Despite growth in its Asia-Pacific region, as well as in its consulting unit, wobbly economic conditions both domestic and abroad resulted in Deloitte Touche Tohmatsu reporting a 4.9 percent decline in fiscal 2009 global revenues in U.S. dollars, to $26.1 billion, and just 1 percent growth in local currency terms.
The worlds largest auditing and consulting firm said that for the fifth consecutive year, its Asia-Pacific region led in growth with an increase of 7.6 percent, with revenues for the Americas region falling 1.3 percent.
Despite the tough economy, we remain focused on our vision to be the standard of excellence and will continue to invest in pursuit of this vision, said Jim Quigley, chief executive of Deloitte Touche Tohmatsu in a statement.
Consulting was the fastest-growing function at 7.3 percent, while audit and tax were flat compared with the prior year. Deloitte said a decrease in M&A activity resulted in its financial advisory services falling 6.1 percent from the prior years figures.
The firm said that in fiscal 2009, it committed to more than $1 billion in strategic investments, including plans to construct Deloitte University, a learning and development facility; investments in selected emerging and priority markets; and acquiring BearingPoints North American public sector practice.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access