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Deloitte Touche: Company Profile

BY :  Shannon Dauphin Lee | November 05, 2013
 

Based in New York City, Deloitte Touche LLP is a member firm of Deloitte LLP. Deloitte Touche offers many services, including auditing, accounting, risk management, financial advisory and tax services. International financial reporting, assurance and advisory, tax auditing, corporate governance, risk consulting, and board advisory and management services are also offered, according to a Bloomberg BusinessWeek profile of the company. Deloitte Touche goes even further for clients with government compliance, merger and acquisitions, human capital consulting and financial advisory services.

Deloitte Touche offers services to a wide variety of industries, including automotive, aviation, consumer products, defense, healthcare, insurance, media, oil and gas, power, banking, life sciences, retail, real estate, telecommunications, technology, tourism, hospitality and government sectors.

The history of Deloitte Touche

When stock in the Great Western Railway took a tumble in 1849, the company turned to independent accountant William Welch Deloitte for a thorough audit. The experience so impressed company directors that they recommended compulsory independent oversight of accounting. By 1898, the need for accountants was so great that George A. Touche established a London-based company to meet the demand. In 1900 he established an office in the United States: Touche, Niven and Company.

In 1900, fewer than 500 accountants practiced in the United States. That all changed with the 16th amendment of 1913, which established an income tax. Accountants became even more in-demand after the stock market crash of 1929, when it was believed that proper accounting procedures could have helped avoid the financial catastrophe. Four years later, the 1933 Securities Act required public companies to file independently certified registration statements and reports.

George Touche's company rode the financial wave, and in 1960 had grown enough to merge into Touche, Ross, Bailey & Smart. In 1969, it became simply Touche Ross. Significant advances followed, such as becoming the first company to automate bookkeeping. The powerful firm of Deloitte Haskins Sells was also making headway. In 1989, the two companies merged, creating Deloitte & Touche. It had become a truly global company, working with some of the largest firms in the world, including Tohmatsu Avoiki & Sanwa, the largest accounting firm in Japan.

The financial world moved faster than ever, and in 1995 Deloitte & Touche created Deloitte Consulting. Between 2003 and 2005, the company reorganized, forming Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP and Deloitte Financial Advisory Services LLP. The company is currently the top accounting firm in the U.S. by annual revenue.

Today, Deloitte Touche Tohmatsu International is the fifth-largest accounting firm in the world. Serving clients in over 130 countries, the company provides management services, tax advice and assurance and advisory services to five of the world's twenty-five largest banks, four of the world's largest tradition companies and the world's largest manufacturer.

Employment at Deloitte Touche

According to Bloomberg Businessweek, Deloitte Touche offers significant benefits, extensive training and the highest pay of the nation's biggest accounting firms. In 2008, most of the company's hires came from a business and economics background, though there was room for those whose studies had focused on computer science, engineering, math, science or criminal justice. Deloitte Touche places strong emphasis on college achievement and grade point average, as well as analytical skills and the cultural fit of the applicant. The average base salary for new employees is between $55,000 and $59,999, and 90 percent received signing bonuses.

NY Job Source reported just over 51,000 employees of the company in the United States in 2011. The global company reported revenue of $28.8 billion for the 2011 fiscal year, up from $26.6 billion the year before. The U.S. division was responsible for $11.93 billion of that amount, up by about $1 billion from the previous year. Forty-four percent of the U.S. tally came from consulting services, 32 percent from audit and risk enterprise services, 20 percent from tax services and four percent from financial advisory services.

Deloitte Touche is often included in top rankings, such as Best Places to Launch a Career (Businessweek), 100 Best Companies for Working Mothers (Working Mother), and 100 Best Companies to Work For (Fortune). Given the favorable job environment, it is understandable that competition for open positions is fierce. Bloomberg Businessweek reported 55,675 applicants for entry-level jobs at Deloitte Touche in 2008; the company hired 3,438 new employees that year, or only about 16 percent of all applicants.

Sources:

  • Company Overview of Deloitte & Touche LLP, Bloomberg Businessweek
    http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=98446
  • Deloitte: 2009 Best Places to Launch a Career, Bloomberg Businessweek
    http://www.businessweek.com/careers/first_jobs/2009/1.htm?chan=magazine+channel_special+report
  • Deloitte LLP, Vault Accounting 50
    http://www.vault.com/company-profiles/accounting/deloitte-llp.aspx
  • Deloitte Profile, NY Job Source
    http://www.nyjobsource.com/deloitte.html
  • Deloitte Touche Tohmatsu International History, Funding Universe
    http://www.fundinguniverse.com/company-histories/deloitte-touche-tohmatsu-international-history/
  • History, Deloitte,
    http://www.deloitte.com/view/en_US/us/About/History/index.htm