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News > Companies
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Deloitte Consulting to go it alone
After evaluating options, consulting arm of Deloitte & Touche votes to become private, independent.
June 6, 2002: 5:08 PM EDT

NEW YORK (CNN/Money) - The consulting arm of Big Five accounting firm Deloitte Touche Tohmatsu said Thursday its board voted to become a privately-held, independent company.

Deloitte Consulting decided Feb. 6 to separate from Deloitte Touch Tohmatsu and since then the consulting firm has been evaluating its options, including a merger, sale to another firm, an initial public offering, or an arms-length relationship with the accounting firm.

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The relationship between auditing and consulting services in accounting firms has rocked investor confidence in the wake of Andersen's role in Enron's collapse. Firms typically receive higher fees as consultants, which may then create a conflict of interest for auditing services.

"We have maintained that we cannot put our clients in the position of having to choose between working with ... auditing professionals and our ... colleagues from Deloitte Consulting," said Deloitte Touche Tohmatsu's CEO James Copeland.

Deloitte Consulting said it expects to become a private, independent company with a new name and brand by the end of this year. Its move follows other firms that separated auditing and consulting operations, such as Accenture Ltd. (ACN: Research, Estimates), which split from Andersen, and KPMG Consulting (KCIN: Research, Estimates), which separated from KPMG International.  Top of page






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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.