Deloitte Wiki (What is Deloitte?) (2018 Update) 2018-01-03T02:35:42+00:00

Deloitte Wiki

Deloitte Wiki

Deloitte is the largest professional services firm in the world. They provide audit, consulting, financial advisory, risk management, tax and other services through their member firms.

They operate through member firms throughout the world. The member firms operate in over 150 countries. The member firms are part of Deloitte Touche Tohmatsu Limited which is a UK domiciled private company. Each member firm is subject to the laws and regulations of the country that it operates in.

HISTORY

1833 – Deloitte starts all the way back in 1833 when its founder William Welch Deloitte first became an accountant.

1845 – Deloitte was founded in 1845 by William Welch Deloitte. He opened the first Deloitte office in London, UK. The name of the firm Deloitte is derived from William Welch Deloitte’s last name. William Welch Deloitte was the first accountant to be appointed as an independent auditor of a public company. That company was the Great Western Railway.

1857 – Deloitte’s first partnership with another accountant, Thomas Greenwood, was in 1857. The firm changed its name to Deloitte and Greenwood.

1880 – Deloitte formed his first office in New York in 1880.

1898 – George Touche founded his own firm in London. In 1911,

1911 – George Touch opened Touche Niven & Co. in New York City.

1905 – Deloitte collaborated with Haskins & Sells for the first time. The two would later merge.

1933 – Deloitte was instrumental  in convincing the United States Congress that independent audits of public companies was vital to the financial economy.

1952 – Deloitte merged with Haskins & Sells in 1952 to become Deloitte Haskins & Sells.

1960 – Touche, Ross, Bailey and Smart was founded in 1960 through a merger between Canadian and UK firms.

1968 – One of Deloitte’s member firms, Tohmatsu Awoki & Co, was founded in 1968.

1972 – The chairman of Touche Ross which is one of Deloitte’s founding firms helped establish the Financial Accounting Standards Board in 1972 (FASB).

1978 – The name Deloitte Haskins and Sells was adopted.

1989 – Deloitte as we know it today emerged from the merger of Deloitte Haskins & Sells and Touche Ross in 1989.

1997 – Deloitte.com was launched.

2003 – Deloitte established a single brand in 2003.

 2017 – Deloitte is the largest professional services firm if you rank the big 4 accounting firms by revenue.


Deloitte Wiki

Deloitte came up with basic design of their current logo in 2003. The primary change was to add the green dot. Deloitte says that this reminds people that Deloitte is here and ready to be remembered.

Deloitte updated the logo on June 15, 2016. They called it a brand refresh. This is most likely because other big 4 accounting firms have updated their logos since Deloitte last updated theirs. They pointed to the number of things that have changed since the initial creation in 2003.

Instead of blue and green the logo is now black lettering with the green dot. The green dot remains the same. This is probably to reflect Deloitte’s professionalism as blue and green is more of a passive color pairing. There is also styling where the font for the logo is white with the green dot.


Deloitte Founders

William Welch Deloitte
William Welch DeloitteFounder
William Welch Deloitte is the initial founder of Deloitte. He is the founder whose name is used for the firm today. He started early on in his life. He started his career in accounting at the age of 15.
George Touche
George ToucheFounder
George Touche is another founder of Deloitte as Deloitte eventually emerged with his firm Touche Ross & Co.

REVENUE

Deloitte’s 2017 revenue topped $38.8 billion in 2017. This makes them the largest accounting firm in the the world for the second straight year.

Deloitte revenue for 2016 topped $36.8 billion in 2016. Making them the largest accounting firm in the world as of 2016.

Deloitte’s revenues totaled $35.2 billion for their 2015 fiscal year. This represents about an 8% increase over 2014.

Deloitte consulting contributed about $12.2 billion to the total 2015 revenue.

$18.3 billion of that revenue came from Deloitte’s Americas region.

Read our big 4 accounting firms revenue 2015 article for more details on 2015 revenue.


Number of Employees

Deloitte has 263,900 employees working in its member firms in 2017.

Deloitte had 244,400 employees working in its member firms in 2016. Of those employees, 55% are men and 45% are women.

The Americas makes up 107,942 of those employees. 43% of those employees are women and 57% are men.

The EMEA region counts for 86,574 employees. 45% of those employees are women and 55% are men.

The Asia Pacific region makes up for 49,929 employees. 46% of those employees are women and 54% are men.

There were 71,800 new hires in fiscal year 2016. Of those new hires, 55% were men and 45% were women.


Deloitte Partners

How many parnters does Deloitte have?

Deloitte had 11,122 partners and principals as of FY 2016

Deloitte had 10,601 partners and principals as of FY 2015. 


Deloitte Leadership

Learn more about Deloitte’s leadership by toggling the bullets below.

Punit Renjen

Punit went to Willamette University and works in New York. He has worked at Deloitte for more than 31 years. He became global CEO in June of 2015. He is also a member of the board at the United Way. Punit was born and raised in India. He moved to the United States to attend Willamette University.

David Cruickshank

Cathy Engelbert

Recent Thoughts from Cathy Engelbert

In a recent 2017 conference, Cathy stated that she thinks there are 3 trends that have the potential to change the accounting industry.

She believes that the 3 factors that could change the accounting industry are

  1. Technology
  2. Changing Demographics
  3. Demands of Stakeholders

She believes that technology has the ability to one day audit a financial statement to 100% assurance. As far as demographics goes, she believes that millennials will change the way the big 4 work in the future.

Technology that Deloitte developed or utilizes

Deloitte Auvenir

What is auvenir? Auvenir is a technology that Deloitte has developed internally and they developed it internally by creating a start up within Deloitte. The reason that they created it is because their was a Deloitte executive that lost sleep over the potential for technology to replace auditors and accountants like Deloitte.

The platform uses cloud-based storage, machine learning and artificial intelligence to improve workflow and collaboration between auditors and their clients.

Acquisitions by Deloitte

Deloitte Heat

Deloitte acquired an advertising company called Deloitte Heat which was an award winning advertising agency. They acquired them in February of 2016.


Frequently Asked Questions About Deloitte (Deloitte Wiki)

Learn the answer to questions about Deloitte by using the toggles below.

Deloitte is a professional services firm that primarily focuses on accounting and more specifically the auditing of various companies’ financial statements.

The number of employees working for Deloitte around the globe as of 2016 is 244,400.

The CEO of Deloitte US is Cathy Engelbert. The CEO of Deloitte Global is Punit Renjen.

Deloitte LLP is primarily an audit firm which means they are responsible for auditing the financial statements of public companies. They also offer tax and consulting services to their clients.

Deloitte is audited by the PCAOB. The PCAOB stands for Public Company Accounting Oversight Board.

Many people ask about the Deloitte stock price or the Deloitte share price. Unfortunately, Deloitte is not a publicly traded company, so it does not have a stock price.

Deloitte did not make the Fortune 500 ranking in 2015. Learn where we would think they might land on our Deloitte Fortune 500 page.

Deloitte is a partnership, so it is owned by the partners of the firm.


Deloitte’s Operations

As was discussed in the Deloitte Wiki detail above Deloitte operates through a network of firms across the globe. Deloitte is the brand that all the member firms use under the umbrella of Deloitte Touche Tohmatsu Limited.

For example in the US, Deloitte operates under the entities Deloitte LLP and Deloitte USA LLP. Furthermore, Deloitte has other entities that allow Deloitte to provide services within the United States while limiting risk.

Deloitte LLP has other entities underneath it such as Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and Deloitte Transaction and Business Analytics LLP.

The entity that provides the work would most likely be detailed in the engagement letter with the client requesting the service.


Deloitte Locations

Deloitte Los Angeles

555 West 5th Street
Suite 2700
Los Angeles, CA
90013-1010
United States

Deloitte San Diego

655 West Broadway
Suite 700
San Diego, CA
92101-8590
United States

Deloitte Miami

333 Avenue of the Americas
Suite 3600
Miami, FL
33131
United States

Deloitte New York (HQ)

New York – National Office
30 Rockefeller Plaza, 41st Floor
New York, NY
10112-0015
United States

Deloitte Houston

1111 Bagby St.
Suite 4500
Houston, TX
77002-2591
United States

Deloitte Chicago

111 S. Wacker Drive
Suite 1800​
Chicago, IL
60606-4301
United States

Deloitte Phoenix

2901 North Central Avenue
Suite 1200
Phoenix, AZ
85012-2799
United States

Deloitte Bangalore

Deloitte Centre, Anchorage II
100/2, Richmond Road
Bangalore, Karnataka
560025
India

Deloitte Hyderabad

3rd Floor, Gowra Grand
S.P. Road, Begumpet
Hyderabad, Andhra Pradesh
500003
India

Deloitte Dehli

7th Floor, Building 10 Tower B
DLF Cyber City Complex
DLF City Phase II (New Delhi / NCR)
Gurgaon, Haryana
122002
India

Deloitte Mumbai

Indiabulls Finance Centre
Tower 3, 27th – 32nd Floor
Senapati Bapat Marg, Elphinstone Road (West)
Mumbai, Maharashtra
400013
India