Deloitte

Introduction:

Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is one of the Big Four professional services firms along with PricewaterhouseCoopers (PwC), Ernst & Young, and KPMG. Deloitte is the second largest professional services network in the world by revenue and has 182,000 employees in more than 150 countries providing audit, tax, consulting, enterprise risk and financial advisory services. In FY 2011, Deloitte earned a record $28.8 billion USD in revenues, ranking second behind PwC's record $29.2 billion. In 2012, it is reported that in the U.K. Deloitte has the largest number of clients amongst FTSE 250 companies. Its global headquarters is located in New York City, United States.

Vision:

To be the Standard of Excellence.

History:

1845: William Welch Deloitte opened an office in Basinghall Street in London. Deloitte was the first person to be appointed an independent auditor of a public company. He went on to open an office in New York in 1880.

1896: Charles Waldo Haskins and Elijah Watt Sells formed Haskins & Sells in New York.

1898: George Touche established an office in London and then in 1900 joined John Ballantine Niven in establishing the firm of Touche Niven in the Johnston Building at 30 Broad Street in New York. At the time, there were fewer than 500 CPAs practicing in the United States, but the new era of income taxes was soon to generate enormous demand for accounting professionals.                                          

On March 1, 1933, Colonel Arthur Hazelton Carter, President of the New York State Society of Certified Public Accountants and Managing Partner of Haskins & Sells, testified before the U.S. Senate Committee on Banking and Currency. Carter helped convince Congress that independent audits should be mandatory for public companies.

In 1947, Detroit accountant George Bailey, then president of the American Institute of Certified Public Accountants, launched his own organization. The new entity enjoyed such a positive start that in less than a year, the partners merged with Touche Niven and A.R. Smart to form Touche, Niven, Bailey & Smart. Headed by Bailey, the organization grew rapidly, in part by creating a dedicated management consulting function. It also forged closer links with organizations established by the co-founder of Touche Niven, George Touche: the Canadian organization Ross and the British organization George A. Touche. In 1960, the firm was renamed Touche, Ross, Bailey & Smart, becoming Touche Ross in 1969.

Mergers:

In 1952 Deloitte merged with Haskins & Sells to form Deloitte, Haskins & Sells. In 1968 Nobuzo Tohmatsu formed Tohmatsu Awoki & Co, a firm based in Japan that was to become part of the Touche Ross network in 1975. In 1972 Robert Trueblood, Chairman of Touche Ross, led the committee responsible for recommending the establishment of the Financial Accounting Standards Board. He led the expansion of Touche Ross in that era.

In 1982, David Moxley and W. Grant Gregory became the leaders at Touche Ross. In 1985, Edward A. Kangas, a management consultant, was appointed managing partner of Touche Ross. In 1984, J. Michael Cook became managing partner of Deloitte, Haskins & Sells.

In 1989 Deloitte Haskins & Sells in the USA merged with Touche Ross in the USA to form Deloitte & Touche. The merged firm was led jointly by J. Michael Cook and Edward A. Kangas. Led by the UK partnership, a smaller number of Deloitte Haskins & Sells member firms rejected the merger with Touche Ross and shortly thereafter merged with Coopers & Lybrand to form Coopers & Lybrand Deloitte (later to merge with Price Waterhouse to become PwC). Some member firms of Touche Ross also rejected the merger with Deloitte Haskins & Sells and merged with other firms.

Services Offered:

1. Audit and Enterprise Risk Services:

·         Financial Statement and Internal Control Audit

·         Finance Operations and Controls Transformation

·         Financial Accounting and Reporting Services

·         Internal Audit Transformation

·         Mergers and Acquisitions Services

·         Security & Privacy

2. Consulting:

·         Strategy & Operations

·         Technology

3. Financial Advisory:

·         Anti-money Laundering Consulting

·         Business Intelligence Services

·         Business Valuation

·         Capital Projects Consulting

·         Real Estate Consulting

4. Tax:

·         Financial Accounting & Reporting-Income Taxes

·         Global Employer Services

·         Private Client Advisors

·         Transfer Pricing

Structural Organization:

For many years, the organization and its network of member firms were legally organized as a Swiss Verein. As of 31 July 2010, members of the Verein became part of Deloitte Touche Tohmatsu (DTTL), a UK private company, limited by guarantee. Each member firm within its global network remains a separate and independent legal entity, subject to the laws and professional regulations of the particular country or countries in which it operates.

This structure is similar to other professional services networks which seek to limit vicarious liability for acts of other members. As separate and legal entities, member firms and DTTL cannot obligate each other. Professional services continue to be provided by member firms only and not DTTL. With this structure, the members should not be liable for the negligence of other independent members.

Deloitte fiscal year 2011 regional and function revenue breakdown (aggregate)

Region	$billions	USD Growth	Local Growth	% of Revenue
Americas	14.3	10.4%	9.3%	49.7%
Asia Pacific	4.2	15.8%	8.5%	14.6%
EMEA	10.3	3.2%	5.2%	35.6%
Total	28.8	8.4%	7.7%	100.0%

 Sources:

www.wikipedia.org

www.deloitte.com