Deloitte

Deloitte Touche Tohmatsu Limited /dəˈlɔɪt ˈtuːʃ toʊˈmɑːtsuː/, commonly referred to as Deloitte, is a multinational professional services network.[6] Deloitte is one of the "Big Four" accounting organizations and the largest professional services network in the world by revenue and number of professionals.[7]

Deloitte provides audit, tax, consulting, enterprise risk and financial advisory services with more than 286,200 professionals globally.[8] In FY 2018, the network earned a record $43.2 billion USD in aggregate revenues.[9] As of 2017, Deloitte is the 4th largest privately owned company in the United States.[10]

As of 2015, Deloitte currently has the highest market share in auditing among the top 500 companies in India.[11][12] Deloitte has been ranked number one by market share in consulting by Gartner,[13] and for the fourth consecutive year, Kennedy Consulting Research and Advisory ranks Deloitte number one in both global consulting and management consulting based on aggregate revenue.[14]

Deloitte
UK private company, limited by guarantee[1]
IndustryProfessional services
Founded1845
London, England, United Kingdom
FounderWilliam Welch Deloitte
HeadquartersLondon, United Kingdom[2]
Area served
Worldwide
Key people
Services
RevenueIncrease US$43.2 billion (2018)[5]
Number of employees
286,200 (2018)[5]
Websitewww2.deloitte.com

History

Early history

In 1845, William Welch Deloitte opened an office in London, United Kingdom. Deloitte was the first person to be appointed an independent auditor of a public company, namely the Great Western Railway.[15] He went on to open an office in New York in 1880.[15]

In 1890, Deloitte opened a branch office on Wall Street headed by Edward Adams and P.D. Griffiths as branch managers. That was Deloitte's first overseas venture. Other branches were soon opened in Chicago and Buenos Aires. in 1898 P.D. Griffiths returned from New York and became a partner in the London office.[16]

In 1896, Charles Waldo Haskins and Elijah Watt Sells formed Haskins & Sells in New York.[15] It was later described as "the first major auditing firm to be established in the country by American rather than British accountants".[17]

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.[15]

On 1 March 1933, Colonel Arthur Hazelton Carter, President of the New York State Society of Certified Public Accountants and managing partner of Haskins & Sells, testified before the U.S. Senate Committee on Banking and Currency. Carter helped convince Congress that independent audits should be mandatory for public companies.[15]

William welch deloitte small
William Welch Deloitte, founder of Deloitte

In 1947, Detroit accountant George Bailey, then president of the American Institute of Certified Public Accountants, launched his own organization. The new entity enjoyed such a positive start that in less than a year, the partners merged with Touche Niven and A. R. Smart to form Touche, Niven, Bailey & Smart.[15] Headed by Bailey, the organization grew rapidly, in part by creating a dedicated management consulting function. It also forged closer links with organizations established by the co-founder of Touche Niven, George Touche: the Canadian organization Ross and the British organization George A. Touche.[15] In 1960, the firm was renamed Touche, Ross, Bailey & Smart, becoming Touche Ross in 1969.[15] In 1968 Nobuzo Tohmatsu formed Tohmatsu Aoki & Co, a firm based in Japan that was to become part of the Touche Ross network in 1975.[15] In 1972 Robert Trueblood, Chairman of Touche Ross, led the committee responsible for recommending the establishment of the Financial Accounting Standards Board.[15]

In 1952, Deloitte's firm (by then known as Deloitte, Plender, Griffiths & Co.) merged with Haskins & Sells to form Deloitte Haskins & Sells.[18]

In 1989, Deloitte Haskins & Sells merged with Touche Ross in the USA to form Deloitte & Touche. The merged firm was led jointly by J. Michael Cook and Edward A. Kangas. Led by the UK partnership, a smaller number of Deloitte Haskins & Sells member firms rejected the merger with Touche Ross and shortly thereafter merged with Coopers & Lybrand to form Coopers & Lybrand Deloitte (later to merge with Price Waterhouse to become PwC).[19] Some member firms of Touche Ross also rejected the merger with Deloitte Haskins & Sells and merged with other firms.[19] In UK, Touche Ross merged with Spicer & Oppenheim in 1990.[20]

Recent history

At the time of the US-led mergers to form Deloitte & Touche, the name of the international firm was a problem, because there was no worldwide exclusive access to the names "Deloitte" or "Touche Ross" – key member firms such as Deloitte in the UK and Touche Ross in Australia had not joined the merger. The name DRT International was therefore chosen, referring to Deloitte, Ross and Tohmatsu. In 1993, the international firm was renamed Deloitte Touche Tohmatsu.[15]

DeloitteOfficeChicago
Deloitte Office Building in Downtown Chicago

In 1995, the partners of Deloitte & Touche decided to create Deloitte & Touche Consulting Group (now known as Deloitte Consulting).[21]

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.[22]

In 2002, Arthur Andersen's UK practice, the firm's largest practice outside the US, 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.[23][24] The spinoff of Deloitte France's consulting division led to the creation of Ineum Consulting.[25]

In 2005, Deloitte acquired Beijing Pan-China CPA to become the largest accountancy firm in China. Just prior to this acquisition Deloitte China had about 3,200 employees. This acquisition was part of a five-year plan to invest $150 million in China. Deloitte has had a presence in China since 1917.[26]

In 2007, Deloitte began hiring former employees of the Central Intelligence Agency (CIA) for their competitive intelligence unit known as Deloitte Intelligence.[27]

In 2009, Deloitte purchased the North American public service practice of BearingPoint (formerly KPMG Consulting) for $350 million after it filed for bankruptcy protection.[28]

Deloitte LLP took over the UK property consultants Drivers Jonas in January 2010. As of 2013, this business unit was known as Deloitte Real Estate.[29]

In 2011, Deloitte acquired DOMANI Sustainability Consulting and ClearCarbon Consulting in order to expand its sustainability service offerings.[30]

In January 2012, Deloitte announced the acquisition of Übermind, a mobile advertising agency.[31] The acquisition marked Deloitte's first entrance into the mobile application field.[32]

In November 2012, Deloitte acquired Recombinant Data Corporation, a company specializing in data warehousing and clinical intelligence solutions, and launched Recombinant by Deloitte.[33] In February 2013 Recombinant by Deloitte merged with an internal informatics unit (Deloitte Health Informatics) and launched ConvergeHEALTH by Deloitte.[34]

On 11 January 2013, Deloitte acquired substantially all of the business of Monitor Group,[35] the strategy consulting firm founded by Harvard Business School professor Michael Porter, after Monitor filed for bankruptcy protection.[36]

In 2014 the company introduced Rubix, a blockchain consultancy providing advisory services for clients in different business sectors, including government. In 2016 the company created its first blockchain lab in Dublin. A second hub was launched in New York in January 2017. In 2016, Deloitte Canada set-up a Bitcoin automatic teller machine and equipped a restaurant in its office complex to accept bitcoin as payment. Deloitte CIS partnered with Waves Platform to offering services related to initial coin offerings. Deloitte became a member of the Ethereum Enterprise Alliance and the Hyperledger Project sponsored by the Linux Foundation in May 2017.[37][38]

In 2016, Deloitte acquired advertising agency Heat of San Francisco, best known for its work Madden NFL from EA Sports and the Hotwire travel website. Heat was the 11th digital marketing agency purchased by Deloitte Digital since its founding in 2012. As of 2016, Deloitte Digital had 7,000 employees. It billed $2.1 billion in 2015, making it one of world's largest digital agencies.[39][40]

In September 2016, Apple Inc. announced a partnership with Deloitte aimed at boosting sales of its phones and other mobile devices to businesses. As part of the partnership, the two companies will launch a service called Enterprise Next, in which more than 5,000 Deloitte consultants will advise clients on how to make better use of Apple products and services.[41][42][43]

In October 2016, Deloitte announced that they were creating Deloitte North West Europe. The Belgian, Danish, Dutch, Finnish, Icelandic, Norwegian, and Swedish member firms will combine with the UK and Swiss member firms to create Deloitte North West Europe. Deloitte, over the next three years, will invest €200m to enhance its services to its global, national and private market clients and to create the best development opportunities. The firm will come into effect on 1 June 2017 and it is estimated to have 28,000 partners and people generating over €5bn in annual revenue. Deloitte North West Europe will account for approximately 20% of all revenue within their Global Network.[44]

Name and branding

DeloitteNewSmall
Deloitte logo (Short)

While in 1989, in most countries, Deloitte, Haskins & Sells merged with Touche Ross forming Deloitte & Touche, in the United Kingdom the local firm of Deloitte, Haskins & Sells merged instead with Coopers & Lybrand (later renamed PwC).[45]

While the full name of the UK private company is Deloitte Touche Tohmatsu Limited, in 1989 it initially branded itself DTT International. In 2003, the rebranding campaign was commissioned by William G. Parrett, the then-CEO of DTT, and led by Jerry Leamon, the global Clients and Markets leader.[46]

According to the company website, Deloitte now refers to the brand under which independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients.[47]

In 2008, Deloitte adopted its new "Always One Step Ahead" (AOSA) brand positioning platform to support the existing Deloitte vision: "To be the Standard of Excellence". AOSA represents the global organization's value proposition and is never used as a tagline. The recent launch of the Green Dot ad campaign also aligns with Deloitte's brand strategy and positioning framework.[48]

In June 2016, Deloitte changed its branding and adopted a new logo with Deloitte written in black color instead of earlier blue.[49]

In India, Deloitte operates under several brand names including A.F.Ferguson &Co., A.F.Ferguson Associates, S.B.Billimoria, C.C.Choksi & Co., P.C.Hansotia, Fraser & Ross and Deloitte Haskins & Sells (India).[50]

Legal structure

For many years, the organization and its network of member firms were legally organized as a Swiss Verein (the equivalent to an unincorporated association). As of 31 July 2010, members of the Verein became part of Deloitte Touche Tohmatsu (DTTL), a UK private company, limited by guarantee. Each member firm in its global network remains a separate and independent legal entity, subject to the laws and professional regulations of the particular country or countries in which it operates.[51] Deloitte is registered under the NAIC code of 55112.[52]

This structure is similar to other professional services networks which seek to limit vicarious liability for acts of other members. As separate and legal entities, member firms and DTTL cannot obligate each other. Professional services continue to be provided by member firms only and not DTTL. With this structure, the members should not be liable for the negligence of other independent members. This structure also allows them to be members of the IFAC Forum of Firms.[53]

Services

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).[5]

Audit

Audit provides the organization's traditional accounting and audit services, as well as internal auditing and IT control assurance. In 2018, audit grew by 7.7%.[5]

Investors in Guangdong Kelon Electrical Holdings Company Limited have claimed that there was a failure to alert them to the company's poor financial position.[54][55] Deloitte claims it did a good job on the project. Deloitte's global CEO defended the firm's work on the Kelon matter. The firm was the auditor for thirty months from 2002 to 2004. It qualified its opinion in 2004 as to company sales, returns, and allowances. The firm resigned from the Kelon account after completing the 2004 audit. Deloitte said it resigned from the account because management at the client was not committed to best practices in finance.[56]

Consulting

Consulting assists clients by providing services in the areas of enterprise applications, technology integration, strategy & operations, human capital, and short-term outsourcing. In 2018, consulting grew by 15.7%.[5]

In An American Sickness (2017), Dr. Elisabeth Rosenthal attributed to Deloitte a key role in counseling the adoption of "strategic billing" as a way of increasing revenues from hospital business. She dates this development from 2005, when Deloitte hired Tommy Thompson, former secretary of health and human services, as chairman of its global healthcare practice.[57] In 2011, Deloitte was ranked No. 1 by revenue in all areas of healthcare consulting—life sciences, payer, provider, and government health.[58]

The firm implemented the SAP HR system for the Los Angeles Unified School District (LAUSD) for $95 million and because of faults in the system, some teachers were underpaid, overpaid, or not paid at all.[59] As of 31 December 2007, LAUSD had incurred a total of $140 million in payments to Deloitte to get the system working properly.[60] In 2008, there was some evidence that the payroll issues had started to stabilize with errors below 1% according to LAUSD's chief operating officer.[61]

The firm worked on a statewide case management system which originally had a budget of around $260 million. Almost $500 million had been spent and costs were at one time projected to potentially run as high as $2 billion. No single court became fully operational.[62] California's Judicial Council terminated the project in 2012 citing actual deployment costs associated with the project and California's budget concerns.[63]

Financial advisory

Financial advisory provides corporate finance services to clients, including dispute, personal and commercial bankruptcy, forensics, e-discovery, document review, advisory, mergers & acquisitions, capital projects consulting and valuation services. In 2018, financial advisory grew by 8%.[5]

Risk advisory

Risk advisory provides offerings in enterprise risk management, information security and privacy, data quality and integrity, project risk and cyber risk, and business continuity management and sustainability. In 2018, risk advisory grew by 12%.[5]

Tax and legal

Tax & legal 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. In 2018, tax & legal grew by 8.7%.[5]

In November 2013, the international development charity ActionAid accused Deloitte of advising large businesses on how they could use Mauritius to avoid potentially hundreds of millions of dollars of tax in some of the poorest countries in Africa. Deloitte responded by saying that, in the absence of the double-taxation treaties, they advise their clients to avail themselves of arrangements that could result in less taxes being paid to the countries in question. Deloitte also said it was wrong to say it is tax avoidance to make use of provisions in double tax treaties and that without such treaties investment might be reduced.[64]

GovLab

GovLab is the internal think tank of Deloitte Consulting LLP's Federal Government consulting practice, focused on innovation and government reform. Created in 2010, GovLab is based in the Washington, D.C. metro area and typically undertakes 8 or 9 research topics per year, focusing on how future trends, technologies, and business models will affect government.[65]

Offices

Deloitte operates across the world in more than 100 locations including Hong Kong, China and India.[66]

Operations in India

In the late 1990s, Deloitte commenced operations in India, at the same time as another large auditing firm KPMG. In India, ICAI regulations do not permit foreign firms to carry out audits in India.[67] Hence Deloitte carries out audits in India under the name of C.C.Chokshi & Co., an existing auditing firm that it arranged an agreement with 1998.[68] In 1992, after India was forced to liberalise under one of the conditions of the world bank and IMF sponsored bail out, Deloitte was granted a license to operate in India. It subsequently purchased C.C.Chokshi & Co and now conducts audits in India under the name of this firm.[69]

Awards and recognition

In 2019, Fortune magazine ranked Deloitte as one of the 100 Best Companies to Work For[70] and Bloomberg Business has consistently named Deloitte as the best place to launch a career.[71]

Deloitte, along with KPMG, PwC and PA Consulting Group were recognized among the UK's best companies to work for in 2017.[72]

Deloitte was named the #1 accounting firm for the tenth year in a row by Inside Public Accounting in August 2018.[73]

In 2017, Deloitte was ranked as one of the ten best places to work for paternity leave by Fatherly, an online resource for parenting news.[74]

Litigation and regulatory action

Adelphia Communications

The Securities and Exchange Commission announced on 26 April 2005 that Deloitte had agreed to pay $50 million to settle charges relating to Adelphia's 2000 financial statements.[75][76] The settlement was later reported to be as high as $210m or $167.5m.[77][78]

Canadian Bar Association

In September 2003, Deloitte reported to the Canadian Bar Association (CBA) that motor vehicle accident insurance claims for bodily injury had been declining since 1999 adjusted for inflation. This contradicted the government's and industry's argument that general damages for soft-tissue injury had to be capped at $4,000. Within hours of release, a member of Deloitte was communicating with Insurance Bureau of Canada without the knowledge of CBA (their client) and providing confidential information. The Institute of Chartered Accountants of Alberta found Deloitte guilty of unprofessional conduct and fined the firm $40,000.[79]

Livent

In proceedings arising from the insolvency of the former entertainment company Livent, in April 2014 its special receiver obtained judgment against Deloitte for $84,750,000 in the Ontario Superior Court of Justice, in relation to Deloitte's failure to exercise its duty of care with respect to the audit of Livent's financial statements during 1993–1998.[80] The ruling was upheld by the Ontario Court of Appeal in January 2016,[81][82][83] but in December 2017, the Supreme Court of Canada in Deloitte & Touche v Livent Inc (Receiver of) allowed an appeal in part, declaring that liability existed only in respect of Deloitte's negligence in conducting the audit for Livent's 1997 fiscal year, and accordingly reduced the amount of damages awarded to $40,425,000.[84]

Standard Chartered

In August 2012, Deloitte Financial Advisory Services (DFAS) publicly denied that as the official internal auditors for Standard Chartered, it helped the bank cover up money laundering operations related to Iran which were earning the bank significant profits by "intentionally omitting critical information".[85] DFAS paid the state of New York a $10 million settlement, was required not to take on new business for one year from designated New York banks, and was required to implement reforms in order to prevent similar problems in the future. The state regulator stated that there was no evidence DFAS intentionally helped Standard Chartered launder money.[86]

Controversies

Australian tobacco industry

In 2011, Deloitte was commissioned by the tobacco industry to compile a report on illicit tobacco. The Australian Customs and Border Protection Service officials called the report "potentially misleading", and raised concerns about the "reliability and accuracy" of the data.[87] When a second Deloitte report focusing on counterfeit cigarettes was released, Home Affairs Minister Brendan O'Connor described the second report as "baseless and deceptive" and "bogus".[88] Public health officials criticised Deloitte's decision to conduct the research, as it added credibility to the tobacco industry's effort to undermine the Australian Government's plain cigarette packaging legislation.[89][90]

E-mail hack

In September 2017, The Guardian reported that Deloitte suffered a cyberattack that breached the confidentiality of its clients and 244,000 staff, allowing the attackers to access "usernames, passwords, IP addresses, architectural diagrams for businesses and health information". Reportedly, Deloitte had stored the affected data in Microsoft's Azure cloud hosting service, without two-step verification. The attackers were thought to possibly have had access from as early as October 2016.[91] Brian Krebs reported that the breach affected all of Deloitte's email and administrative user accounts.[92][93] A later report by The Wall Street Journal repeated Deloitte's statement that only a few clients were affected. Deloitte said that neither its services nor its clients' businesses were disrupted. Deloitte reportedly first noticed suspicious activity in April 2017. Deloitte said that no sensitive information was compromised and that its investigators were eventually able to read every email obtained by the hackers.[94]

The Guardian reported that client accounts compromised in the breach included, but were not limited to, the US Department of Defense, the US Department of Homeland Security, the US State Department, the US Department of Energy, mortgage companies Fannie Mae and Freddie Mac, the National Institutes of Health (NIH), and the US Postal Service.[95] Fannie Mae and Freddie Mac issued statements saying they were not affected by the attack and denied that any of their data was compromised.[96]

Deloitte said that it immediately contacted legal authorities and six clients. Deloitte also increased security measures on the advice of both internal and external experts.[97] As of October 2017, the New York attorney general's office was investigating the hack.[94]

Carillion

Deloitte had acted as internal auditor at construction and services giant Carillion before it went into liquidation in January 2018. The "excoriating" and "damning" (The Guardian)[98] final report of the Parliamentary inquiry into Carillion's collapse was published on 16 May 2018, and criticised Deloitte for its involvement in the company's financial reporting practices:

"Deloitte were responsible for advising Carillion’s board on risk management and financial controls, failings in the business that proved terminal. Deloitte were either unable to identify effectively to the board the risks associated with their business practices, unwilling to do so, or too readily ignored them."[99]

The select committee chairs (Frank Field and Rachel Reeves) called for a complete overhaul of Britain’s corporate governance regime, accusing the big four accounting firms of operating as a "cosy club".[98] Deloitte said it was "disappointed" with the committees' conclusions regarding its role as internal auditors, but would take on board any lessons that could be learned from Carillion's collapse.[98]

Autonomy

Following Autonomy's 2011 sale to Hewlett-Packard, the British software company was accused of accounting improprieties that contributed to an $8.8 billion write-down of Autonomy's value. In May 2018, the UK-Based Financial Reporting Council launched disciplinary action against Deloitte, Autonomy's auditor at the time of the sale. Deloitte Partners who led the audit were accused of failing to correct false and misleading information filed with the FRRP, and otherwise failing to act with objectivity during the course of the audit. The FRC's action followed legal proceedings in the US that found former Autonomy executive Sushovan Hussain guilty of fraud earlier that month. [100]

Sponsorships

Deloitte LLP serves as the official professional services sponsor of the United States Olympic Committee since year 2009.[101] The UK member firm of Deloitte was a sponsor of the London 2012 Olympics[102] and the Royal Opera House.[103] The Canadian member firm was also the official professional services supplier for the 2010 Vancouver Winter Olympic Games[104] and 2010 Winter Paralympic Games.[105] In Asia, the Singapore member firm of Deloitte was a sponsor of the 2010 Summer Youth Olympics.[106] The Australian member firm of Deloitte is a Founding Partner of Invictus Games Sydney 2018, and a Principal from the firms Consulting practice is CEO of the not-for-profit entity delivering the Games.[107][108]

Moreover, Deloitte sponsors many university sports teams and societies, such as Edinburgh University Hockey Club.[109] It also entered into a 3-year partnership with the Cambridge Union Society in November 2013.[110]

See also

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External links

Accounting networks and associations

Accounting networks and associations are professional services networks whose principal purpose is to provide members resources to assist the clients around the world and hence reduce the uncertainty by bringing together a greater number of resources to work on a problem. The networks and associations operate independently of the independent members. The largest accounting networks are known as the Big Four.

Arthur Andersen

Arthur Andersen LLP, based in Chicago, was an American holding company. Formerly one of the "Big Five" accounting firms (along with PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG), the firm had provided auditing, tax, and consulting services to large corporations. By 2001, it had become one of the world's largest multinational companies.

In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accountants in the United States after being found guilty of criminal charges relating to the firm's auditing of Enron, an energy corporation based in Texas, which filed for bankruptcy in 2001. In 2005, the Supreme Court of the United States unanimously reversed Arthur Andersen's conviction due to serious errors in the trial judge's instructions to the jury that convicted the firm.The former consultancy and outsourcing practice of the firm separated from the firm's accountancy practice and split from Andersen Worldwide in 2000 whereby it renamed itself Accenture. It continues to operate.

Big Four accounting firms

The Big Four (Deloitte, Ernst & Young (EY), KPMG and PricewaterhouseCoopers (PwC)) are the four biggest professional services networks in the world, offering audit, assurance services, taxation, management consulting, advisory, actuarial, corporate finance and legal services. They handle the vast majority of audits for public companies as well as many private companies.

Until the late 20th century, the market was dominated by eight networks but this gradually reduced due to mergers and the 2002 collapse of one firm, leaving four networks dominating the market in the early 21st century.

In the UK in 2011, it was reported that the Big Four audit 99% of the companies in the FTSE 100, and 96% of the companies in the FTSE 250 Index, an index of the leading mid-cap listing companies. Such industry concentration has caused concern and calls for the Competition and Markets Authority (CMA) to consider breaking up the Big Four. In October 2018, the CMA announced it had launched a detailed study of the Big Four's dominance of the audit sector.

Chase Tower (Dallas)

Chase Tower is a 225 m (738 ft), 55-story postmodern skyscraper at 2200 Ross Avenue in the City Center District of downtown Dallas, Texas. Although it is the fourth tallest skyscraper in the city, if one were to exclude antennas and spires, it would be the third. It is also the 12th tallest building in Texas. The building was designed by Skidmore, Owings & Merrill and was completed in 1987. The building also houses the Dallas Petroleum Club, a business and social club located on the 39th and 40th floors.

This building is known for its unique architecture which includes a curved glass top and a 6-story hole in the center of the building near the top and is nicknamed the "Keyhole Building" by some people.The Jack Mitchell, Inc., Edsel automobile dealership was located on this building's site in 1957.When Ion Storm existed, its corporate headquarters were in Suite 4500, 22,000-square-foot (2,000 m2) of space in a penthouse suite on the 54th floor, the top floor, of the tower. Lisa Chadderdon of Fast Company said that the penthouse location was "unusual". For the first ten years after the construction of the JPMorgan Chase Tower, the penthouse location had been unleased.Hines REIT bought the building in 2007 naming Hines Interests Limited Partnership the property manager.The company Autonomy etalk planned to move its employees to the Chase Tower from Las Colinas, Irving in 2008.Deloitte LLP has an office in the tower which had 950 employees in late 2009. In early 2009, Deloitte announced that it planned to consolidate its Downtown operations and its operations in Irving, Texas. Initially, there would have been a multimillion-dollar advantage to Deloitte if it moved to Irving. The City of Dallas proposed an economic grant to Deloitte if it decided to stay in Downtown Dallas. Therefore, Deloitte agreed to extend its lease in the tower for fifteen years, beginning in 2011. Deloitte will have at least 1,111 employees in the JPMorgan Chase Tower.In 2015 and 2016 renovations were made to many of the common areas including the main lobby and mezzanine level of the building. Lighting and furniture upgrades were included along with a remodel of the existing sundries shop and Starbucks coffee kiosk. An executive conference center was added on the 40th floor and a video conference center was added on level 38.

The rotunda which sits on the property's north plaza was remodeled as a fitness center exclusive to Chase Tower tenants. It includes cardio, free weight and circuit training equipment as well as a studio center for group fitness and spinning class workouts. Men's and women's locker rooms with full shower facilities and day lockers were added in the lower level of the rotunda. Tenants may also opt for an executive locker that provides full-time locker use of a larger locker, changing area and executive lounge. The fitness center is staffed with a full-time manager and day porter Monday through Friday.

The 40th floor Sky Lobby at the base of the "keyhole" contained a little-known observation area which is no longer available to the public.

The current Owner/Management, Fortis Property Group LLC acquired the building in August 2016.

Consolidated financial statement

Consolidated financial statements - are the "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements".

Deloitte Football Money League

The Deloitte Football Money League is a ranking of football clubs by revenue generated from football operations. It is produced annually by the accountancy firm Deloitte and released in early February of each year, describing the season most recently finished.

Deloitte Technology Fast 500

The Deloitte Technology Fast 500 Awards are run and moderated by Deloitte Touche Tohmatsu Limited. They recognize the 500 fastest-growing technology companies in regions around the world. Winners cover all areas of technology — from Internet to life sciences, from computers to semiconductors — and include both public and private companies.

The awards were created in 1997 during the dotcom boom to illustrate the success of growing U.S. technology companies. Today, the Fast 500 has expanded beyond the United States and covers North America; Asia Pacific; and Europe, the Middle East and Africa (EMEA).

The Fast 500 examines companies on their relative growth in revenue over a three-year period. A company that grew by $1million from a revenue of $2million will rank below a company that grew by $500,000 from a revenue of $100,000. The Fast 500 seeks to reward companies that have demonstrated cutting edge business strategies, vision and solid management.

The Fast 500 has three main international divisions:

Fast 500 EMEA

Fast 500 North America

Fast 500 Asia Pacific

Deloitte Tower

The Deloitte Tower (French: Tour Deloitte) is a 26-storey office building in Montreal, Quebec, Canada, located between Windsor Station and the Bell Centre. It is the city's first privately owned and financed commercial office tower to be built in more than 20 years. Completed in May 2015, the building features 495,000 square feet (46,000 m2) of office space, and 20,000 square feet (1,900 m2) of retail space. It is named for professional services firm Deloitte, which occupies 160,000 square feet (15,000 m2) of office space in the building. It also houses the headquarters of Rio Tinto Alcan, which relocated from the Maison Alcan. The company occupies approximately 190,000 square feet (18,000 m2) on the top eight floors of the building. The Deloitte Tower is planned as part of a larger, multiphase, mixed use project that will include retail and residential spaces. The building is owned by Cadillac Fairview.

Drivers Jonas

Drivers Jonas was a longstanding private partnership of chartered surveyors in the United Kingdom. In January 2010, Drivas Jonas LLP merged with Deloitte LLP, combining the firm with Deloitte's property staff, creating a business group called Drivers Jonas Deloitte.

In January 2013 the business was rebranded as Deloitte Real Estate.

Dutch Ladies Open

The Dutch Ladies Open is a women's professional golf tournament on the Ladies European Tour that takes place in the Netherlands. It was first played in 1986, and annually since 2004.

Tournament names through the years:

1986–87: Volmac Ladies' Open

1988: Volmac Dutch Open

1992–93: Holiday Inn Leiden Ladies' Open

1994: Sens Ladies' Dutch Open

1995: Staatsloterij Ladies' Dutch Open

2000–01: Mexx Sport Open

2004–07: KLM Ladies Open

2008–10: ABN AMRO Ladies Open

2011: Deloitte Dutch Ladies Open

2012–15: Deloitte Ladies Open

Financial statement

Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.

Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis:

A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.

An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.

A statement of changes in equity or equity statement, or statement of retained earnings, reports on the changes in equity of the company over a stated period of time.

A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated period of time.(Notably, a balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period of time.)

For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.

HMV

HMV is a UK based music and film retailer (registered in England as Sunrise Records and Entertainment Ltd.). The first HMV-branded store was opened by the Gramophone Company on Oxford Street in 1921, and the HMV name was also used for television and radio sets manufactured from the 1930s onwards. The retail side of the business began to expand in the 1960s, and in 1998 was divested from EMI, the successor to the Gramophone Company, to form what would become HMV Group.

HMV stands for His Master's Voice, the title of a painting by Francis Barraud of the dog Nipper listening to a cylinder phonograph, which was bought by the Gramophone Company in 1899. For advertising purposes this was changed to a wind-up gramophone, and eventually used simply as a silhouette.

HMV owned the Waterstone's bookshop chain from 1998 until 2011, and has owned the music retailer Fopp since August 2007. It purchased a number of former Zavvi stores in February 2009, and also branched into live music venue management that year by purchasing MAMA Group. It sold the group in December 2012.

On 15 January 2013, HMV Group plc entered administration. Deloitte were appointed to deal with the administration of the company. On 16 January 2013, HMV Ireland declared receivership, and all Irish stores were closed. A week later, on 22 January 2013, it was reported that Hilco UK would buy the debt of HMV, a step towards potentially taking control of the company. The sale of HMV's Hong Kong and Singapore business to private equity firm Aid Partners was completed on 28 February 2013. On 5 April 2013, HMV was bought out of administration by Hilco UK for an estimated £50 million to form the current company. HMV Group plc, which had been listed on the London Stock Exchange and was a constituent of the FTSE Fledgling Index, was liquidated in July 2014.HMV Canada is a former subsidiary which was sold to Hilco by the HMV Group in 2011. HMV Canada went into receivership in 2017 after being sued by Huk 10 Ltd., a shell company owned by Hilco. Sunrise Records announced that it had negotiated to purchase the leases for 70 of HMV's locations from landlords to convert them to Sunrise stores as well as plans to retain as many former HMV staff as possible.

After announcing its intent to enter administration again in December 2018, the company was bought from Hilco by Sunrise Records on 5 February 2019.

KPMG

KPMG is a professional service company and one of the Big Four auditors, along with Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers (PwC).

Seated in Amstelveen, the Netherlands, KPMG employs 207,050 people and has three lines of services: financial audit, tax, and advisory. Its tax and advisory services are further divided into various service groups.

The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler." It was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987.

List of countries by tax rates

A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit. The list focuses on the main indicative types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST.

Some other taxes (for instance property tax, substantial in many countries, such as the United States) and payroll tax are not shown here. The table is not exhaustive in representing the true tax burden to either the corporation or the individual in the listed country. The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually much lower than the marginal rate, but sometimes much higher. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective nation are in italics.

Management consulting

Management consulting is the practice of helping organizations to improve their performance. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and access to the consultants' specialized expertise.

As a result of their exposure to, and relationships with numerous organizations, consulting firms are typically aware of industry "best practices." However, the specific nature of situations under consideration may limit the ability to transfer such practices from one organization to another.

Consultancies may also provide organizational change management assistance, development of coaching skills, process analysis, technology implementation, strategy development, or operational improvement services. Management consultants often bring their own proprietary methodologies or frameworks to guide the identification of problems, and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.

Monitor Deloitte

Monitor Deloitte is the multinational strategy consulting practice of Deloitte Consulting. Monitor Deloitte specializes in providing strategy consultation services to the senior management of major organizations and governments. It helps its clients address a variety of management areas, including: Corporate & Business Unit Strategy, Digital Strategy, Demand Analytics, Innovation, Organization and Leadership, Economic Development and Security, Marketing, Pricing & Profitability. Muammar Gaddafi's regime in Libya has been among the firm's most notable clients.

Prior to its acquisition by Deloitte in January 2013, Monitor Deloitte was an American strategy consulting practice known as Monitor Group, which filed for chapter 11 bankruptcy in 2012. Monitor Group was founded in 1983 by six entrepreneurs with ties to the Harvard Business School, including Michael Porter. The advisory services now offered by Monitor Deloitte are in line with Monitor Group's legacy expertise, but expanded to a broader set of implementation and capabilities design focused on greater resilience to economic uncertainty.Today, Monitor Deloitte is a market-facing strategy and business transformation practice. At the time of merger with Deloitte, it was led by Bansi Nagji. Prior to the merger with Deloitte, Bansi Nagji was President of Monitor Group and led the firm’s global innovation practice.

Professional services

Professional services are occupations in the tertiary sector of the economy requiring special training in the arts or sciences. Some professional services require holding professional licenses such as architects, accountants, engineers, doctors and lawyers. Other professional services involve providing specialist business support to businesses of all sizes and in all sectors; this can include tax advice, supporting a company with accounting, IT services or providing management advice.

Punit Renjen

Punit Renjen (born 1961) is an Indian American businessman who has served as chief executive officer of the multinational professional services firm Deloitte since June 1, 2015. Previously, Renjen was chairman and CEO of Deloitte Consulting LLP, and later, held the role of chairman of Deloitte LLP (United States) from 2011 to 2015.

Renjen was raised in Rohtak, North India in the state of Haryana. After earning a Master of Management from Oregon's Willamette University, he was hired by Touche Ross, which merged into Deloitte in 1989. He has worked at Deloitte and lived in the United States ever since.

Renjen is on the Wall Street Journal's Council of CEOs and has served on the boards of directors at Catlin Gabel School, Japan Society, United Way Worldwide, the U.S.-India Business Council, and his alma mater. He lives in Portland, Oregon.

William Welch Deloitte

William Welch Deloitte (13 February 1818 – 23 August 1898) was a British accountant and the founder of the professional services firms that subsequently became both Deloitte Touche Tohmatsu and PricewaterhouseCoopers. He was born in London, England. He was one of the fathers of the accountancy profession.

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