work and localization of business operations. The companies are trying to avoid physical infrastructure and increase their presence digitally. The operational costs need to be reduced due to uncertainty in demand because of the Covid induced recession. The digital infrastructure however makes the firms vulnerable to cyber threats. The adoption AI, Machine Learning and cloud computing is necessary to handle these changes. The business consultancy services are necessary in such a rapid changing environment. Grant Thornton will be able to acquire new business related to digital transformation and revival during and after Covid.
The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.
Threat
1. Automation in auditing can replace traditional firms:
Audit functions have been evolving with technology. The use of automation is necessary due to the numerous documents that need to be verified for conducting an audit. The current movement of companies towards digitization helps in performing automated audit activities. McKinsey Global institute has stated that 49% of the current audit work can be automated. Some of the startups like Firmway and Atrium have already started automating the accounts for corporations. This real time reporting need, in today’s world is necessary to avoid frauds and concealment of transactions. It can only be done using AI and automation. The traditional statistical tools used by the audit firms can be enhanced with data analytics. Large firms like Grant Thornton will face difficulties in adapting to this disruption.
The remaining section under "Threat" is available only in the 'Complete Report' on purchase.
The PESTLE analysis for Grant Thornton International is presented below in a table followed by the detailed analysis report.
Political | Economical |
1. Increased demand for consultancies to handle Brexit changes | 1. Weaker sterling resulting in increased demand for UK firms |
Social | Technological |
1. Audit firms receiving blame from public over corporate scandals | 1. Concierge-enabled platforms to connect resources for solving business problems
2. AI to make auditing of large-scale data a reality
3. Use of data analytics to cater to complex tax regimes
|
Legal | Environmental |
1. Mandatory audit trails in India will increase operational costs
2. UK mandated splitting of business units of professional services firms
3. FRC’s tightening of rules reduce incentives for audit firms
| 1. IAASB sets in clear guidelines for increased focus on climate change |
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Detailed Pestle Analysis of Grant Thornton International
Political
1. Increased demand for consultancies to handle Brexit changes:
There have been two reasons for Brexit related demand. The corporations are asking for consulting services to comply with Brexit and their increased interest in mergers and acquisitions. Even the government has availed services worth £97 million from consulting companies for executing Brexit smoothly. The private sector firms need supply chain related services to comply with the new trade regulations. Apart from this the companies are going for M&A deals, so that they are comfortable to execute their operations throughout Europe. The IT consultancies, media firms and marketing companies are trying to eliminate competition by acquiring firms with overlapping services. The continuous innovations, tight regulations and protectionism are some of the reasons why there is a need for business consultancies. Grant Thornton having its strong hold in UK, will be able to gain from the changing political landscape.
The remaining section under "Political" is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- PwC
- E&Y
- KPMG
- Deloitte
- BDO
- Baker Tilly
- Crowe
- RSM International
Major Brands :
- Warth & Klein Grant Thornton AG
- FBK Grant Thornton
- Grant Thornton LLP
On purchase the Grant Thornton International Ltd. SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 4 hours might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in Grant Thornton International SWOT & PESTLE Analysis Report
1. Our strength and stability enable us to invest in the future - https://www.grantthornton.com/about-us/annual-report-2020/our-firm.aspx
2. 2020 Annual Report - https://www.grantthornton.com/about-us.aspx
3. Grant Thornton loses appeal over £22.6m damages - https://www.accountancydaily.co/grant-thornton-loses-appeal-over-ps226m-damages
4. Professional Services Industry Overview – Market Size, Opportunities, Trends And Strategies - https://www.globenewswire.com/news-release/2021/05/06/2224788/0/en/Professional-Services-Industry-Overview-Market-Size-Opportunities-Trends-And-Strategies.html#:~:text=Professional%20services%20firms%20should%20consider%20opting%20for%20virtual
5. Cybersecurity - https://www.grantthornton.global/en/service/advisory/cyber-security/
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Grant Thornton International Ltd. SWOT and PESTLE analysis has been conducted by Mohit Harishchandra Deshmukh and reviewed by senior analysts from Barakaat Consulting.
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