Deloitte Touche Tohmatsu Case

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Deloitte Touche Tohmatsu limited is the largest professional services network in the world in terms of revenue and number of professionals. Deloitte provides audit, tax, consulting, enterprise risk and financial advisory services with more than 200,000 professionals in over 150 countries. In FY 2013–14, it earned a record $34.2 billion in revenues. Deloitte is one of the "Big Four" professional services firms along with PWC, EY, and KPMG. Its global headquarters are located in the United States. Deloitte’s vision is to be “The standard of excellence” coupled with its motto of “Always being one step ahead”.
In 1845, William Welch Deloitte opened an office in Basinghall Street in London. Deloitte was the first person to be appointed an independent
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The two firms were roughly the same size before the merger; the newly combined firm could boast revenues of nearly $5 billion, with such clients as General Motors, Procter & Gamble, Nabisco, Sears Roebuck and Company, and other Fortune 500 companies. The Tohmatsu name was added to reflect the business of Tohmatsu Avoiki & Sanwa, Japan's largest audit firm, which was part of Touche Ross at the time of the merger. By 1999, Deloitte Touche Tohmatsu was providing 132 countries worldwide with a host of professional services that included accounting, auditing, and tax services, management consulting and financial and tax advice. The merger between Touche Ross and Deloitte, Haskins, and Sells was thought by many industry experts to be an unlikely match, given their radically different styles. Still, the accounting industry as a whole had a long history of mergers and acquisitions; over the years more and more partners have become concentrated in a shrinking number of firms. The genealogy of Deloitte Touche Tohmatsu looks much like a large family tree stretching back over 100 years to the rise of the multinational …show more content…
The audit services encompasses the organization's traditional accounting and audit services, as well as internal auditing and IT control assurance. The audit methodology includes three stages, the first of which is planning the audit which means understanding the business cycles through interviews with the firm leaders and employees, high level analysis through year to year comparison (Historic data/trends) and benchmarking with peers in the industry. The second stage, which is performing the audit plan, includes planning tests of controls by understanding and reviewing the policies and procedures, identifying control activities and designing tests to check the operational effectiveness. The second step of this stage is planning substantive tests to understand the nature of the balances and transactions, identify potential errors, associated risks and design tests to address

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