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Big Bang Theory's Parsons returns to Catastrophic
T heCatastrophic Theatre's annual gala takes place this weekend with a TV theme, but don't expect The Big Bang Theory star Jim Parsons to come in character as Sheldon Cooper. Parsons' presence is in part because the hit sitcom is on a break.
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A Brief History of the Big 4 Public Accounting Firms
Entering a Big 4 Firm is a lot like entering a secret society or fraternity. There are traditions and secrets that are shared by the members and passed down to new recruits. This feeling of comradery and heritage is one of the most special parts of working for a Big 4 firm and what separates the experience from working for a regional or local firm.
As you begin your journey it will do you good to learn a bit of the history of these firms. Knowing where these firms have been will help you understand the role that you will be taking on as a new recruit and the legacy you will continue.
While you will most likely not be held responsible for this information in an interview, learning these basic facts will provide you with an easy way to impress the Big 4.
PricewaterhouseCoopers (aka PwC, “P Dubs”)
The history of PwC dates back to the 19th century London. Samuel Lowell Price, the son of a Bristol stone potter, was born in 1821. Entering the accounting profession at an early age, Price was a member of several smaller firms before striking out on his own as a sole practitioner.
Meanwhile, a young English accountant, Edwin Waterhouse (b. 1841), was making a name for himself. The son of lucrative mill-owning parents, and brother to Alfred Waterhouse, a prominent London architect, Edwin rose quickly in the ranks to the London accounting elite.
Around this time, another accountant by the name of William Cooper established a rival firm in London with his three brothers. Across the ocean in the U.S., William Lybrand and others created yet another firm. These firms merged in 1957 into what would be known as Coopers and Lybrand.
Price and Waterhouse joined forces in 1874 to create Price, Waterhouse & Co. The firm became well-known as one of the finest in London and eventually opened their first U.S. office in 1890 in New York. The firm began to establish separate partnerships across the globe.
In 1998 Coopers & Lybrand merged with Price Waterhouse to form, PricewaterhouseCoopers. The firm now employs over 146,000 people in 150 countries and had worldwide revenues of $28 billion in fiscal year 2008.
Deloitte Touche Tohmatsu (aka Deloitte, D&T, Deloitte & Touche)
Back to London….let’s meet William Welch Deloitte. Born in 1818, Deloitte was the grandson of Count de Loitte, an expatriate of France who left during the French Revolution. Deloitte was a quick learner and began his career at the age of 15 in the bankruptcy courts of London. Deloitte opened his own office at the age of 25 with a focus on the railway industry. In fact, Deloitte was employed as the first external auditor EVER appointed and developed a system of safeguarding records to protect investors.
Deloitte would go on to become president of the Institute of Chartered Accountants and open a U.S. practice in 1893.
Sir George Alexander Touche (b. 1861), an accountant from, you guessed it…London, opened a practice in 1899. He later spread the practice to New York, capitalizing on the growing demand for income tax preparation.
Over the course of the 20th century, Deloitte and Touches’ separate firms merged with a number of other firms in various markets. One of the key mergers was the combination of Touché Ross (as it was then known) and the Japanese firm, Tohmatsu Awoki & Co in 1975.
In 1989, the firm then known as Deloitte Haskins & Sells broke up. The majority of the individual partnerships that had made up the firm, including the U.S. piece, merged with Touché Ross to form Deloitte & Touché. Some of the smaller partnerships that were against the merger of Touché Ross merged with Coopers & Lybrand. In 1993 the firm was renamed to Deloitte Touché Tohmatsu, due to the growing influence of the Japanese brand.
The firm now employs over 165,000 people in 140 countries and had worldwide revenues of $27.4 billion in fiscal year 2008
Ernst & Young (aka E&Y, EY)
As is the case with PwC and Deloitte, E&Y in its current state is a result of a series of mergers. One difference with E&Y, however, is that the major players and namesakes of the firm are American rather than British. In 1903 an accounting firm was formed in Cleveland by brothers Theodore and Alwin Ernst. In 1906 the firm Arthur Young & Co. was established in Chicago. These two firms individually joined forces with well-known British firms. Ernst merged with Whinney Smith & Whinney and Young joined forces with Broads Patterson & Co. In 1989, the successors of these firms merged to create what we now know as Ernst & Young.
The firm now employs over 137,000 people in worldwide and had revenues of $24.5 billion in fiscal year 2008
KPMG (aka Klynveld, Peat, Marwick, Goerdeler)
By now I’m sure you can see a pattern here: two or three dominant US and British firms join forces, go through a series of mergers and achieve world-wide status. KPMG is no different. The key information to note is the following:
Prominent British Founder – William Barclay Peat (b. 1852)
Key Mergers:
- William Barclay Peat merge with Marwick Mitchell Co. (1911) to form Peat Marwick Mitchell & Co.
- Thomson McLintock firm forms a group of independent European firms known as KMG (1979)
- KMG and Peat Marwick Mitchell & Co. join forces in largest accounting firm merger to date to form KPMG (1987)
- Renamed to KPMG Peat Marwick (1991)
- Renamed back to KPMG (1995)
It is interesting to note that KPMG and E&Y were all but ready to merge in 1997 as a power play against the merger of Price Waterhouse and Coopers Lybrand. However, this merger eventually fell through.
The firm now employs over 123,000 people in worldwide and had revenues of $19.8 billion in fiscal year 2008.
Phew….that is all for the history lesson. The common theme here is that these firms are all founded by the best and the brightest of their time. The accounting profession as we know it today would not be what it is without good old Sam Price, Billy Deloitte, Teddy Ernst and Bill Peat. These men are the founding fathers of public accounting and it is their legacy you will continue when you join on of these great firms. Their stories are a lesson in excellence and their influence is still felt to this day.
For more information on how to work for the Big 4, please visit http://www.big4guru.com
About the Author
The Big 4 Guru is a CPA, proud Big 4 alumni and seasoned industry professional. His passion is helping new accounting professionals achieve their career goals.
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