It may lag PricewaterhouseCoopers in revenues with annual earnings of £
1.5bn, but Deloitte has always been regarded as the most profitable of the Big
Led by its bold and headstrong chief executive and senior partner John
Connolly, the firm has expanded rapidly since 2002, mainly thanks to the
audacious acquisition of the UK arm of Arthur Andersen, which at the time was
undergoing a global meltdown because of its involvement in the collapse of
In the midst of the Enron chaos, which saw its competitors abandon their
consulting businesses with stunning alacrity as conflict-of-interest fears
escalated, Deloitte barely flinched and has openly run its consulting business
with little disruption.
Indeed Deloitte has never been far from the spotlight and has developed a
reputation for it aggressive business style, substantial staff salaries and
uncompromising support of partners in times of difficulty.
The firm provided unwavering backing to former chairman Martin Scicluna when
he faced complaints from the profession’s Joint Disciplinary Scheme over the
audit of Capital Corporation. All complaints against Scicluna were dismissed.
Connolly’s salary is another headline grabber. Almost always the highest paid
accountant in practice, Connolly earned £4.1m in 2006.
The firm is now firmly focused on revenue growth, with Connolly setting an
ambitious target of cracking the £2bn revenue mark by 2008, a target that could
see Deloitte surpass PwC in the revenue rankings.
The Deloitte of on the 21st century can trace its roots back to August 1990
when Spicer & Oppenheim merged with Touche Ross & Co. According to
respected accounting historian Peter the new firm, operating as Touche Ross
& Co, changed its name to Deloitte & Touche in February 1996.
Approximately a year after the Andersen deal, the firm decided to operate
under the Deloitte brand although legally it is still named Deloitte &
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton