Global transparency report

Global transparency report 2022

Peter Bodin
insight featured image
2022 saw profound changes in the world including Russia’s invasion of Ukraine, with its resulting energy crisis and the downgrade of global growth projections. I found myself increasingly proud of the collective resilience shown by Grant Thornton member firms, as they responded to these unique challenges while continuing to support their people and clients.

Our network began 2022 with record global revenues and optimism for a post-pandemic future for most of our network, as we focused on executing our Go Beyond network strategy 2025. That strategy is designed to grow and protect the Grant Thornton network with a particular focus on international business, risk management and quality, alongside the development of strategic capabilities and supported by our international network culture. It is an intentional shift toward greater alignment around common methodologies, learning, technology platforms and culture. It guides the direction of the global network through to 2025, as we collectively work to continually improve the sustainability and inclusiveness of our own operations and strive to make a positive impact on clients, people, markets and the communities in which we operate, in line with the United Nations Sustainable Development Goals.

Sustainability: the single most important external driver for business

It has been my continued belief for many years that sustainability is the single most important external driver for business, and I believe 2022 was finally the year when business sustainability became understood and accepted – and moved to the top of corporate agendas. As one of the largest global networks, Grant Thornton continued to be at the centre of the debate about our role in sustainability reporting and in influencing and supporting clients to shift towards more sustainable business models. 

I see our signature to the Glasgow Financial Alliance for Net Zero (GFANZ) commitment having an increasing influence on the sustainability activities of member firms and their clients. Our member firm-led sustainability solutions steering committee has also focused the network’s efforts towards a few, global sustainability services that member firms have collectively agreed to build capabilities around. Our most effective response to reducing the carbon footprint of GTIL and the wider network has been to limit international travel. Having adopted a 'virtual-first' philosophy at the start of the pandemic, this approach has allowed us to execute our network strategy faster and more efficiently.

Improving quality and investing in technology

The focus on constant improvement in quality across the whole business remains a key priority for Grant Thornton. In preparation for the new international quality management standard ISQM 1 which took effect in late 2022, GTIL has coordinated a networkwide ISQM 1 readiness project for the past two years. GTIL will continue to monitor member firm compliance and escalate as necessary, as without high quality we will never achieve our strategic objectives. GTIL also issued a public statement on our commitment to the multidisciplinary model, which allows member firms to deliver high quality audit, tax and advisory services to clients through an integrated model and a seamless and differentiated client experience. Not least, the diversity of work our firms can deliver through the multidisciplinary model is a powerful driver to attract and retain talent, especially when that work is international.

The evolution of our network’s technology environment continues and demands investment, focused change management and continuous maturing of our operational and practice platforms. Our network has accelerated its efforts to identify common tools and platforms, in support of winning and serving international business and creating more efficient and productive practice models globally. Our proprietary, global assurance platform, Leap, launched in July and is a milestone in our network’s history. It was built to comply with international auditing standards but is customisable for local standards. It also provides Grant Thornton clients and people with a superior, state-of-the-art experience that is both efficient and effective.

If you have questions about anything covered in this year’s report, I encourage you to get in touch.