iPedia Free Information Center

Information about Deloitte

Deloitte Touche Tohmatsu
Enlarge picture
Deloitte's brand logo
Swiss Verein
FoundedLondon, United Kingdom (1849)
HeadquartersNew York & London
Key peopleJim Quigley, CEO
John Connolly, Chairman
IndustryProfessional services
ProductsAudit
Tax
Consulting
Financial advisory
Revenue$23.1 billion USD (2007)
Employees155,000 (April 2007)
Websitewww.deloitte.com
Deloitte & Touche (also referred to as Deloitte Touche Tohmatsu, and branded as Deloitte.) is the second largest professional services firm in the world, and one of the Big Four auditors, along with PricewaterhouseCoopers, Ernst & Young and KPMG. In addition to its accounting practice, Deloitte is one of the largest business advisory firms in the world, providing strategic and operational management consulting, tax advisory, and financial advisory services to many of the world's largest companies.

While having the full name of Deloitte Touche Tohmatsu, it branded itself Deloitte & Touche and then simply Deloitte with a round green dot following the name. The rebranding campaign was commissioned by John Connolly, the Senior Partner and Chief Executive of the UK firm, who challenged Enterprise IG in 2003 to develop a brand image that represented the new position of the organization in the marketplace; encompassing the "complete firm", offering accounting and consulting services whilst rival firms had divested their consulting operations.

Scandals

History

Confusingly, in the United Kingdom the local firm of Deloitte, Haskins & Sells merged instead with Coopers & Lybrand (which today is PricewaterhouseCoopers). For some years after the merger, the merged UK firm was called Coopers & Lybrand Deloitte and the local firm of Touche Ross kept its original name. In the mid-1990s however, both UK firms changed their names to match those of their respective international organisations.

In 1993, the international firm was renamed Deloitte Touche Tohmatsu, the third name coming from the firm Tohmatsu & Co, which merged into Touche Ross in 1975. The names in the company title refer to William Welch Deloitte, George Touche, and Admiral Nobuzo Kosmas Tohmatsu (等松). The name "Deloitte" is the firm name in longest continuous usage in the accounting profession. Deloitte Touche Tohmatsu is a Swiss Verein, a membership organization under the Swiss Civil Code whereby each member firm is a separate and independent legal entity. Its global headquarters are located in Manhattan, New York City.

According to the firm's website, as of 2006, Deloitte had a total of 135,000 professionals at work in nearly 140 countries, delivering audit, tax, consulting and financial advisory services to more than one-half of the world's largest companies. The US firm employs over 33,000 people (2005) and the UK firm employs over 11,000 people (2007).

As part of a larger effort to effectively target and recruit qualified candidates from underrepresented groups, Deloitte implemented the Women's Initiative (WIN) in 1993 which is intended to make Deloitte a firm where "high-performing" women can find careers that are both satisfying and that provide expanding advancement opportunities. Deloitte USA also claims to have the highest percentage of women directors, partners, and principals among the Big Four accounting firms.

More history

John Ballantine Niven established Touche Niven alongside Haskins & Sells in the Johnston Building at 30 Broad Street in 1900 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.

In 1913, Niven opened the organization's first branch offices in Minneapolis and Chicago. That same year, the 16th Amendment to the Constitution allowed income tax to be levied on Americans for the first time. Compared with modern levels, the 1913 rate of 1% on taxable incomes over $3,000, rising to 7% on taxable incomes over $500,000, seems low, but, as the Journal of Accountancy noted that year, it was "indubitable that the income tax law is to have a more far-reaching effect upon public accountants than upon any other profession or business in the country."

The Journal was so convinced of the demands that it added a tax column—and asked Niven to be the editor. His column advised accountants on income tax requirements, preparing them for the impact of World War I, when federal spending rose from $742 million in 1916 to $18.9 billion in 1919. By then, income tax provided 58% of federal revenues, and the experts who handled income taxes found their skills in high demand.

After the Crash: Audits and regulations

There were numerous calls for independent auditing in the early decades of the century. But these calls were largely ignored by Washington and Wall Street regulators. The stock market crash of 1929 and the ensuing Depression brought the issue into the public spotlight, especially when it became obvious that proper accounting practices might have prevented some bankruptcies and consequent unemployment.

On April 1, 1933, Colonel Arthur Carter, President of the New York State Society of CPAs, testified before the U.S. Senate Committee on Banking and Currency. Carter helped convince Congress that independent audits should be mandatory for public corporations. The 1933 Securities Act subsequently required public corporations to file independently certified registration statements and periodic reports. A year later, the Securities and Exchange Commission was created to administer the new legislation.

Postwar growth

After World War II, America stood on the brink of historic economic expansion. In this environment, 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 (MC) function. It also forged closer links with organizations established by the cofounder of Touche Niven, George Touche: the Canadian organization Ross, Touche and the British organization George A. Touche. In 1960, the organization was renamed- Touche, Ross, Bailey & Smart, becoming Touche Ross in 1969. John William Queenan joined Haskins & Sells in 1936. As managing partner from 1956 until his retirement in 1970, he led the organization through major developments in the profession. Haskins & Sells experienced its own major development by merging with 26 domestic organizations and establishing offices in Canada, Central and South America, Europe, and Japan.

The 1950s

In 1952, Touche Ross became the first large accounting organization to automate its bookkeeping. Later, Gordon Stubbs wrote Data Processing by Electronics and Introduction to Data Processing, the first two professional brochures of their kind. In 1964, the organization's work with statistical sampling led to the Auditape System, which brought computer technology to audits. The organization's MC group, which provided computer systems advice, felt the greatest impact from the technology revolution. The organization did work for several leading corporations and for many government agencies. At Touche Ross, the discipline matured during the 1960s and 1970s under leaders like Robert Trueblood and Michael Chetkovich.

The 1980s

In 1982, David Moxley and W. Grant Gregory succeeded Russell Palmer as leaders of 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.

Touche Ross and Deloitte Haskins Sells merged in 1989. The newly formed Deloitte & Touche was led by J. Michael Cook and Edward A. Kangas.

The 1990s

In 1995, the partners of Deloitte & Touche voted to create Deloitte & Touche Consulting Group (later Deloitte Consulting). Deloitte's stated goal continues to be to “simplify work so that it can be done more rapidly and more effectively.”

Clients

Major clients include (note that not all of these are audit clients):

Ratings from interest groups

Deloitte was named to the following lists of top workplaces:
  • "2007 #1 Place to Start your Career Business Week magazine (Business Week Article)
  • "100 Best Companies to Work For" by Fortune magazine
  • "100 Best Companies for Working Mothers" for 2004 by Working Mother magazine
  • "Top 50 Best Companies for Diversity" -- Essence's Top 30 Best Companies for African-American Women List
  • Latina Style - One of The Best Companies for Latinas
  • Trainingmag.com - # 6 on list of Top 100 companies
Deloitte Touche Tohmatsu moderates the Deloitte Fast 500, a worldwide survey of the fastest growing technology companies.

Services

Deloitte has several different services/branches (by Swiss Verein):
  • Deloitte Consulting- The consulting side focuses on different industries such as Manufacturing, Retail, Public Sector etc.. The practices are separated in five different Service Areas: Enterprise Application, Technology Integration, Strategy & Operations, Human Capital and Enterprise Risk Services. Each one of these are broken down to sub categories called Service Lines.
  • Audit Enterprise Risk Services (AERS)
  • Tax
  • Financial Advisory
Each of those services is further broken down into other branches. For example, Enterprise Risk Services is broken down into Security and Privacy Services, Control Assurance, Internal Audit, Risk Control and Regulatory Services and other service lines (that vary by country).

Notable current and former employees

Business

Politics and public service

Other

See also

External links

Data



  •  • [ e] Big Four auditors
Deloitte Touche Tohmatsu | Ernst & Young | KPMG | PricewaterhouseCoopers
A Swiss Verein ("Verein" is German for "Union") is a legal structure in Swiss law. It is similar to the Anglo-American voluntary association. Unlike Germany, a Swiss Verein does not need to be registered in order to have a separate legal personality. Most Swiss NGOs resp.
..... Click the link for more information.
London
Canary Wharf is the centre of London's modern office towers
London shown within England
Coordinates:
Sovereign state United Kingdom
Constituent country England
..... Click the link for more information.
Motto
"Dieu et mon droit" [2]   (French)
"God and my right"
Anthem
"God Save the Queen" [3]
..... Click the link for more information.
State of New York

Flag of New York Seal
Nickname(s): The Empire State
Motto(s): Excelsior!

Official language(s) None

Capital Albany
Largest city New York City

..... Click the link for more information.
London
Canary Wharf is the centre of London's modern office towers
London shown within England
Coordinates:
Sovereign state United Kingdom
Constituent country England
..... Click the link for more information.
Industry (from Latin industrius, "diligent, industrious"), is the segment of economy concerned with production of goods. Industry began in its present form during the 1800s, aided by technological advances, and it has continued to develop to this day.
..... Click the link for more information.
Professional services are infrequent, technical, or unique functions performed by independent contractors or consultants whose occupation is the rendering of such services.
..... Click the link for more information.
Aspinwall Classification System (Leo Aspinwall, 1958) classifies and rates products based on five variables:
  1. Replacement rate (How frequently is the product repurchased?)
  2. Gross margin (How much profit is obtained from each product?)

..... Click the link for more information.
worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.


The most general definition of an audit is an evaluation of a person, organization, system, process, project or product.
..... Click the link for more information.
Economic policy
Monetary policy
Central bank   Money supply
Fiscal policy
Spending   Deficit   Debt
Trade policy
Tariff   Trade agreement

Finance
Financial market
Financial market participants
..... Click the link for more information.
Consulting by faculty members is defined as the use on behalf of individuals or agencies outside the university of essentially the same scholarly expertise that is used for their university position.
..... Click the link for more information.
Financial Advice is advice given in relation to financial matters such as investing, insurance, borrowing, saving and retirement planning. Professionally, the advice is given only after the financial situation of the client is unveiled through a thorough fact-finding and analysis
..... Click the link for more information.
Revenue is a business term for the amount of money that a company receives from its activities in a given period, mostly from sales of products and/or services to customers.
..... Click the link for more information.
United States dollar
dólar estadounidense (Spanish)
dólar amerikanu (Tetum)
dólar americano
..... Click the link for more information.
Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as: "A person in the service of another under any contract of hire, express or implied, oral or written, where the employer has
..... Click the link for more information.
A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN.
..... Click the link for more information.
Professional services are infrequent, technical, or unique functions performed by independent contractors or consultants whose occupation is the rendering of such services.
..... Click the link for more information.
The Big 4, sometimes written as the Big Four, is a group of international accountancy and professional services firms that handles the vast majority of audits for publicly traded companies as well as many private companies.
..... Click the link for more information.
PricewaterhouseCoopers

Limited Liability Partnership
Founded 1849 (in 1998, firm took on current name)
Headquarters New York, New York, U.S.

Key people Samuel DiPiazza, CEO

Industry Accounting
Professional Services
Tax
Consulting
..... Click the link for more information.
Ernst & Young

Member firms have different legal structures, USA and UK:- Limited Liability Partnership
Founded 1989; individual components from 1849
Headquarters London, UK EY Global

Industry Professional services
Products Accounting
..... Click the link for more information.
KPMG

Swiss Cooperative
Founded 1987; individual components from 1870
Headquarters Amsterdam, Netherlands

Key people Tim Flynn, Chairman
Industry Professional services
Products Audit
Tax
Advisory

Revenue $16.
..... Click the link for more information.
John Connolly is the name of:
  • John Connolly (bishop) (1750–1825), second bishop of New York
  • John Connolly (loyalist) (c. 1743–1813), doctor from Pennsylvania, agent of Lord Dunmore, active during the American Revolution

..... Click the link for more information.
The Health Service Executive (HSE), or Feidhmeannacht na Serbhíse Sláinte (FSS) in Irish, is responsible for the provision of healthcare with public funds in the Republic of Ireland.
..... Click the link for more information.
The Los Angeles Unified School District (the "LAUSD") is the largest (in terms of number of students) public school system in California and the second-largest in the United States. Only the New York City Department of Education has a larger student population.
..... Click the link for more information.
Motto
"Dieu et mon droit" [2]   (French)
"God and my right"
Anthem
"God Save the Queen" [3]
..... Click the link for more information.
PricewaterhouseCoopers

Limited Liability Partnership
Founded 1849 (in 1998, firm took on current name)
Headquarters New York, New York, U.S.

Key people Samuel DiPiazza, CEO

Industry Accounting
Professional Services
Tax
Consulting
..... Click the link for more information.
Sir George Alexander Touche, 1st Baronet (24 May 1861–7 July 1935), born George Alexander Touch (he added the final "e" in 1906 because people continually mispronounced his name), was a British accountant and politician.
..... Click the link for more information.

..... Click the link for more information.
A Swiss Verein ("Verein" is German for "Union") is a legal structure in Swiss law. It is similar to the Anglo-American voluntary association. Unlike Germany, a Swiss Verein does not need to be registered in order to have a separate legal personality. Most Swiss NGOs resp.
..... Click the link for more information.
A voluntary association or union (also sometimes called an voluntary organization, unincorporated association, or just an association) is a group of individuals who voluntarily enter into an agreement to form a body (or organization) to accomplish a
..... Click the link for more information.


This article is copied from an article on Wikipedia.org - the free encyclopedia created and edited by online user community. The text was not checked or edited by anyone on our staff. Although the vast majority of the wikipedia encyclopedia articles provide accurate and timely information please do not assume the accuracy of any particular article. This article is distributed under the terms of GNU Free Documentation License.
Herod_Archelaus


page counter