Deloitte Touche Tohmatsu Limited /dlt tu tomtsu/, commonly referred to

as Deloitte, is a multinational professional services firm headquartered in New

York City in the United States.[4]

Deloitte is one of the "Big Four" and the second largest professional services
network in the world by revenue and the largest by the number of professionals.
Deloitte provides audit, tax, consulting, enterprise risk and financial advisory
services with more than 225,400 professionals globally.[5] In FY 2015, earned a
record $35.2 billion USD in revenues.[3]

As per reports in 2012, Deloitte had the largest number of clients amongst FTSE
250 companies in the UK[6] and in 2015, Deloitte currently has the highest
market share in auditing among the top 500 companies in India.[7][8]

Deloitte has been ranked number one by market share in consulting by Gartner,
[9] and for the fourth consecutive year, Kennedy Consulting Research and
Advisory ranks Deloitte number one in both global consulting and management
consulting based on aggregate revenue.[10] In 2015, Fortune magazine ranked
Deloitte as one of the 100 'most exceptional' companies[11] and Bloomberg
Business has consistently named Deloitte as the best place to launch a career
Early history[edit]
In 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, namely the Great Western Railway.[13] He went on to open an office in
New York in 1880.[13]

William Welch Deloitte

In 1896, Charles Waldo Haskins and Elijah Watt Sells formed Haskins & Sells in
New York.[13] It was later described as "the first major auditing firm to be
established in the country by American rather than British accountants."[14]

In 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.[13] 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 1 March 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.[13]

Sir George Alexander Touche, 1st Baronet, founded one of Deloitte's predecessor
firms.
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.[13]
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.[13] In 1960, the
firm was renamed Touche, Ross, Bailey & Smart, becoming Touche Ross in 1969.
[13] In 1968 Nobuzo Tohmatsu formed Tohmatsu Aoki & Co, a firm based in Japan
that was to become part of the Touche Ross network in 1975.[13] In 1972 Robert
Trueblood, Chairman of Touche Ross, led the committee responsible for
recommending the establishment of the Financial Accounting Standards Board.
[13] He led the expansion of Touche Ross in that era.

In 1989, Deloitte Haskins & Sells 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).[15] Some member firms of Touche
Ross also rejected the merger with Deloitte Haskins & Sells and merged with
other firms.[15]

Recent history[edit]
At the time of the US-led mergers to form Deloitte & Touche, the name of the
international firm was a problem, because there was no worldwide exclusive
access to the names "Deloitte" or "Touche Ross" key member firms such as
Deloitte in the UK and Touche Ross in Australia had not joined the merger. The
name DRT International was therefore chosen, referring to Deloitte, Ross and

Tohmatsu. In 1993, the international firm was renamed Deloitte Touche Tohmatsu
to reflect the contribution from the Japanese firm,[13] as well as agreements to
use both of the names Deloitte and Touche.

Deloitte Office Building in Downtown Chicago

In 1995, the partners of Deloitte & Touche decided to create Deloitte & Touche
Consulting Group (now known as Deloitte Consulting).[16]

In 2000, Deloitte acquired Eclipse to add Internet design-based solutions to its

consulting capabilities. Eclipse was later separated into Deloitte Online and
Deloitte Digital.[17]

In 2002, Arthur Andersen's UK practice, the firm's largest practice outside the US,
agreed to merge with Deloitte's UK practice. Andersen's practices in Spain, the
Netherlands, Portugal, Belgium, Mexico, Brazil and Canada also agreed to merge
with Deloitte.[18][19] The spinoff of Deloitte France's consulting division led to
the creation of Ineum Consulting.[20]

In 2009, Deloitte purchased the North American Public Service practice of

BearingPoint (formerly KPMG Consulting) after it filed for bankruptcy protection.
[21] The firm also took over the UK property consultants Drivers Jonas in January
2010.[22]

In 2011, Deloitte acquired DOMANI Sustainability Consulting and ClearCarbon

Consulting in order to expand its sustainability service offerings.[23]

In January 2012, Deloitte announced the acquisition of bermind, Inc., an

innovative mobile agency.[24] The acquisition marked Deloitte's first entrance
into the mobile application field.[25]

In November 2012, Deloitte acquired Recombinant Data Corporation, a company

specializing in data warehousing and clinical intelligence solutions, and launched
Recombinant by Deloitte.[26] In February 2013 Recombinant by Deloitte merged
with an internal informatics unit (Deloitte Health Informatics) and launched
ConvergeHEALTH by Deloitte.[27]

On 11 January 2013, Deloitte acquired substantially all of the business of Monitor

Group,[28] the strategy consulting firm founded by Harvard Business School
professor Michael Porter, after Monitor filed for bankruptcy protection.[29]

In 2015, the Pope of the Roman Catholic church appointed Libero Milone, former
Chairman and CEO of Deloitte in Italy as first Auditor-General of Vatican City and
Vatican Bank.[30][31][32]

In 2015, Indian Railways mandated Deloitte to formulate its entire manpower

policy for its gazetted officers and study the functioning and the role of the
departments at the zonal and divisional levels. Deloitte is expected to submit the
report by March 31, 2016.[33]

Name and branding[edit]

Current Deloitte branding displayed at the Toronto office

While in 1989, in most countries, Deloitte, Haskins & Sells merged with Touche
Ross forming Deloitte & Touche, in the United Kingdom the local firm of Deloitte,
Haskins & Sells merged instead with Coopers & Lybrand (which today is PwC).[34]
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 organizations.

While the full name of the UK private company is Deloitte Touche Tohmatsu
Limited, in 1989 it initially branded itself DTT International. In 2003, the
rebranding campaign was commissioned by William G. Parrett, the then-CEO of
DTT, and led by Jerry Leamon, the global Clients and Markets leader.[35]

According to the company website, Deloitte now refers to the brand under which
independent firms throughout the world collaborate to provide audit, consulting,
financial advisory, risk management, and tax services to selected clients.[36]

In 2008, Deloitte adopted its new "Always One Step Ahead" (AOSA) brand
positioning platform to support the existing Deloitte vision: "To be the Standard of

Excellence". AOSA represents the global organization's value proposition, and is

never used as a tagline. The recent launch of the Green Dot ad campaign also
aligns with Deloitte's brand strategy and positioning framework.[37]

Global structure[edit]
For many years, the organization and its network of member firms were legally
organized as a Swiss Verein (the equivalent to an unincorporated association, like
the Associated Press in the United States). 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 in 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.[38] Deloitte is registered
under the NAIC code of 55112.[39]

30 Rockefeller Center is the location of Deloitte's Global Head Office.

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. This structure also allows them to be members of the IFAC Forum of
Firms[40] which is network of accounting firm networks.

Services[edit]
Deloitte member firms offer services in the following functions, with countryspecific variations on their legal implementation (i. e., all operating within a
single company or through separate legal entities operating as subsidiaries of an
umbrella legal entity for the country). The 2014 revenue shares are listed in
parentheses.[3]

Audit (30%): Provides the organization's traditional accounting and audit

services, as well as internal auditing and IT control assurance.[41]
Consulting (33%): Assists clients by providing services in the areas of enterprise
applications, technology integration, strategy & operations, human capital, and
short-term outsourcing.[42]

Financial Advisory (9%): Provides corporate finance services to clients, including

dispute, personal and commercial bankruptcy, forensics, e-discovery, document
review, advisory, capital projects consulting and valuation services.[43][44]
Enterprise Risk (9%): Provides offerings in enterprise risk management,
information security and privacy, data quality and integrity, project risk and
business continuity management.[45]
Tax (19%): Helps clients increase their net asset value, undertake the transfer
pricing and international tax activities of multinational companies, minimize their
tax liabilities, implement tax computer systems, and provides advisory of tax
implications of various business decisions.[46]
Staff and offices[edit]