Company Details - Deloitte Consulting

Introduction

Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is one of the Big Four professional services firms along with PricewaterhouseCoopers (PwC), Ernst & Young and KPMG.

Deloitte is the second largest professional services network in the world by revenue and has 182,000 employees in more than 150 countries providing audit, tax, consulting, enterprise risk and financial advisory services.   In FY 2011, Deloitte earned a record $28.8 billion USD in revenues, ranking second behind PwC's record $29.2 billion. In 2012, it is reported that in the U.K. Deloitte has the largest number of clients among st FTSE 250 companies.

Its global headquarters is located in New York City, United States.

                                                                                                                       

Type	UK private company, limited by guarantee
Industry	Professional services
Founded	London, England, U.K. (1845)
Founder(s)	William Welch Deloitte
Headquarters	Paramount Plaza, New York City, New York,U.S.
Area served	Worldwide
Key people	Stephen Almond (Chairman) Barry Salzberg (CEO)
Services	Audit Consulting Financial advisory Tax Enterprise Risk
Revenue	US$28.8 billion (2011)
Employees	182,000 (September 2011)
Website	Deloitte.com/global

Origin

Deloitte Touche Tohmatsu began when an adventurer, William Welch Deloitte, began working as an assistant to the Official Assignee of the Bankruptcy Court in London. In 1845, when he was just 25 years old, he opened his office in the city and just four years later he became the first independent auditor ever appointed. He built his reputation through the exposure of fraud in the railway industry, and in 1893 opened an office in the United States. It was then called "Deloitte's".

George Touch was an Edinburgh accountant. Touch had a flair for saving doomed businesses from disaster and in 1900 he formed the firm "Touch, Niven & Co." in New York. He later became an Member of Parliament and was knighted in 1917.

The third founder of the global Deloitte firm is Tohmatsu, who as Admiral Nobuzo Tohmatsu was the Japanese Naval Attache in London. In 1952 Tohmatsu  became a public accountant at the age of 57 and was promoted to become a director in a private corporation. A visionary man who realized the worth of sending his staff overseas to gain experience, it was Tohmatsu who gave the firm the international focus it enjoys today. 

History

In 1845 William Welch Deloitte opened an office in Basing hall Street in London. Deloitte was the first person to be appointed an independent auditor of a public company. He went on to open an office in New York in 1880.

In 1896 Charles Waldo Haskins and Elijah Watt Sells formed Haskins & Sells in New York.

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. 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 1952 Deloitte merged with Haskins & Sells to form Deloitte, Haskins & Sells. In 1968 Nobuzo Tohmatsu formed Tohmatsu Awoki & Co, a firm based in Japan that was to become part of the Touche Ross network in 1975. In 1972 Robert Trueblood, Chairman of Touche Ross, led the committee responsible for recommending the establishment of the Financial Accounting Standards Board. He led the expansion of Touche Ross in that era.

In 1982, David Moxley and W. Grant Gregory became the leaders at 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.

In 1989 Deloitte Haskins & Sells in the USA merged with Touche Ross in the USA to form Deloitte & Touche

Some recent happenings in the company are as under in the chronological order

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

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.

In 2002, Arthur Andersen's UK practice, the firm's largest practice outside the U.S., 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. The spin off of Deloitte France's consulting division led to the creation of Ineum Consulting.

In 2009, Deloitte purchased the North American Public Service practice of BearingPoint (formerly KPMG Consulting) after it filed for bankruptcy protection. The firm also took over the UK property consultants Drivers Jonas in January 2010.

In 2011, Deloitte acquired DOMANI Sustainability Consulting and ClearCarbon Consulting in order to expand its sustainability service offerings.

In 2012, Deloitte announced the acquisition of Übermind, Inc., an innovative mobile agency. The aquistion is Deloitte's first entrance into the mobile application field.

Vision and Mission Statements

Vision

         To be recognised as the best professional services firm.

         Mission 

         To help our clients and our people excel.

         Values 

         Outstanding value to clients.

         Commitment to each other.

         Integrity.

         Strength from cultural diversity.

Plants/Offices

Deloitte member firms offer services in the following functions, with country-specific 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.

Financial Advisory: Provides corporate finance services to clients, including dispute, personal and commercial bankruptcy, forensics, e-discovery, document review, advisory and valuation services.

Tax: 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.

Other Services: provides specialized services to clients in the fields of International Financial Reporting Standards (IFRS), clients with interest in China and Japan, and others

Audit and Enterprise Risk Services: Provides the organization's traditional accounting and audit services, as well as offerings in enterprise risk management, information security and privacy, data quality and integrity, project risk, business continuity management, internal auditing and IT control assurance.

Consulting: Assists clients by providing services in the areas of enterprise applications, technology integration, strategy & operations, human capital, and short-term outsourcing.

Financial Performance

 The record results that the Deloitte member firm network achieved in fiscal year 2011 illustrate the strength aresilience of Deloitte’s diversified portfolio of businesses, and are a testament to the network’s focus on the success of its key stakeholders.  The 2011 fiscal year aggregate member firm revenues of US$28.8 billion mark the highest revenue ever recorded by the network, and the aggregate growth rate of 8.4 percent is the network’s highest in the last three years. 

Corporate Social Responsibility

For any enlightened business, having a clearly defined approach to the impact of climate change, involvement with local communities, responsible business practices and the creation of a quality workplace environment must be a core part of business strategy.  

The top executives are very motivated for giving back to the society and have well defined events and processes to doing their bit for the welfare of society.

The following are the words of the top leadership of Deloitte regarding their CSR activities.

At Deloitte we all share a desire to give something back to society. Our volunteering and giving programmes provide opportunities to do just that by getting involved in the community.
Volunteering
By pursuing your career with us, you have the opportunity to take care of more than just your own future.
Impacting under-privileged youths
IMPACT Day is a Deloitte worldwide initiative where our people volunteer to devote one working day to a project that has a direct and positive impact on society. Projects include painting, decorating, gardening and organizing day trips for a variety of charitable organisations. We also support a number of individuals in their volunteering efforts.
Our theme for our Corporate Social Responsibility (CSR) activities in Southeast Asia is Youth and Education and our activities on IMPACT Day around the region will focus on supporting helping young people get better education and opportunities, as well as supporting charity organizations which focus on orphans and the handicapped.
Supporters
In Vietnam, we have raised donations throughout the offices in Hanoi and Ho Chi Minh City to help people overcome their difficult situations.
Helping our neighbors
Continuing with the As ONE spirit and working together with Deloitte SEA, Deloitte Vietnam employees contributed to a fund for the flood victims in Thailand. By doing this, we hope that our helping hands can help to lift our colleagues as well as the Thai people up.
Running for passion
In November 2011, employees of Deloitte Vietnam took part in the Terry Fox Run held in Ho Chi Minh City. The Terry Fox Fun is an annual non-competitive charity event in commemoration of Canadian cancer activist Terry Fox, and his Marathon of Hope, and to raise money for cancer research. Deloitte Vietnam is proud to be part of this worthy cause raising funds for cancer research.

Some Observations/Suggestions

After going through some of the blogs of ex-employees of Deloitte, I have got some things which they have to say about the company they have worked for.

Pros
 Strong learning opportunities
 Interaction with industry specialists
 Organised and structured growth
 Great Infrastructure
 Adds that feel good factor with involvement in community service

Cons
Lesser onsite opportunities for fresher
Poor work life balance
Lots of travelling

         Flexibility in work culture

         Self developmental opportunities

Suggestions to Senior Management

         Much guidance needs to be given to the fresher on business prospective of projects and they also should be given a chance to involve in client engagements.

It can be seen from the blogs and feedback of the employees and ex-employees of Deloitte that it is an amazing place to be in.
Of course, there are some negative perceptions too, but overall, Deloitte remains the dream company for many of us.






Ankit Tyagi


IM-19 Section - A