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Deloitte

Deloitte is a leading British multinational professional services network.

Categories

Financial and Banking  
Summary

Deloitte Touche Tohmatsu Limited, commonly known as Deloitte, is a leading British multinational professional services network headquartered in London, England. As one of the Big Four accounting firms, along with EY, KPMG, and PwC, Deloitte holds the distinction of being the largest professional services network globally in terms of revenue and number of professionals.

The firm was originally founded by William Welch Deloitte in London in 1845 and expanded its operations to the United States in 1890. Over the years, Deloitte has undergone significant mergers and acquisitions, including the merger with Haskins & Sells in 1972 to form Deloitte Haskins & Sells, and the merger with Touche Ross in the US in 1989 to create Deloitte & Touche. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, which was later shortened to Deloitte.

In 2002, Deloitte made headlines by acquiring the UK practice of Arthur Andersen, as well as several practices in Europe and the Americas. The firm has continued to expand its capabilities through strategic acquisitions, such as the notable addition of Monitor Group, a prominent strategy consulting business, in 2013. Deloitte operates as a UK private company, limited by guarantee, with support from a network of independent legal entities.

Deloitte offers a wide range of professional services, including audit, consulting, financial advisory, risk advisory, tax, and legal services. With a workforce of approximately 415,000 professionals worldwide, the firm serves clients globally and generated aggregate revenues of US$50.2 billion in the fiscal year 2021.

In addition to its core services, Deloitte has been actively involved in various sponsorships, including the 2012 Summer Olympics.


History

Deloitte, founded by William Welch Deloitte in 1845, has a long and storied history. Deloitte opened his first office in London and became the first independent auditor of a public company, the Great Western Railway. In 1880, the firm expanded its operations by establishing an office in New York, marking its first foray into international business. Deloitte's commitment to excellence and independent auditing set the stage for its future growth and influence in the accounting and professional services industry.

In the late 19th century, Deloitte's expansion continued with the opening of branch offices in Chicago and Buenos Aires. The firm's overseas ventures marked important milestones in its journey towards becoming a global organization. Meanwhile, in the United States, the establishment of Haskins & Sells by Charles Waldo Haskins and Elijah Watt Sells in 1896 introduced another major auditing firm founded by American accountants.

Throughout the early 20th century, Deloitte and Haskins & Sells both experienced growth and success. Deloitte expanded its presence in the United States with the establishment of an office on Wall Street in 1890, while Haskins & Sells built a reputation as a prominent auditing firm. In 1933, Colonel Arthur Hazelton Carter, a partner at Haskins & Sells, played a crucial role in advocating for mandatory independent audits for public companies before the U.S. Senate Committee on Banking and Currency, contributing to the establishment of auditing standards.

In 1947, George Bailey, President of the American Institute of Certified Public Accountants, formed his own organization, which later merged with Touche Niven and A.R. Smart to create Touche, Niven, Bailey & Smart. This merger laid the foundation for what would become Touche Ross, a global network of accounting firms. The firm grew rapidly, embracing management consulting and forging international links with organizations such as Ross in Canada and George A. Touche in the UK.

In 1972, Deloitte merged with Haskins & Sells, forming Deloitte Haskins & Sells. This merger brought together two influential firms, combining their expertise and resources to further strengthen their market position. In 1989, Deloitte Haskins & Sells merged with Touche Ross in the United States, creating Deloitte & Touche. This merger marked a significant milestone in the firm's history and solidified its position as one of the leading professional services firms globally.

In recent years, Deloitte has continued to adapt and expand its service offerings to meet the evolving needs of its clients. The firm established Deloitte Consulting in 1995, focusing on providing management and technology consulting services. Deloitte has also pursued strategic acquisitions to enhance its capabilities, such as the acquisition of Eclipse in 2000 to bolster its internet design expertise and the acquisition of Übermind in 2012, marking its entry into the mobile application field.

Deloitte's global footprint has expanded, with notable acquisitions and mergers in various regions, including China, where it became the largest accountancy firm in 2005. The firm has also made significant strides in the realm of sustainability services, acquiring companies like DOMANI Sustainability Consulting and ClearCarbon Consulting in 2011.

In recent years, Deloitte has embraced emerging technologies and innovations. The firm established a blockchain consultancy called Rubix in 2014, and it has been actively involved in initiatives related to blockchain and cryptocurrency. Deloitte's digital capabilities have been bolstered through the acquisition of advertising agency Heat in 2016, and the firm has formed strategic partnerships with major technology companies like Apple Inc.

Deloitte continues to be a leader in the professional services industry, offering a wide range of services to clients worldwide. With its rich history, global presence, and commitment to innovation, Deloitte remains a trusted advisor to organizations navigating the complex business landscape of the 21st century.


Mission

The mission of Deloitte is to help clients and society thrive by providing exceptional professional services and delivering value-driven outcomes. As one of the world's leading professional services firms, Deloitte is committed to making a positive impact and contributing to the success of its clients, people, and communities.

Deloitte's mission revolves around four key pillars:

Client Impact: Deloitte is dedicated to understanding its clients' unique needs and challenges, and providing tailored solutions that drive meaningful results. By bringing together deep industry expertise, innovative thinking, and advanced technology, Deloitte aims to enable its clients to navigate complexities, seize opportunities, and achieve sustainable growth.

Talent Development: Deloitte recognizes that its people are its greatest asset. The firm is committed to attracting, developing, and retaining top talent, fostering a culture of collaboration, diversity, and inclusion. Deloitte invests in its professionals' growth and provides them with the tools, resources, and opportunities to excel in their careers, drive innovation, and deliver exceptional client service.

Leadership in the Fourth Industrial Revolution: Deloitte embraces the transformative power of technology and aims to be at the forefront of the Fourth Industrial Revolution. The firm helps clients harness the potential of emerging technologies such as artificial intelligence, blockchain, robotics, and cloud computing, enabling them to adapt, innovate, and thrive in a rapidly evolving digital landscape.

Commitment to Society: Deloitte recognizes its responsibility to make a positive impact on society. The firm strives to contribute to the betterment of communities by addressing societal challenges, promoting sustainability, and driving inclusive growth. Deloitte engages in pro bono work, volunteering initiatives, and social impact programs to empower individuals, support education and skills development, and foster economic prosperity.

Deloitte's mission is driven by a commitment to excellence, integrity, and making a difference. The firm aspires to be the standard of excellence and the first choice for clients, while also creating a positive and inclusive work environment that attracts and develops exceptional professionals. By leveraging its global network, industry expertise, and innovative mindset, Deloitte seeks to shape the future of professional services and contribute to the success and well-being of its clients and society as a whole.


Vision

The vision of Deloitte is to be the undisputed leader in professional services by providing innovative solutions, exceptional client service, and driving positive societal impact. Deloitte aspires to be the firm that clients turn to for trusted advice and guidance, the employer of choice for top talent, and the organization that sets the standard for excellence in the industry.

Deloitte's vision encompasses several key elements:

Client-Centric Approach: Deloitte aims to be the preferred advisor and partner for its clients, understanding their unique needs and delivering innovative solutions that create lasting value. By consistently exceeding client expectations and building strong relationships, Deloitte seeks to be recognized as the go-to firm for businesses seeking transformative insights and strategic guidance.

Innovation and Technology Leadership: Deloitte recognizes the critical role that technology plays in shaping the business landscape. The firm strives to be at the forefront of innovation, leveraging cutting-edge technologies and methodologies to help clients navigate digital disruption, drive operational efficiency, and unlock new growth opportunities. Deloitte aims to lead the way in harnessing emerging technologies and integrating them into its service offerings.

Exceptional Talent and Culture: Deloitte's vision includes fostering a culture that attracts, develops, and retains the best talent in the industry. The firm is committed to creating an inclusive and diverse work environment where professionals can thrive, grow, and make a difference. Deloitte seeks to empower its people, providing them with the resources, training, and opportunities to excel and reach their full potential.

Societal Impact: Deloitte recognizes its responsibility to contribute positively to society and address pressing global challenges. The firm's vision includes actively engaging in initiatives that promote sustainability, social responsibility, and economic development. Deloitte aims to leverage its expertise, influence, and resources to drive positive social impact and create a more sustainable and inclusive world.

Global Leadership: Deloitte's vision extends beyond individual markets or regions. The firm aims to be a global leader, setting the standard for excellence and best practices across all its service lines and industry sectors. Deloitte strives to maintain its position as the trusted advisor and provider of choice for multinational clients, operating seamlessly across borders and delivering consistent quality and value worldwide.

By embracing this vision, Deloitte aims to shape the future of professional services, drive innovation, and positively impact its clients, people, and communities. The firm's commitment to excellence, integrity, and societal responsibility underpins its vision and guides its actions as it continues to evolve and navigate the complexities of a rapidly changing business landscape.


Key Team

Anna Marks (Deloitte Global Chair)

Joseph B. Ucuzoglu (CEO Deloitte Global)

Dennis Chow (Deloitte Global Deputy Chair)

Lara Abrash (Deloitte US Chair)

Bertrand Boisselier (Deloitte France Chair)

Marcelino Alonso Dobao (Deloitte Spain Chair)

Amy Feirn (MP Businesses & Global Services)

Tom Imbesi (Deloitte Australia Chair)

Vivian Jiang (Deloitte China Chair)

Klaus Löffler (Deloitte Central Europe Chair)

Liesbeth Mol (Deloitte North South Europe Chair)

Scott Nicholass (Deloitte North South Europe Board)

Irfan Saif (Deloitte US Chief Information Officer)

Duncan Sinclair (Deloitte Canada and Chile Chair)

Nikolaas Tahon (Deloitte Belgium Chair)

Trevear Thomas (Deloitte US Strategic Growth Leader)

Junko Watanabe (Deloitte Asia Pacific Deputy Chair)


Recognition and Awards
Deloitte has received numerous accolades and recognition for its excellence and positive work environment. In 2019, Fortune magazine included Deloitte in its prestigious list of the 100 Best Companies to Work For, highlighting the company's commitment to employee satisfaction and engagement. Bloomberg Business consistently recognized Deloitte as the top choice for launching a career, acknowledging the firm's dedication to fostering professional growth and development. Additionally, Deloitte, alongside other leading firms like KPMG, PwC, and PA Consulting Group, was honored as one of the UK's best companies to work for in 2017. Deloitte's exceptional performance in the accounting industry has been widely acknowledged. Inside Public Accounting ranked Deloitte as the number one accounting firm for ten consecutive years, reaffirming the company's expertise and reputation. The firm's tax services have also gained global recognition, with International Tax Review (ITR) presenting Deloitte with three consecutive best transfer pricing awards in the Americas. Deloitte's commitment to fostering a supportive work environment extends to family-friendly policies. In 2017, Fatherly, an online resource for parenting news, ranked Deloitte among the top ten companies for paternity leave, reflecting the company's efforts to promote work-life balance and support working parents. In the field of security consulting services, Deloitte has consistently stood out. The research firm Gartner reported that Deloitte has secured the top spot globally in Security Consulting Services based on revenue for the past 5-6 years, cementing its position as an industry leader. Furthermore, Deloitte's consulting services have achieved remarkable success. Gartner recognized Deloitte as the number one consulting service provider worldwide by revenue for three consecutive years, in 2019, 2020, and 2021, highlighting the firm's exceptional capabilities and market leadership.

Products and Services

Deloitte offers a wide range of services through its member firms, catering to the diverse needs of its clients. These services include:

Audit: Deloitte provides traditional accounting and auditing services to help organizations ensure the accuracy and reliability of their financial statements. They also offer internal auditing services, IT control assurance, and specialized services such as Media & Advertising Assurance.

Consulting: Deloitte's consulting business is its largest, generating over 40% of its total revenues in 2021. Their consulting services cover various areas, including Strategy, Analytics and M&A, Customer and Marketing, Core Business Operations, Human Capital, and Enterprise Technology and Performance. Deloitte's consulting teams work closely with clients to provide strategic guidance, drive operational efficiency, and implement transformative solutions.

Financial Advisory: Deloitte's financial advisory services assist clients in areas such as corporate finance, dispute resolution, bankruptcy, forensics, e-discovery, document review, mergers and acquisitions, and valuation. These services help organizations navigate complex financial challenges, make informed business decisions, and optimize their financial performance.

Risk Advisory: Deloitte's risk advisory services focus on helping clients manage various types of risks. This includes enterprise risk management, information security and privacy, data quality and integrity, strategic and reputation risk, regulatory risk, project risk, cyber risk, and business continuity management. Deloitte's risk advisory teams help organizations identify and mitigate risks, enhance their resilience, and ensure compliance with regulations and industry standards.

Tax and Legal: Deloitte offers comprehensive tax and legal services to assist clients in managing their tax liabilities, optimizing their tax planning strategies, and ensuring compliance with tax regulations. Their services cover areas such as transfer pricing, international tax activities for multinational companies, tax advisory for business decisions, and tax technology implementation. Deloitte's legal services provide clients with legal advice on various matters, including corporate law, employment law, and regulatory compliance.

GovLab: GovLab is Deloitte Consulting LLP's internal think tank focused on innovation and government reform. It undertakes research projects that explore the impact of future trends, technologies, and business models on government operations. GovLab aims to provide insights and recommendations to help government organizations adapt to evolving challenges and opportunities.

These services are tailored to the specific needs of clients across industries and sectors. Deloitte's global network of member firms enables them to leverage their collective expertise, industry knowledge, and technological capabilities to deliver high-quality solutions and value to their clients.


References
Deloitte
Leadership team

Anna Marks (Deloitte Global Chair)

Joseph B. Ucuzoglu (CEO Deloitte Global)

Industries

Financial and Banking

Products/ Services
Audit; Management consulting; Financial advisory; Risk advisory; Tax; Legal.
Number of Employees
1,000 - 20,000
Headquarters
London, U.K.
Established
1845
Company Type
Private company limited by shares or Ltd
Company Registration
OC303675
Revenue
Above - 1B
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