PracticeAuditGrant Thornton expels Italian firm

Grant Thornton expels Italian firm

Grant Thornton International expelled its embattled Italian firm last night with immediate effect.

GTI chief executive David McDonnell said the international umbrella organisation had lost confidence in Grant Thornton SpA over its role in the Parmalat scandal and that the reputation of other firms in the network had to be protected.

In a damning statement, McDonnell said: ‘Our first responsibility is to our clients around the world. They need to be assured of our commitment to maintain the reputation and integrity of Grant Thornton International.

‘As a result of our ongoing investigation it is clear that Grant Thornton SpA will not be able to operate in the foreseeable future in an effective way to protect the reputation of the Grant Thornton International name and the reputation of the other independent firms in the Grant Thornton International network.

‘Grant Thornton SpA has been unable to provide sufficient assurances or access to the appropriate information and people in an acceptable timeframe. We have lost confidence in Grant Thornton SpA and are therefore acting clearly and decisively to protect our clients and the reputation of all of the other independent firms in the international network.’

McDonnell said immediate action was being taken to provide alternative support for international clients of GTI’s other member firms doing business in Italy. With two partners of Grant Thornton SPA currently in jail, he added that no further details would be disclosed.

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