Grant Thornton expands BEE Verification Services offering
13 March 2012 | Category: Corporate, News
- Grant Thornton to become a substantial competitor in the BEE verification, audits, scorecard and evaluation business.
- New business offering will assist businesses to better navigate current and future B-BBEE legislation, including the proposed changes to the Codes of Good Practice which are becoming increasingly complex for businesses
- Grant Thornton South Africa’s strategic growth plan on track.
Continuing its drive to unlock growth opportunities for dynamic organisations, leading audit and business advisory firm, Grant Thornton South Africa has expanded its nationwide Broad-Based Black Economic Empowerment (B-BBEE) verification services offering.
The expanded business was born out of Grant Thornton’s acquisition of a majority stake in IQuad Verification Services, formerly a subsidiary of JSE-listed diversified financial services company IQuad Group Ltd.
This acquisition complements the firm’s existing B-BBEE verification capabilities established and managed by East London Managing Partner, Tony Balshaw.
“Our decision to acquire this business emphasises the similar values, ethics and processes which our two businesses share,” says Deepak Nagar, new national chairman of Grant Thornton South Africa. “Integration provides our clients with an opportunity to further capitalise on new business prospects.”
Grant Thornton Verification Services offers BEE verification, assessment and advisory services. The company is a SANAS accredited BEE verification agency, and remains one of the only verification agencies to have accredited facilities in all major South African cities.
“We’re excited to join the Grant Thornton fold at a time when addressing B-BBEE compliance is an imperative for all successful businesses,” says Wade van Rooyen, managing director of Grant Thornton’s Verification Services.
“Companies that do not take the time to address B-BBEE compliance will find themselves unable to compete effectively. Poor B-BBEE scores are increasingly posing structural constraints to the growth of individual businesses.”
Grant Thornton’s national staff numbers are over 820, with revenues in excess of R412m. This further cements Grant Thornton’s position as the fifth largest auditing firm in South Africa by fee income according to the October 2011 International Accounting Bulletin survey.
Last year Grant Thornton Capital, one of the country’s leading independent financial advisory businesses for over 20 years, announced the total acquisition of First Light Administration Services a well-known retirement fund administrator providing services to listed and privately owned employers.
In addition, two Durban regional professional services firms Campbell Brown and AC&T merged with Grant Thornton in the KZN region during 2011.
In October 2010, BDO Cape merged into Grant Thornton creating a formidable service offering in the Cape (Cape Town and Port Elizabeth) region.
“We welcome our new BEE experts into our business and we look forward to providing expert verification services to our clients,” says Deepak Nagar. “Grant Thornton will continue to expand through acquisitive and organic growth in order to meet the firm’s strategic growth plan.”
Related posts:
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Grant Thornton Durban announces two strategic mergers
BEEline – Grant Thornton can provide you with a professional B-BBEE Verification service
Grant Thornton Capital announces strategic partnership with Lephatsi Financial Services
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Notes to editors
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About Grant Thornton South Africa
Grant Thornton South Africa is a member firm of Grant Thornton International Ltd (Grant Thornton International). Grant Thornton South Africa was founded in 1920 (previously Kessel Feinstein). We are leaders in our chosen market, providing assurance, tax and specialist business advice to dynamic organisations – listed companies, large privately held businesses and private equity backed organisations.
We employ 673 people in South Africa with 76 partners and directors. Grant Thornton has a national presence with offices in Bloemfontein, Cape Town, Durban, Johannesburg, Nelspruit, Port Elizabeth, Pretoria and Rustenburg. South Africa is a major force in Africa, alongside 18 member firms on the continent. We operate in Algeria, Botswana, Egypt, Gabon, Guinea, Ivory Coast, Kenya, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Senegal, Togo, Tunisia, Uganda, Zambia and Zimbabwe and are ideally positioned to facilitate clients’ expansion plans in these countries.
About Grant Thornton International Ltd
Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, actionable advice through a broad range of services. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to solve complex issues for privately owned, publicly listed and public sector clients.
Over 35,000 Grant Thornton people, across more than 100 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work.
Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by member firms, which are not responsible for the services or activities of one another. Grant Thornton International does not provide services to clients.
Grant Thornton International is the fastest growing global accountancy network and has recently been awarded 2013 'Network of the year’ by The International Accounting Bulletin (IAB). The International Accounting Bulletin awards are designed to celebrate accounting achievements over the past year by emphasising the individuals and businesses that have moved the industry forward. To win the ‘Network of the Year’ award, firms had to demonstrate strength across a number of key areas which included evidence of top-level network-wide audit quality, a strengthened position in strategically important markets and a strong industry leadership.
About the author
Deepak Nagar
National chairman
Grant Thornton South Africa
T +27315765500
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