Deloitte Touche Tohmatsu

Deloitte Touche Tohmatsu
Company Profile
Publication Date: 18 May 2009
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Deloitte Touche Tohmatsu Datamonitor
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TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview..............................................................................................4 Key Facts...............................................................................................................4 Business Description...........................................................................................5 History...................................................................................................................7 Key Employees.....................................................................................................9 Key Employee Biographies................................................................................10 Major Products and Services............................................................................11 Revenue Analysis...............................................................................................13 SWOT Analysis...................................................................................................14 Top Competitors.................................................................................................20 Company View.....................................................................................................21 Locations and Subsidiaries...............................................................................23
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Company Overview
COMPANY OVERVIEW
Deloitte Touche Tohmatsu is a global provider of audit, tax, consulting and financial advisory services. The company is a Swiss Verein (association), operating through a number of member organizations. The company primarily operates in the Americas. It is headquartered in New York City, New York and employs about 165,000 people. The company recorded revenues of $27.4 billion during the financial year ended May 2008, an increase of 18.6% over 2007.
KEY FACTS
Head Office Deloitte Touche Tohmatsu 1633 Broadway New York New York 10019 6754 USA 1 212 489 1600 1 212 489 1687 http://www.deloitte.com
Phone Fax Web Address
Revenue / turnover 27,400.0 (USD Mn) Financial Year End Employees May 165,000
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Business Description
BUSINESS DESCRIPTION
Deloitte Touche Tohmatsu is an organization of member firms around the world, providing a broad range of professional services including audit, tax, consulting and financial advisory services. The company operates in nearly 150 countries through 70 member firms. The company serves national and middle market enterprises, public institutions, privately owned companies and public sector organizations. It provides its services to all major sectors including aviation and transport services; consumer business, energy and resources, financial services, life sciences and health care, manufacturing, public sector and technology, and media and telecommunications. The separate units of the company are Deloitte & Touche; the US accounting arm; and Deloitte Consulting. Deloitte's services can be categorized into four broad functional areas: audit, consulting, tax and advisory services. Deloitte's audit services segment offers audit technology, addresses new regulatory requirements, incorporates multiple generally accepted accounting principles (GAAP) compliance, and facilitates the auditor's understanding of business processes, controls, and risks. Its core competencies encompass risk management, capital markets, control assurance, internal audit, regulatory consulting, and security and privacy services. The consulting services of the company range from strategy formulation to technology implementation. It also offers industry and functional business performance knowledge. The company has consulting alliances with leading companies such as 3M Company, BEA Systems, HP, IBM, Oracle Corporation, SAP, Siemens Medical Solutions USA and Sun Microsystems. The company's tax services include corporate tax, indirect tax, international assignment services, international tax, mergers and acquisitions (M&A) transaction services, research and development credits, tax technology solutions and transfer pricing. The company's Global Backbone is locally delivered, centrally coordinated global tax compliance and reporting service scalable to meet each client's specific needs. The advisory services are composed of four global service lines: corporate finance advisory, dispute consulting/forensic services, reorganization services, M&A transaction services, and valuation services. The corporate finance advisory unit provides M&A advice to corporate clients, private equity/venture capital firms, entrepreneurs and governments. It has 90 partners and more than 900 employees. Its main services include acquisitions and disposals; capital raising-private equity or capital markets; valuations; strategic and general corporate advice; and business modeling. The dispute consulting/forensic services range from litigation consulting provided locally and globally to forensic investigations encompassing fraud and accounting investigations. The reorganization services include lender solutions, restructuring services, corporate exit management and insolvency services. M&A transaction services provide tax, accounting and advisory services in business combinations to buyers or sellers. Valuation services provide business valuation, intangible asset valuation, tangible asset advisory services, transaction advisory, and capital allocation.
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Business Description
The company's Deloitte's Value Initiative has developed tools such as Deloitte's Enterprise Value Map (EVM), ValueAnalytics, ValuePrint and Project Portfolio Management. Deloitte's Enterprise Value Map (EVM) identifies business activities and illustrates how each should be aligned to four primary value drivers: revenue growth, operating margin, asset efficiency, and expectations. ValueAnalytics enables the financial analyses of key value drivers. ValuePrint is a business case development tool. The Project Portfolio Management tool assesses individual projects' effectiveness and contribution to value.
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History
HISTORY
Deloitte Touche Tohmatsu was formed in 1989 following the merger of three auditing businesses; Deloitte Haskins & Sells, Touche Niven & Co, and Tohmatsu. Deloitte Haskins & Sells was founded in 1845. In 1924, its US operations merged with Haskins & Sells. Touche, Niven & Co was founded in 1900 in London. As the company expanded, the company opened offices in the US and Canada. Tohmatsu was founded in 1968 to provide audit services. The firm expanded overseas earlier and established a strategic alliance with Touche, Niven & Co. After its formation in 1989, the company expanded its auditing business in 1994 to encompass the growing industry in consulting. This business was incorporated as Deloitte Consulting in 1997. In the wake of the Enron/Andersen scandal, Deloitte decided to split its consulting arm, Deloitte Consulting. Deloitte Consulting announced in 2002 that it would proceed as an independent, privately owned firm. In 2002, the company entered into an agreement to combine with Andersen Spain, Andersen UK, Andersen Mexico, Andersen Canada, Andersen Netherlands, Andersen Belgium, Andersen Sweden, Andersen Colombia and Andersen Brazil. In the same year, Akintola Williams Deloitte & Touche and KPMG Nigeria signed a memorandum of understanding, agreeing to merge their practices. Akintola Williams Deloitte & Touche was born out of a merger in 1999 of Akintola Williams & Co and Adetona Isichei & Co. The Auditor Treuhand group joined the international Deloitte Touche Tohmatsu network in 2002 and remained an independent entity. In 2003, the company created a global alliance with Smith Travel Research aimed at developing new benchmarking analysis within the hotel metrics industry. In connection with the collapse of Parmalat, lawsuits were filed in 2004 against the Italian units of Grant Thornton International, Bank of America Corp and Deloitte Touche Tohmatsu for allegedly misleading investors over the firms financial status in 2003. Prosecutors in Milan requested indictments of the three companies for allegedly not doing enough to prevent improper conduct by employees who dealt with Parmalat.
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History
Also in 2004, Deloitte Touche Tohmatsu separated from Deloitte France and formed an independent Deloitte & Touche Juridique et Fiscal, the tax and legal arm of Deloitte in France. Deloitte member firms in Korea, Anjin Deloitte and Deloitte & Touche Hana merged later in the same year. Deloitte Touche Tohmatsu (China) merged with Beijing Pan-China CPA in June 2005. In September 2005, Deloitte Touche Tohmatsu China merged with Pan-China Schinda, one of the CPA firms in China. In June 2006, the company established Deloitte ASEAN with member firms in six countries: Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Guam. In October 2006 the company has formed Deloitte Caribbean/Bermuda, a new cluster of six member firms that will strengthen their position in the Americas to expand opportunities for growth in the region. In April 2007, the company announced a collaborative global initiative among Deloitte member firms and SAP AG to develop and deliver enterprise solutions to better serve clients in sustainable governance, risk and compliance management processes. In October 2007, Thomson Corporation acquired Deloitte Tax LLP's Property Tax Services business. In December 2008, Deloitte opened a new branch in Hangzhou (China).
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Key Employees
KEY EMPLOYEES
Name
James H Quigley John P Connolly
Job Title
Chief Executive Officer, Global Chairman
Board
Executive Board Executive Board
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Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES

James H Quigley
Board: Executive Board Job Title: Chief Executive Officer, Global Since: 2007 Mr. Quigley has been the Global Chief Executive Officer of Deloitte Touche Tohmatsu of Deloitte LLP since June 1, 2007. Previously, he served as the Chief Executive Officer of Deloitte & Touche USA LLP (D&T USA) since June 2003. He served as Vice Chairman of D&T USA and Regional Managing Partner of D&T USA's Northeast practice, with responsibility for service to companies in the metropolitan region of New York, New Jersey, and Connecticut.
John P Connolly
Board: Executive Board Job Title: Chairman Since: 2007 Mr. Connolly has been the Chairman of Deloitte Touche Tohmatsu since 2007. He is also Global Managing Partner for the Assurance Accounting & Advisory practice of the worldwide firm Deloitte Touche Tohmatsu.
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Major Products and Services
MAJOR PRODUCTS AND SERVICES

Deloitte Touche Tohmatsu is a global provider of professional services to clients through member firms. The company's key products and services include the following: Audit: Auditing services Global offerings services International financial reporting conversion services Tax: Corporate tax Global tax compliance Indirect tax International assignment services International tax Mergers and acquisitions Tax publications Tax technologies Transfer pricing Research and development credits Consulting and advisory: Consulting Enterprise applications implementation Human resource consulting Outsourcing advisory Strategy and operations Technology integration Financial advisory services Corporate finance Forensic services Reorganization services Transaction services Valuation services Enterprise risk services: Capital markets Control assurance
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Major Products and Services
Corporate responsibility and sustainability Internal audit Regulatory consulting Security services Merger and acquisition services
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Revenue Analysis
REVENUE ANALYSIS
Deloitte Touche Tohmatsu The company recorded revenues of $27.4 billion during the financial year ended May 2008, an increase of 18.6% over 2007.The Americas, Deloitte Touche's largest geographical market, accounted for 47.1% of the total revenues in the financial year 2007. Deloitte Touche Tohmatsu generates revenues through four business divisions: audit (46.4% of the total revenues during the financial year 2008), consulting (23%), tax (21.9%) and advisory services (8.8%). Revenues by Division During the financial year 2008, the Audit division recorded revenues of $12.7 billion, an increase of 14.8% over 2007. The Consulting division recorded revenues of $6.3 billion in the financial year 2008, an increase of 22.2% over 2007. The Tax division recorded revenues of $6 billion in the financial year 2008, an increase of 20.4% over 2007. The Advisory Services division recorded revenues of $2.4 billion in the financial year 2008, an increase of 26.6% over 2007. Revenues by Geography The Americas, the company's largest geographical market, accounted for 47.1% of the total revenues in the financial year 2008. Revenues from the Americas reached $12.9 billion in 2008, an increase of 12.9% over 2007. Europe, Middle East and Africa accounted for 41.2% of the total revenues in the financial year 2008. Revenues from Europe/Middle East/Africa reached $11.3 billion in 2008, an increase of 22.6% over 2007. Asia Pacific/Japan accounted for 11.7% of the total revenues in the financial year 2008. Revenues from Asia Pacific/Japan reached $3.2 billion in 2008, an increase of 30.3% over 2007.
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SWOT Analysis
SWOT ANALYSIS
Deloitte Touche Tohmatsu (Deloitte) is global provider of audit, tax, consulting and financial advisory services. The company provides these professional services through 70 member firms worldwide. The company has a strong market position with presence across 150 countries and clients from varied industries, which helps in attracting new customers. Increasing competition, however, threatens to erode the companys market share. Strengths Well diversified by revenue and revenue growth across business and region Increasing contribution per member firm sustains Deloittes strong market position Business model less susceptible to business and economic cycle risk Opportunities Early adoption of IFRS standards could spur demand for Deloittes services Increasing spending on infrastructure likely to spur demand for Deloittes services Enterprise risk management services likely to be growth driver Regulatory changes could create new opportunities Weaknesses Weak presence in outsourcing market Controversies such as LAUSD and Parmalat may tarnish the companys public image
Threats Easing regulatory restrictions could foster competition Valuation of auction rate securities could shift the demand away from Big Four Global economic slow down could affect consulting business
Strengths
Well diversified by revenue and revenue growth across business and region The company's revenue is well diversified by business and region. In the financial year ending May 2008 (FY 2008), each of the four businessesaudit, tax, consulting, and financial advisoryachieved double-digit revenue growth across the Deloitte member firms. Financial advisory, consulting, and tax all grew in aggregate by greater than 20%, while auditthe largest functional area, representing 47.1% of the totalgrew by 14.8%. This balanced growth is attributable to the Deloitte member firms multidisciplinary approach to client service. Similarly, each region reported double-digit revenue growth, reflecting the Deloitte networks balanced financial strength. Member firms in the Americas region grew by 12.9% to $12.9 billion, or 47.1% of
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SWOT Analysis
the total. Member firms in Central and South America grew by 14%. In Asia Pacific, the fastest growing region, member firm revenues increased by 30.3% to $3.2 billion, or 11.7% of the total. Revenue from the Deloitte China practice grew by 28%, driven by the countrys economic growth and the Deloitte organizations strategic interest in that country. Revenues from member firms in the Europe/Middle East/Africa region increased by 22.6% to $11.3 billion, or 41.2% of the total. The company's revenue growth during FY2004-08 has been well diversified and shifting towards profitable businesses and growth regions. The company's revenue registered a compounded annual growth rate (CAGR) of 14% over 2004 ($16.2 billion) to reach $27.4 billion in 2008. During FY2004-08, Deloitte member firms four businessesaudit, consulting, tax, and financial advisoryregistered a CAGR of14.5%, 12.7%, 12.1%, and 18.9% respectively. Similarly, each of the three regionsAmericas, Europe, Middle East and Africa, and Asia Pacific/Japan13%, 14%, and 18.9% respectively. Looking at the Deloitte member firms business developments, it is expected that the company would continue to register higher revenue growth with a positive shift benefiting from the industry trends. Increasing contribution per member firm sustains Deloittes strong market position Deloitte is a leading provider of professional services including audit, tax, consulting and financial advisory services. It is one of the largest professional services firms in the world and one of the Big Four auditors, along with PricewaterhouseCoopers, Ernst & Young, and KPMG. Deloitte provides services across 140 countries in the North America, Europe, Middle East and Asia pacific. The company employs about 165,000 people. It serves 80% of the Fortune 500 companies and large private, local and national companies.The company has an extensive reach, serving clients worldwide through 68 member firm companies in FY2008 (as compared to 71 in FY2004). Despite a decrease in the number of member firms, Deloitte achieved 6th consecutive year of doubledigit growth in FY2008. Deloittes success is attributable to the strengthening competitive position of its member firms.These firms strength is evident from increasing revenue per firm and also awards and recognition received by them severally and collectively. For instance, in 2007, the Forrester report, titled, Forrester Wave: Risk Consulting Services, Q2 2007, named Deloitte as a market leader in the risk consulting services marketplace. For the sixth consecutive year, Euromoney magazine ranked Deloitte's Transfer Pricing service line at member firms worldwide as the dominant force in global transfer pricing consultation in its 2006/7 biannual expert guide. For the eighth year, Deloitte & Touche USA LLP (Deloitte & Touche USA) was named to Fortune magazines 2007 list of 100 Best Companies to Work for. Strong market position enables the company to attract new customers and new talent in competitive markets. Business model less susceptible to business and economic cycle risk Deloitte has a strong customer base comprising several Fortune 500 companies. The company serves a wide range of industries including aviation and transport; consumer business; energy and resources; financial services; life sciences and health care; manufacturing; public sector; real estate, and technology, media and telecommunications industries. Deloittes strong customer base across
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SWOT Analysis
industries is evident from revenue by industry group. In FY2008, the share of Deloittes revenue by industry group was financial services ($6.14 billion), consumer business and transportation ($5.25 billion), manufacturing ($3.94 billion), telecommunications, media & technology ($3.32 billion), energy & resources ($2.1 billion), public sector ($1.93 billion), life sciences ($1.79 billion), real estate ($1.5 billion), and other ($1.5 billion). Strong revenue across industries reduces Deloittes exposure to business and economic cycle risk. Moreover, it enhances Deloittes image as a multidisciplinary service provider.
Weaknesses
Weak presence in outsourcing market Deloitte has a weak presence in the business process outsourcing (BPO) as compared to its main competitors such as KPMG, McKinsey which figure in the top ten global BPO advisors. Pricewaterhouse Coopers, one of the Deloittes major competitors across business functions, ranks in the top ten global full servicing outsourcing advisors. Similarly, several of Deloittes direct competitors have a strong presence in outsourcing market. Global BPO market is expected to register an impressive CAGR of more than 12% over the years 2008-2012, to reach $980 billion by 2012. Deloittes weak presence in outsourcing market doesnt enable it to benefit from one of the fasting growing global services. Controversies such as LAUSD and Parmalat may tarnish the companys public image In 2004, Los Angeles Unified School District (LAUSD), the largest (in terms of number of students) public school system in California, began a new payroll system project, with Deloitte Consulting engaged to customize software purchased from SAP AG. The Deloitte contract was $55,000,000 with the total cost estimated to be $95,000,000. The system went live in January 2007. As of 2008, a number of problems have been experienced with some staff getting overpaid and some underpaid, or even not at all. Deloitte representatives and District officials have pointed fingers at each other. Some of the problems have been software and hardware, some have been due to the complexity of labor agreements, salary scales, work rules and job assignments within the district. As at 31 December 2007 LAUSD had incurred a total of $140m in payments to Deloitte to get the system working properly. LAUSD project experience could negatively play on Deloittes bid to get similar projects. In early 2007, Deloitte & Touche and Dianthus, the firm that operated in Italy under the Deloitte & Touche name until July 2003, committed to provide Parmalat with $149 million to settle allegations that the audit firm overlooked accounting irregularities at Parmalat prior to its collapse in 2003. While Deloitte did not admit to any wrongdoing, the fall out of Parmalat has negative implications for its corporate reputation. Controversies such as LAUSD and Parmalat may tarnish the companys public image.
Opportunities
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SWOT Analysis
Early adoption of IFRS standards could spur demand for Deloittes services According to a November 2008 survey by Deloitte, an increasing number of company finance professionals would consider adopting International Financial Reporting Standards (IFRS) sooner than the path recently outlined by the Securities and Exchange Commission in its proposed IFRS roadmap. About 42% of more than 200 finance professionals who responded to the survey indicated they would consider implementation of IFRS sooner than 2014, if that were permitted under the mandated adoption date proposed by the SEC. This represents a significant increase from a similar Deloitte IFRS study performed earlier in 2008 that showed 30% of respondents would consider adopting IFRS, if given a choice. Among the leading factors driving companies interest in considering adopting IFRS sooner was simplified financial accounting and reporting and, separately, improved financial reporting and transparency. Both of these factors were cited by 37% of the companies surveyed that would consider earlier adoption. Companies in the survey that would consider adopting IFRS at an earlier date are predominantly in the technology, media and telecommunications (TMT), manufacturing and financial services industries. Fifty-seven percent of respondents from companies operating in the TMT industry would consider adopting before 2014. For financial services, 42% percent of respondents would consider early adoption. Deloittes strong presence in these industries allows it to benefit from the demand for IFRS adoption. Increasing spending on infrastructure likely to spur demand for Deloittes services Central Europe faces significant, immediate infrastructure needsfrom new roads and bridges to public utilities, to name a few. Modern infrastructure is essential for economic growth, but it comes with a largeand sometimes dauntingprice tag. For assistance, many countries are turning to public-private partnerships (PPPs). PPPs are relatively new in Central Europe, and many government officials lack the specialized expertise to manage them. Its difficult for them to set proper goals, ask the right questions, and make informed decisions that keep these projects on time and on budget. To help governments with PPPs, a team of Deloitte practitioners from several member firms developed a PPP toolkit, manual, and four-day workshop to provide public sector officials with the knowledge and capabilities to plan, roll out, and manage PPP projects. For instance, in Romania, Deloitte practitioners have identified around 50 infrastructure projects both at the central and local levels, at different stages of preparation, procurement, or implementation. Increasing spending on infrastructure likely is likely to spur demand for Deloittes services such as consulting, auditing, and taxation. Enterprise risk management services likely to be growth driver Deloitte's enterprise risk management services have recorded strong growth in the past few years. Continued focus on internal controls and governance standards have led to doubling of revenues from risk services. These services include assistance in data security, privacy needs, data analysis and interrogation services on clients demands.The company's focus on enterprise risk management services could help it boost revenue growth.
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SWOT Analysis
Regulatory changes could create new opportunities Regulatory changes in the financial services industry such as the anti-money laundering legislation enacted in many countries continue to drive the global demand for forensic and dispute services. The company offers products such as D&Tect and AFTNet for fraud detection and analysis of litigations. The company is well positioned to benefit from these opportunities.
Threats
Easing regulatory restrictions could foster competition Deloitte operates in a highly competitive industry. The company faces competition from large players such as Ernst & Young International, McKinsey & Company, PricewaterhouseCoopers, KPMG and Boston Consulting Group. It also competes with management consulting firms in the strategy implementation and system integration services. Other competitors of the company include Bain & Company, BDO International B.V., BearingPoint, Mercer International, Accenture and Capgemini. In 2008, European Union Internal Market Commissioner, Charlie McCreevy, said that restrictions on owning auditing companies could be eased to increase competition in the sector. If the changes in regulations become a law then competition could increase leading to an adverse impact on the companys market share. Valuation of auction rate securities could shift the demand away from Big Four The largest accounting firms PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young LLP and KPMG (collectively called Big 4) audit the bulk of the world's biggest blue chip companies. Smaller firms include Rothstein Kass, RSM McGladrey and BDO Seidman.The collapse of US credit markets and subsequent stock market decline slashed the value of many investments held by publicly traded companies. Some companies have accounted for their losses, while others have yet to mark their positions at the lower market value. An average 84% of companies audited by one of the Big 4 have written down the value of their auction rate securities in June 2008 and July 2008. The average write-down was 11.5%. In stark contrast, just 36% of companies whose accounting is audited by a non-Big 4 firm took write-downs. The average discount was just 8% for companies that did take write-downs. A difference of 3.5 percentage points is significant enough to affect bottom-lines of many companies.Those companies whose managements disapprove of Big 4s accounting practices especially with regard to the valuation of auction rate securities could shift to a non-Big 4 firm. Global economic slow down could affect consulting business According to advance estimates released by the Bureau of Economic Analysis, real GDP in the US decreased at an annual rate of 0.3% in the third quarter of 2008. Japan, the second biggest global economy, issued third-quarter growth data that confirmed the country had fallen into recession. Eurozone GDP declined by 0.2% in both the euro area (EA15) and the EU27 during the third quarter
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SWOT Analysis
of 2008, compared with the previous quarter, according to flash estimates published by Eurostat, the Statistical Office of the European Communities. In the second quarter of 2008, growth rates were -0.2% in the euro area and 0.0% in the EU27. A 0.2% q/q GDP decline seen in the second and third quarters of 2008, means that the Eurozone is technically in recession (as defined by two successive quarters of contracting GDP). Domestic and global economic slow down could affect consulting business of Big 4 firms.
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Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Deloitte Touche Tohmatsu
Bain & Company, Inc. BDO International B.V. Booz Allen Hamilton Inc. Capgemini EDS Corporation Ernst & Young International Grant Thornton International International Business Machines Corporation KPMG International McKinsey & Company PricewaterhouseCoopers Boston Consulting Group, The Towers Perrin Watson Wyatt Worldwide BearingPoint, Inc. Mercer International Inc. Accenture
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Company View
COMPANY VIEW
A joint statement by Chief Executive Officer Jim Quigley and Chairman John Connolly of Deloitte Touche Tohmatsu, is given below. The statement has been taken from the company's 2008 annual report. We are delighted to introduce the Deloitte Touche Tohmatsu 2008 annual review, Looking back, Thinking ahead. This years review embodies the proud but never satisfied spirit that is fundamental to Deloitte member firms success around the world. At Deloitte, we look back to hold ourselves accountable and proudly celebrate our accomplishments. We look forward to embrace the challenges ahead and achieve our vision to be the Standard of Excellence. Financial year 2008 was outstanding for Deloitte member firms, particularly in light of the economic turbulence that defined the marketplace. In this climate of heightened financial uncertainty, Deloitte member firms achieved their sixth consecutive year of double-digit growth, with aggregate member firm revenue increasing 18.6% (13% growth in local currencies) to US$27.4 billion. The Deloitte global network operates in 140 countries. Our commitment to clients and ability to team across borders continue to set our member firms apart in the marketplace. Deloitte member firms believe that to be called global advisers, it isnt enough to have a presence everywhere around the world and clients in every city; whats crucial is having a culture of collaboration that draws upon our strengths, regardless of location. Our culture is the strength of Deloitte. At the core of our operations is the key to our success: Deloitte member firms network of 165,000 professionals. The worlds most sought-after talent chooses Deloitte because of our culture and the opportunities for growth and success. They stay at Deloitte for the same reasons. We see a future for Deloitte that is every bit as exciting and dynamic as the global marketplace in which our member firms operate. Early investments in emerging economies such as the BRIC countries (Brazil, Russia, India, and China) have produced outstanding results and position Deloitte well for continued success. Deloittes ongoing commitment to corporate responsibility will take bold new forms as we harness the full power of our organization to make a difference in the communities where we live and work. We are making significant investments in innovation, with our best ideas coming from the bottom up, not from the top down. Innovation takes many forms at Deloitte, from helping clients adopt the latest social networking tools to firmwide incentives that encourage innovative ways to serve clients, such as Deloitte United States Innovation Quest program and Deloitte Australias Innovation Zone program. Our commitment to innovation was evident at this years DTT Annual World Meeting in Silicon Valley, where delegates visited 35 leading companies to discuss their innovative practices. The World Meeting also launched our 2009 Young Partner Advisory Council, which is developing implementable recommendations to further drive innovation throughout our network of member firms.
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Company View
Deloitte Researchs thought leadership consistently distinguishes Deloitte in the marketplace. Each piece of research reflects a deep understanding of clients industries.Topics range from cross-industry and strategic themes, such as the significant effect each generation has on business, to emerging markets and industry-specific pieces, such as the annual Global Powers of Retailing. Everything we do is guided by our deeply embedded Shared Values: integrity, commitment to each other, outstanding value to markets and clients, and strength from cultural diversity. These are the hallmarks of our culture and the foundation for every decision we make. Deloitte takes client service very seriously. The decisions we make and the value delivered influence the capital markets and ultimately the public trust. We see every Deloitte member firm professional as a steward for our Shared Values and an ambassador for our brand. Excellence is our promise. Thank you for taking the time to read our story. Our goal is to help you understand more about the Deloitte culturewho we are, the value provided to clients, and the passion we share for our brand. You will see that the people in our member firms are never satisfied with the status quo. We are always looking for opportunities to make things betterfor clients, communities, and each other. We hope you enjoy this unique look inside Deloitte.
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Locations and Subsidiaries
LOCATIONS AND SUBSIDIARIES

Head Office
Deloitte Touche Tohmatsu 1633 Broadway New York New York 10019 6754 USA P:1 212 489 1600 F:1 212 489 1687 http://www.deloitte.com
Other Locations and Subsidiaries

Deloitte Touche Tohmatsu - South Africa 11 Lansdowne Road Claremont Cape Town 8000 ZAF Deloitte Touche Tohmatsu - Canada 1005 Skyview Drive Suite 202 Burlington Ontario L7P 5B1 CAN Deloitte Touche Tohmatsu India 12, Dr. Annie Besant Road Worli Mumbai 400 018 IND
Deloitte Touche Tohmatsu - Canada 1005 Skyview Drive Suite 202 Burlington Ontario L7P 5B1 CAN Deloitte Touche Tohmatsu-US 2 California Plaza 350 South Grand Ave Suite 200 Los Angeles California 90071 3462 USA Deloitte Touche Tohmatsu - Hong Kong 35/F One Pacific Place 88 Queensway Hong Kong HKG
Deloitte Touche Tohmatsu CPA 8/F Office Tower W2 The Towers Oriental Plaza 1 East Chang An Avenue Beijing 100738 CHN Deloitte Touche Tohmatsu India 12, Dr. Annie Besant Road Worli Mumbai 400 018 IND
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