Grant Thornton CEO Malcolm Gomersall has defended the firm's private equity ownership, arguing that pressure for financial returns has sharpened the focus on audit quality rather than compromising it. Speaking to the Financial Times, Gomersall stated that the 60% investment from European buyout group Cinven, valued at approximately £1.5bn, has heightened scrutiny to preserve the firm's value for future buyers. He emphasized that Grant Thornton would not audit companies where Cinven has investments, acknowledging the complexity of independence restrictions.

This stance comes amid industry-wide concerns that profit-focused buyout structures could threaten auditor independence. Gomersall noted the firm consulted the Financial Reporting Council on a "grey area" regarding a client, ultimately deciding not to proceed. The comments follow Grant Thornton's recovery from high-profile audit failures, including the Patisserie Valerie collapse.

Just months into his tenure, Gomersall supported a private equity deal, codenamed "Project Acorn," which required 75% partner approval. He views the ownership model as a catalyst for growth, marking the first major test of whether private equity can turbocharge a large UK accounting firm without sacrificing quality standards.