Welcome to Status Go.
Founded in Chicago in 1924, Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent assurance, tax and advisory firms. We have offices in 59 commercial centers throughout the United States, represented by 594 partners and managing directors and over 8,500 personnel.
Focus
Recommended Providers
Reviews
the project
Auditing Services for Management Organization
"The plans that are laid out and agreed to in advance haven't always been maintained"
the reviewer
the review
A Clutch analyst personally interviewed this client over the phone. Below is an edited transcript.
Introduce your business and what you do there.
I work for a management organization that oversees the operations of eight different nonprofit organizations.
What challenge were you trying to address with Grant Thornton LLP?
As recipients of public funds, our clients are required to undergo an audit process to verify the financial operations of each organization on an annual basis. We needed a partner that could help us with this process.
What was the scope of their involvement?
Grant Thornton LLP helps us with our auditing process. For background, the process of identifying an auditor for a nonprofit needs to be approved by the membership. At our annual general meeting, a recommendation comes forward from management, and it’s either approved or changed by a motion that is passed by the membership of the organization. The auditor is then selected for the course of the year.
From there, we reach out to Grant Thornton LLP to talk about an audit plan or a process — we cover what kind of documentation will be required, the schedule they'll work around, recognizing that there could be specific logistical issues with personnel, and the timeline we're dealing with.
Since the outcome of the audit process needs to be presented to the board and membership for approval, we always have to negotiate timelines and ensure everyone gets what they need within a timely fashion.
How did you come to work with Grant Thornton LLP?
We previously had a relationship with an organization that was acquired by Grant Thornton LLP. Thus, it wasn’t that we were actively looking to build a relationship with them — they actually came to us through this acquisition process.
What is the status of this engagement?
We've been working together for 4–5 years, since around 2018, and our engagement is ongoing.
What evidence can you share that demonstrates the impact of the engagement?
To measure their success, we usually look at the delivery of a financial statement and the approval of that statement. We also point to the number of adjusting entries that we need to make after coming out of an audit — we look for alignment between the audit process and our regular operations, which is as much about their work as it is about our own.
We also look at their ability to deliver in a timely fashion, which is critical to the process as we're always working toward deadlines.
How did Grant Thornton LLP perform from a project management standpoint?
Project management has been a bit of a rough-and-tumble stye the last few years. The plans that are laid out and agreed to in advance haven't always been maintained. I do understand that things change and there can be labor issues, but I do feel like Grant Thornton LLP doesn't always hold up their end of the bargain.
These challenges are fine, but I feel like there could be more acknowledgment of the situation through a debrief to try to avoid the same issues in the upcoming year. In fairness, the labor issues make it so that there is usually a different team that works with us from their side each year, so it is difficult to fix the issues.
We communicate through email and phone calls. The audit process has also moved from being a primarily paper process to taking place online.
What did you find most impressive about them?
Although I don't know if there is anything specific that gives Grant Thornton LLP an edge, customer service is an area where they could be doing that. However, the shortcomings in terms of meeting timelines and schedules make it difficult to say that this is an area they're focused on.
Are there any areas they could improve?
Their customer service could be improved. If plans change, communicating that in a very direct fashion could be better, which has not always been the case. If they can provide some context about why the change is required and follow up with an assessment to address it from the client's perspective, that would be good.
Do you have any advice for potential customers?
Make sure you ask a number of "what if" questions to understand what happens if there are staffing or timeline issues. Explore what could potentially be an issue. so you're prepared for it in advance.
the project
Accounting Services for Ophthalmic Materials Company
"The team saves us a lot of time because we no longer have to deal with tax returns and claims."
the reviewer
the review
A Clutch analyst personally interviewed this client over the phone. Below is an edited transcript.
Introduce your business and what you do there.
I’m the CEO of an advanced ophthalmic materials company.
What challenge were you trying to address with Grant Thornton LLP?
We needed someone to file our corporate tax returns.
What was the scope of their involvement?
Grant Thornton is in charge of filing our yearly corporate tax returns. We initially collaborated closely with them, but they started handling the project independently once they had all the information they needed.
On occasion, we also ask for financial planning advice. They’ve also helped us file for Scientific Research and Experimental Development (SR&ED) claims.
What is the team composition?
We work with two CPAs. One is an SR&ED expert, while the other handles our corporate tax returns.
How did you come to work with Grant Thornton LLP?
Grant Thornton was a sponsor in one of the competitions we had joined.
How much have you invested with them?
We’ve spent roughly $30,000 CAD (approximately $24,000 USD).
What is the status of this engagement?
The project started in April 2019 and is ongoing.
What evidence can you share that demonstrates the impact of the engagement?
We haven’t had any issues with the local government about our tax returns, which means that Grant Thornton correctly filed them.
Overall, the team saves us a lot of time because we no longer have to deal with tax returns and claims.
How did Grant Thornton LLP perform from a project management standpoint?
Their project management was good. We use email and phone calls to communicate.
What did you find most impressive about them?
We appreciate Grant Thornton’s expertise in SR&ED claims — the process is very complicated and niche, but the team does an outstanding job.
Are there any areas they could improve?
They could implement more project management methods. However, we’ve been able to work well together without needing a special tool, so it’s not a big deal.
Do you have any advice for potential customers?
Start working with them early in the year if you need them to file your taxes.
The client, measuring Grant Thornton LLP’s success based on timeliness and audit alignment, feels the team could improve in hitting deadlines and abiding by agreed-upon requirements. The team can focus on improving their project management and customer service skills to strengthen the relationship.