William Welch Deloitte
Encyclopedia
William Welch Deloitte was a founder of the professional services firms that subsequently became both Deloitte Touche Tohmatsu
and PricewaterhouseCoopers
. He was born in London
, England
.
Deloitte was one of the fathers of the accountancy
profession. A grandson of a Count de Loitte, who had fled France during the French Revolution
, Deloitte started his career early. 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. The fledgling accountancy profession grew from its early days in the lucrative business of sorting out the affairs of bankrupts.
At the age of 25, Deloitte opened his own office opposite the Bankruptcy Court in Basinghall Street
. Three momentous Companies Acts created joint-stock companies, laying the foundation for modern company structures, and Deloitte was in his element. He made his name with the industry of the day—the railways—and in 1849 at the Great Western Railway
, amidst a great commotion; he became the first independent auditor ever appointed. He discovered fraud perpetrated on the Great North Railway by Leopold Redpath, invented a system for railway accounts that protected investors from mismanagement of funds, and was to become the grand old man of the profession. When Deloitte retired from Deloitte, Plender, Griffiths & Co. in 1897, one year before his death, he was the oldest practising accountant.
As president of the newly created Institute of Chartered Accountants
, Deloitte found a site for its headquarters in 1888. In 1893, he opened offices in the United States and soon after started to audit a growing soap and candle business. Over a century later, 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. However, the UK Deloitte firm and some others instead merged with Coopers & Lybrand to form Coopers & Lybrand Deloitte, which subsequently merged with Price Waterhouse to form PricewaterhouseCoopers.
Deloitte Touche Tohmatsu
Deloitte Touche Tohmatsu Limited , commonly referred to as Deloitte, is one of the Big Four accountancy firms along with PricewaterhouseCoopers , Ernst & Young, and KPMG....
and PricewaterhouseCoopers
PricewaterhouseCoopers
PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
. He was born in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
.
Deloitte was one of the fathers of the accountancy
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
profession. A grandson of a Count de Loitte, who had fled France during the French Revolution
French Revolution
The French Revolution , sometimes distinguished as the 'Great French Revolution' , was a period of radical social and political upheaval in France and Europe. The absolute monarchy that had ruled France for centuries collapsed in three years...
, Deloitte started his career early. At the age of 15 he became an assistant to the Official Assignee at the Bankruptcy Court in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
, and there he learned the business. The fledgling accountancy profession grew from its early days in the lucrative business of sorting out the affairs of bankrupts.
At the age of 25, Deloitte opened his own office opposite the Bankruptcy Court in Basinghall Street
Basinghall Street
Basinghall Street is a street in the City of London, England. It today lies chiefly in the ward of Bassishaw with the southern end in Cheap and Coleman Street wards...
. Three momentous Companies Acts created joint-stock companies, laying the foundation for modern company structures, and Deloitte was in his element. He made his name with the industry of the day—the railways—and in 1849 at the Great Western Railway
Great Western Railway
The Great Western Railway was a British railway company that linked London with the south-west and west of England and most of Wales. It was founded in 1833, received its enabling Act of Parliament in 1835 and ran its first trains in 1838...
, amidst a great commotion; he became the first independent auditor ever appointed. He discovered fraud perpetrated on the Great North Railway by Leopold Redpath, invented a system for railway accounts that protected investors from mismanagement of funds, and was to become the grand old man of the profession. When Deloitte retired from Deloitte, Plender, Griffiths & Co. in 1897, one year before his death, he was the oldest practising accountant.
As president of the newly created Institute of Chartered Accountants
Institute of Chartered Accountants
Institute of Chartered Accountants may refer to:* Institute of Chartered Accountants of Australia* Institute of Chartered Accountants in England & Wales* Institute of Chartered Accountants of India* Institute of Chartered Accountants in Ireland...
, Deloitte found a site for its headquarters in 1888. In 1893, he opened offices in the United States and soon after started to audit a growing soap and candle business. Over a century later, Procter & Gamble
Procter & Gamble
Procter & Gamble is a Fortune 500 American multinational corporation headquartered in downtown Cincinnati, Ohio and manufactures a wide range of consumer goods....
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. However, the UK Deloitte firm and some others instead merged with Coopers & Lybrand to form Coopers & Lybrand Deloitte, which subsequently merged with Price Waterhouse to form PricewaterhouseCoopers.