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Grant Thornton to Sound the Alarm on Auditor Concentration; News Conference to be Held April 15 at NPC

Grant Thornton to Sound the Alarm on Auditor Concentration; News Conference to be Held April 15 at NPC

by Rick Turoczy on April 1, 2005

Senior executives of Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting organizations, will participate in a Newsmaker event Friday, April 15 from 10 a.m. to 11 a.m. at the National Press Club, located at 529 14th St. NW, Washington, D.C. They will call for the need to have more than just the “Big Four” auditors in the post-Sarbanes-Oxley audit environment.

After decades of consolidation, the onset of the Sarbanes- Oxley Act, and the fall of Arthur Andersen, approximately 97 percent of public companies with sales greater than $250 million are audited by the Big Four. The GAO reports that 86 percent of Fortune 1000 companies would prefer more audit firm choices, yet the high level of concentration continues — posing a serious threat to capital markets stability and investor confidence.

Grant Thornton to Sound the Alarm on Auditor Concentration; News Conference to be Held April 15 at NPC

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