Canadian accounting firm Grant Thornton LLP rebrands nationally, shifts business focus

TORONTO, October 1, 2024 – One of Canada’s largest accounting firms has rebranded and will refocus its business lines. Grant Thornton LLP will now be known as Doane Grant Thornton LLP in honour of its founding partner and legacy in Canada. It will remain a member of the Grant Thornton global network, while its Quebec counterpart, Raymond Chabot Grant Thornton, will retain its name and also remain a member of Grant Thornton International Ltd. 

According to a spokesperson, the newly branded firm has made a shift to focus on assurance, tax, and business advisory services — areas where it “can make the biggest impact.” As one of Canada’s largest accounting firms, the Grant Thornton brand is a household name. When combined with Raymond Chabot Grant Thornton, the brand represented 86 offices across Canada and well over 5,000 professionals, including 450 partners. 

The firm, which is registered with audit regulators in both Canada and the United States, has more than 50 reporting issuer audit engagements nationally, according to Canadian Public Accounting Board. Grant Thornton has also been registered with the Public Company Accounting Oversight Board in the US since 2004. 

Market pressures on public accounting

The change in name will help to differentiate the Canadian brand from its American counterpart, which shared the same name: Grant Thornton LLP. The American firm, Grant Thornton LLP, was partially acquired earlier this year by private equity group New Mountain Capital, and is now the largest accounting firm internationally to be backed by private equity. The Canadian firm, Doane Grant Thornton, will remain a partnership. 

At the same time, regulatory scrutiny of public accounting has increased, particularly in the United States. As reported by Canadian Accountant, Grant Thornton was censured last month for failing to comply with PCAOB rules around audit committee communications, and was fined US$30,000. The American audit watchdog has taken a particular interest in the BC audit market, censuring several Canadian accounting firms over audits of public companies trading on secondary exchanges, and the Canadian Public Accountability Board has new rules around transparency. 

Smaller accounting firms — even national ones such as Doane Grant Thornton — must pursue audit clients that pose higher regulatory risk. The Big Four accounting firms (Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) audit 90 per cent of public companies by market capitalization in Canada. These are typically corporations listed on the Toronto Stock Exchange — names familiar to many Canadians —  whereas smaller firms typically serve public companies on secondary, venture exchanges. 

A rich legacy in Canadian accounting

“Building a legacy isn’t just about the work we do — it’s about the people, the values, and the impact we leave behind,” said Kevin Ladner, the president and CEO of Doane Grant Thornton, in a press release. According to its corporate history, Doane Grant Thornton can trace its past to 1939, when Harvey (“H.R.”) Doane opened his first accounting practice in downtown Halifax. 

By 1960, H.R. Doane and Company was, through a series of mergers and acquisitions, the largest accounting firm in Atlantic Canada. By the 1980s, the firm had expanded into lucrative markets in Alberta, Ontario and Quebec, and joined the international Grant Thornton network. After a series of name changes throughout its history, the firm rebranded from Doane Raymond Limited to Grant Thornton Limited in 1998. 

“Doane Grant Thornton is more than just a new name,” said Ladner. “It’s our commitment to helping Canadian businesses reach their highest potential; it’s our dedication to supporting the communities in which we live and work; and it’s a promise to help our colleagues succeed in their unique career journeys.” 

New names for Doane Grant Thornton entities

According to a spokesperson, Doane Grant Thornton does not intend to abbreviate its name. The new prefix honours its founding partner and legacy, while Grant Thornton connects the firm to its global network. As of today, the names of the following Grant Thornton entities will change:

• Grant Thornton LLP = Doane Grant Thornton LLP
• Grant Thornton Consulting = Doane Grant Thornton Consulting
• Grant Thornton Corporate Finance Inc. = Doane Grant Thornton Corporate Finance Inc.
• Grant Thornton Foundation = Doane Grant Thornton Foundation 

There are currently no changes to Grant Thornton Limited and Raymond Chabot Grant Thornton will not be changing its name. 

Colin Ellis is a contributing editor to Canadian Accountant. Title image/logo provided courtesy: Doane Grant Thornton LLP.