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Grant Thornton

Grant Thornton

Industry: 
Financial Services
States: 
CA
FL
IL
NY
TX
Country: 
United Kingdom
Sources: 

"Less than a month after this column queried this column queried Grant Thornton's continued business dealings in Iran, the accountant announces it has terminated relations with Rymand & Co, its Iranian correspondent company, and will 'do no future business in Iran until the regime stops sponsoring terrorists and ends its pursuit of nuclear weapons'. Grant Thornton says it 'appreciates'the matter being brought to its attention. Just put the cheque in the post." (The Telegraph, "City Diary: Mehmet Dalman to write chapter and verse on miner ENRC," 4/30/2013) 

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"Grant Thornton and two other accounting firms are pulling out of Iran, creating further difficulties for foreign companies still operating in the country. RSM, a UK-based firm, and Crowe Horwath of the US have joined Grant Thornton, one of the second-tier international accountancy firms, in leaving Iran after coming under US political pressure... 'It sends an important message when accountancy firms decide that it is too risky to do business in Iran,' said Mark Wallace, the head of United Against Nuclear Iran, a lobby group. 'Without respected auditors, it makes it much harder for other international companies to continue doing business there.'" (Financial Times, "Three accounting firms pull out of Iran," 4/26/2013)  

 

 

 

Grant Thornton, the UK-based firm, said that it was terminating its relationship with Rymand & Co, an Iranian accounting firm, and said it would not conduct further business in Iran. RSM said it would cease working with Dayarayan Auditing & Financial Services, while Crowe Horwath said it would cut ties with Hoshiyar/Behmand & Co.

 

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"Alarm bells are ringing at a lofty diplomatic level over Grant Thornton's continued business dealings in Iran through correspondent firm Rymand & Co. Mark Wallace, a former US ambassador to the United Nations, has written to Grant Thornton global chiefs Edward Nusbaum and Stephen Chipman to question the 'financial and reputational harm' of the accountant's Iranian affiliation. 'As you know,' writes Wallace on behalf of United Against Nuclear Iran (UANI), 'the international community is ... increasingly alarmed by Iran's refusal to alleviate concerns that it may be pursuing nuclear weapons. As one of the world's leading professional networks, Grant Thornton's ongoing business activities in Iran raise serious questions and concerns.' So will Grant Thornton follow KPMG, PwC and Ernst & Young's lead in cutting their Iranian ties? 'We are investigating the matter and will respond to [UANI] directly,' said a spokesman. By UANI's deadline on Monday, Diary hopes." (The Telegraph, "City Diary: Grant Thornton rapped for 'reputational harm' over Iranian business," 3/29/13)

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Grant Thorton confirmed its status as a "Corresponding Member" in Iran in the April 2010 issue of the International Accounting Bulletin.  

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On its website, Grant Thornton lists a "Correspondent Firm" in Iran called Rymand & Co. (Grant Thornton Website, "Global Reach," Input: "Iran")