In the last eight years that banks and thrifts have been able to convert to S Corporation status, the number of financial institutions making the election has steadily increased each year. Today, over 24% of eligible financial institutions are S Corporations. As of March 31, 2004, a total of 2,137 banks and thrifts are S Corporations.
In a quickly expanding industry, 42% of government contractors surveyed have been approached to sell their company in the past year, according to Grant Thornton LLP's 10th Annual Government Contractor Industry Survey.
Grant Thornton LLP, the nation’s fifth largest accounting firm, ranked highest among accounting firms managing audits with clients with less than $1 billion in revenue in the J.D. Power and Associates 2004 Audit Firm Performance Study.* The firm placed second overall in a separate study of major tax firms in the J.D. Power and Associates 2004 Tax Firm Performance Study
Grant Thornton LLP supports the Public Company Accounting Oversight Board’s (PCAOB’s) proposed rules for providing tax services to public audit clients. We support their goal of upholding the ethical standard of auditor independence, which serves to foster high quality, objective audits and to promote investor confidence.
Grant Thornton LLP, today reported that revenues climbed 23 percent in the fiscal year ended July 31, 2004 to $565 million. In fiscal 2003, the firm posted revenues of $458 million, up 25 percent from the previous year, leading the global accounting firms in U.S. growth. Over the last two years, revenues have surged 54 percent.
Two-year growth of 54%
Grant Thornton LLP has appointed Jeffrey Olin, Chicago and Midwest Region international tax partner, as National partner in charge of international tax services.
Grant Thornton today announced that it supports the SEC decision to allow mid-cap companies an additional 45 days to file their audited assertions regarding internal controls as required by Section 404 of the Sarbanes-Oxley Act of 2002.
Customers and the banking regulators expect and require financial institutions to have effective written policies to help assure that their Web sites are secure, protected from hackers and resistant to computer viruses. To assist financial institutions prepare these policies, Grant Thornton introduces its second edition of the Intrusion Testing Manual for Financial Institutions.
Intrusion testing policies assure banks that their Web sites and other access devices safely restrict account access while providing reliable and convenient Web-based services to business and retail customers
The Grant Thornton Alumni Network Web site is now live and available as a resource for Grant Thornton alumni across the United States.
Businesses should start planning now to take advantage of provisions in the 2004 tax act, as well as opportunities that stem from tax law changes made in 2003, says Grant Thornton LLP.