Deloitte is the world’s largest professional service network and a member of the “Big Four” accounting bodies. With over 150 years of existence, Deloitte has grown to over 300,000 employees and operates in over 150 countries and territories around the world providing consulting, financial advisory, tax, audit, legal and enterprise risk services. The accounting organization is ranked the 4th largest privately owned company in the US and recorded an aggregated revenue of USD 46.2 billion in 2019. It was ranked as the top consulting company by market share by Gartner. Kennedy Consulting Research and Advisory have consistently ranked Deloitte top in both global and management consulting for four consecutive years based on aggregate revenue.
History And Establishing The First Office
Deloitte was founded in 1845 with the opening of an office in London, UK, by William Welch Deloitte. Deloitte was the first person to be appointed by a public company (Great Western Railway) as an independent auditor. 35 years later, he opened another office in New York. In 1890, Deloitte opened a branch office on Wall Street which was the first overseas venture. Soon after, several branches were opened in places such as Buenos Aires and Chicago. In 1972, another managing consulting firm known as Haskins & Sells merged with the Deloitte firm to form Deloitte Haskins & Sells. The later (in 1989) Deloitte & Touche was created following the merger between the new firm and Touche Ross. However, some member firms did not agree to the merger and instead joined with Coopers & Lybrand which later merged with Price Waterhouse to form the now Price Waterhouse Coopers (PwC).
The official name of the company is Deloitte Touche Tohmatsu Limited. It is headquartered in London, UK, and has offices worldwide including India, China, and Hong Kong. The company commenced operations in India in the late 1990s. Since ICAI laws do not allow foreign companies to carry out audits in the country, Deloitte operates under C. C. Chokshi & Co.
In the past, Deloitte and its member firms were organized as a Swiss Verein. However, in July 2010. Verein members became part of Deloitte Touche Tohmatsu Limited (simply known as Deloitte). Each of the member firms remains independent and separate legal entity and is subject to the professional regulations and law of the countries in which it operates. Thus, as separate entities, each member firm is responsible for its negligence. Professional services are also provided by the member firms and not DTTL.
The member firms under DTTL offer a wide range of services worldwide. One of the major services provided is audits such as internal auditing, accounting audit services, and IT control assurance. The member firms also offer consulting services in areas such as technology integration, enterprise application, human capital, strategy and operation, and outsourcing. Deloitte also offers tax and legal help to its clients worldwide to help them increase their net asset value. Other services include risk advisory in areas such as information security, enterprise risk management, and data security and integrity.