Grant Thornton China has merged with locally owned firm Ascenda CPA.
Ascenda CPA specialises in audit, advisory and IPO services. The merged firm will be branded as Grant Thornton China and increases the firm’s headcount to 2,400 staff as well as add 15 offices. In International Accounting Bulletin’s 2011 China survey, Grant Thornton reported 1,500 staff in China.
By headcount, the merged entity would be among the four largest firms outside the Big Four.
“Having just doubled the size of Grant Thornton Russia through a strategic merger, this is another excellent demonstration early in 2012 of our stated ambition to grow our business substantially in key markets,” Grant Thornton International chief executive Ed Nusbaum said.
Grant Thornton has been building its presence in China the past few years with strategic mergers that allow it to operate as a single firm across Greater China. This led to Grant Thornton separating paths with its Hong Kong member in 2010.