Definition of Deloitte
Deloitte is one of the “Big Four” international professional services firms, whose network comprises firms providing audit, consulting, financial advisory, risk management, tax, and related services globally. Originally founded as a London-based accountancy firm by William Welch Deloitte in 1845, the firm has undergone extensive expansion through mergers and acquisitions, especially during the late twentieth century. Currently headquartered in New York, Deloitte employs over 210,000 professionals and operates across more than 150 countries.
Examples
- Audit Services: Deloitte provides exceptional audit services to ensure financial statement integrity, adherence to standards, and regulatory compliance for clients ranging from multinationals to local enterprises.
- Consulting Services: Organizations far and wide leverage Deloitte’s strategic consulting expertise to drive business transformation, technology implementation, and operations improvement.
- Financial Advisory Services: Deloitte offers proficient financial advisory services, assisting clients in growth, financing, acquisitions, divestitures, restructuring, and global expansion.
- Risk Management: Deloitte’s risk management services delve into regulatory, operational, and compliance risks, tailoring solutions that align with client-specific risk profiles.
- Tax Services: Deloitte’s tax practice provides comprehensive tax planning and compliance support to optimize tax liabilities and navigate complex tax regulations.
Frequently Asked Questions (FAQs)
What are the major services offered by Deloitte?
Deloitte offers audit, consulting, financial advisory, risk management, tax, and other related services.
When and where was Deloitte founded?
Deloitte was founded in 1845 in London by William Welch Deloitte.
How many professionals are employed by Deloitte globally?
Deloitte employs over 210,000 professionals worldwide.
Where is the headquarters of Deloitte located?
The global headquarters of Deloitte is located in New York, USA.
Is Deloitte part of the “Big Four” professional services firms?
Yes, Deloitte is one of the “Big Four” firms, alongside PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG.
What does Deloitte’s consulting practice focus on?
Deloitte’s consulting practice focuses on business transformation, strategic planning, technology implementation, operational improvements, and advisory services across industries.
How does Deloitte support financial advisory activities?
Deloitte assists clients with mergers & acquisitions, divestitures, restructuring, financing, and global expansion through its financial advisory services.
What types of risks do Deloitte’s risk management services address?
Deloitte’s risk management services address regulatory, operational, compliance, and other risks in alignment with client-specific profiles.
In how many countries does Deloitte operate?
Deloitte operates in more than 150 countries globally.
What is the significance of Deloitte’s tax services?
Deloitte provides comprehensive tax planning, auditing, and compliance services to optimize clients’ tax liabilities and navigate complex tax regulations.
Related Terms
- Big Four: Refers to the four largest international professional services networks: Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG.
- Audit: The system of examination of financial statements and related operations to ensure integrity and compliance with standards and regulations.
- Consulting: Professional advisory service focusing on strategic planning, business process improvement, technology implementation, and management practices.
- Financial Advisory: Services related to mergers and acquisitions, financing, restructuring, and strategic financial planning.
- Risk Management: The practice of identifying, assessing, and mitigating risks to ensure business resilience and compliance with regulatory requirements.
- Tax Services: Services involving tax preparation, planning, auditing, and compliance to minimize tax liabilities and ensure adherence to tax regulations.
Online Resources
Suggested Books for Further Studies
- “The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly” by Stuart Kells and Ian D Gow
- “Deloitte: Insights to Performance Improvement Strategies” by Deloitte Consulting LLP
- “Accounting and Business Valuation Methods: How to Interpret IFRS Accounts” by Malcolm Howard
- “Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports” by Howard M. Schilit
Accounting Basics: “Deloitte” Fundamentals Quiz
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