Firm History

A history of the firm globally and in Jamaica detailing the background of Messrs Deloitte, Touche and Tohmatsu.
 
The global firm

Our international firm owes its existence to leaders in our profession who, from the beginning of their professional careers, recognised the importance of a worldwide practice and in continuously sustaining our clients’ trust and exceeding their expectations.
 
Great leaders, such as William Welch Deloitte, George A. Touche, Charles Haskins, and Elijah Watt Sells helped define and expand the foundations of our profession and the value of our service.
 
The Jamaican practice

Deloitte & Touche, Jamaica was founded as Heron & Thorburn in 1949 and became a member firm of Touche Ross International in 1960, as Touche Ross Bailey and Smart International. Our Montego Bay branch was opened in 1954. Following the international merger between the two "big eight" firms Deloitte, Haskins & Sells and Touche Ross,  in 1989, the international name became Deloitte Touche Tohmatsu, and our local name became Deloitte & Touche in 1991. Our management services firm practices in the name of Deloitte Touche Tohmatsu.

In 2003 the global organisation announced the launch of the new brand name “Deloitte.” The change means that the firms known in various national and global markets as Deloitte Touche Tohmatsu and Deloitte & Touche, while retaining their local legal names, will now be known by the brand “Deloitte.”

Our professionals are actively involved in the affairs of the Institute of Chartered Accountants of Jamaica (ICAJ), serving various committees. The current managing partner was a former President of the ICAJ, and one of the other partners is a Council member. Six of our present and former partners have served as presidents of the Institute of Chartered Accountants of Jamaica.

The firm is represented in the following committees:

• Accounting Standards
• Auditing Standards
• Taxation
• Continuing Professional Education
• Company Law Reform
• Bye-Laws & Handbook.

Two former partners are available to the firm in a consultative capacity.

Professional Activities

The firm has been in the forefront of the development of the accounting profession in Jamaica. It
has played leading roles in:

• the formation of the Institute of Chartered Accountants of Jamaica
• the enactment of the Public Accountancy Act
• the introduction at the University of the West Indies of the B.Sc. (Econ.) degree course with Higher Accountancy
• the introduction of the M.Sc. (Accounting) degree course at the University of the West Indies and the employment of M.Sc. (Accounting) graduates.

Firm History
Our international firm owes its existence to leaders in our profession who, from the beginning of their professional careers, recognised the importance of a worldwide practice.
 
Deloitte

William Welch Deloitte was one of the fathers of the accountancy profession, which grew out of the lucrative business of sorting out bankruptcy affairs. At the age of 15, he became an assistant to the Official Assignee at the Bankruptcy in the City of London and there he learned his business.

In 1854, at the age of 25, Deloitte opened his own office, making his name with the industry of the day - the railways. In 1849, at the Great Western railway, amidst a great furore, became the first independent auditor ever appointed. In 1893 he opened offices in the US. Deloitte's, as it was known, started to audit a growing soap and candle business. Over a century later Procter & Gamble is still a client.

Touche

When George Touch qualified as an accountant in Edinburgh in 1883 and set off south to seek his fortune, there was no 'e' on the end of his name. By 1906, tired of the common English mispronunciation of his surname, he had it changed.

A flair for saving doomed businesses from disaster led to the formation of George A. Touch & Co.  in 1899 and in 1900, along with John Niven, the son of his original Edinburgh mentor, he set up the firm of Touche Niven in New York. Touche Niven offices soon spread across the United States and Canada.

Meanwhile Touche himself took his reputation for probity to the electors, became MP for North Islington in 1910 and was knighted in 1917. He died in 1935.

Tohmatsu

The Japanese firm of Tohmatsu owes its origins to Admiral Nobuzo Tohmatsu. Tohmatsu had been an instructor at the Naval Paymasters' Academy, where he taught Iwao Tomita - the youngest ever student of the Academy.

When the Japanese government wanted to see national audit corporations founded, Tomita responded to the challenge, joining forces with his old mentor Tohmatsu in 1968, founding Tohmatsu. The key to its growth was the decision to send a very substantial number of partners overseas to gain experience. From the start this meant that the firm was always internationally focused.