William welch deloitte and big 2 accountancy firms

This presentation is about establishment of Deloitte.

1. Prepared by: Rashid Anwar September 05, 2016 William Welch Deloitte and Big 2 Accountancy firms

2. Early life He was a grandson of a Count De Loitte, who had fled France during the French Revolution in late 17th century. He was born in London on February 12, 1818 and died in August 23, 1898. By blood he was a French. He was one of the fathers of the accountancy profession

3. Deloitte started his career in his very early age. At the age of 15 he became an assistant to the Official Assignee at the Bankruptcy Court in the City of London, and there he learned the business . At that time accountancy profession was emerging . Career

4. In 1845, at the age of 27 W W Deloitte opened his own office opposite to the Bankruptcy Court in Basinghall Street London which was Deloitte’s first office . As a result of industrial revolution concept of Joint Stock Companies was introduced that resulted in demand for accountants and auditors at that time (Industrial revolution)

5. He made his name with the industry of the time—the railways In 1849 at the Great Western Railway, he became the first independent auditor of a public company ever appointed. He helped develop a system that formed the basis for the English railway accounts, as well as a system of hotel accounting that became standard in the field. He discovered fraud perpetrated in the Great Western Railway, of GBP 220,000 which is equivalent to GBP 18 million in terms of today’s money .

6. He was very prominent personality in accounting profession. His importance to the accounting profession was recognized in 1888 when he was elected as 2 nd president of the Institute of Chartered Accountants in England and Wales. Deloitte was also a founder-member of the Chartered Accountants Benevolent Association. When Deloitte retired from Deloitte, Plender, Griffiths & Co. in 1897, one year before his death, he was the oldest practicing accountant.

7. William Welch Deloitte was a founder of the professional services firms that subsequently became both Founder of Two Firms

8. Deloitte Deloitte Touche Tohmatsu

9. PriceWaterhouseCoopers

10. W W Deloitte found a site for its Head Quarter in 1888. In 1893 he opened office in the United States where he started to audit growing soap and candle industry. Over a century latter Procter & Gamble is still a client. In 1952, Deloitte's firm in the United States merged with Haskins & Sells . In 1990, Deloitte Haskins & Sells merged internationally with Touche Ross to form Deloitte & Touche Head Quartered in New York. Establishment of Deloitte

11. UK Deloitte firm instead merged with Coopers & Lybrand in 1990 to form Coopers & Lybrand Deloitte , Coopers &Lybrand Deloitte Dropped the Deloitte Suffix in 1992 and merged with Price Waterhouse. Which is Headquartered in London Establishment of PWC

12. Revenue in Billions Number of Employees Deloitte 35.2 USD 225,400 PWC 35.4 USD 208,100 Revenue and employees wise position in 2015

13. Who invented the double entry accounting system. Luca Pacioli in 1494 who was an Italian Mathematician . 1st accountancy body in the world. Institute of Chartered Accountants of Scotland (1854) Largest accountancy body in the world. Institute of Chartered Accountants in England and Wales Oldest accounting firm in Pakistan AF Ferguson & Company. When ICAP was established July 01, 1961 Some basic information about accountancy profession

14. Thank you