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Enoch Yiu

BILL PARRETT, 57, will become global chief executive of international accounting firm Deloitte Touche Tohmatsu in June, replacing James Copeland

Having joined the United States-based Deloitte in 1967, Mr Parrett became a partner in 1977. He is in charge of audit, tax and business advisory services in the US.

The father of six visited Hong Kong recently to meet local partners and to work on the company's plans to expand in the Hong Kong and mainland markets, which he identifies as the primary investment areas for the accounting firm.

The Informer  talked to him during his visit.

Q: What will be your priority when you take over as global chief executive?

A: A big expansion in the Asia-Pacific areas, particularly China, will be one of my priorities. We have about 1,300 partners and 17,000 staff in the region.

China will be our No 1 investment area as we believe its economy will be the fastest growing in the world in the next 10 to 20 years.

Q: Have you set any targets for your expansion in China?

A: My plan in China is to increase the number of partners to the same amount as at our US practices. At present, we have 2,500 partners in the US and only 100 in China.

As you need 10 years to train a partner, it may take 25 years to achieve such a goal. But we have a long-term vision for China.

In the short run, we want to double our staff in Hong Kong and China to around 6,000 in the next five years. We will expand by merging with quality local firms, training local staff and sending partners from around the world to China.

Q: Who are Deloitte's target clients?

A: Deloitte targets multinational companies operating in China and Hong Kong. We also want to tap local companies and public sector clients.

We serve technology firms and financial services companies and provide services in tax, audits and mergers and acquisitions.

Q: What are your thoughts on the recent US accounting scandals?

A: The accounting industry appeared in the newspapers more times in the last 12 months than in the past 10 years.

I think US government accounting reform is the right way forwards in restoring the confidence of the public. Accountants need to remember that they not only represent their clients, but they also need to keep the interests of the public and shareholders in mind.

Q: How long have you been in the accounting industry?

A:  It has been 35 years. I have worked in different Deloitte offices in the US.

I have also been sent to work in overseas offices for periods of two to three months from time to time.

Q: How would you compare the industry 35 years ago with today?

A: There were the Big Eight accounting firms then and now there are only the Big Four -  which are the final four.

The companies we serve are also getting much bigger now. They are doing a wider range of business nowadays than 35 years ago.

Q: What has been your best career decision?

A: I decided to move our headquarters from the World Trade Centre (in New York) when it was the first bombed by terrorists in 1983.

I made the decision after having to spend 3.5 hours walking down from my 100th floor office in the evacuation. When I came out of the building, the first thing I thought was: 'There are so many office buildings in New York. I don't need to renew the lease with the World Trade Centre.'

Q: What is the worst decision you have made?

A: I don't have any regrets. One should never look back.

Q: What would you have done if you were not an accountant?

A: There are two things. I would like to do.

I may have become a military officer as I had passed the test for West Point (US military academy). But the military did not select me to join the army.

I also dreamt of being a photographer. Two of my six children are photography competition award winners. They may realise my boyhood dream.

Q: Who is the accountant at home?

A: My wife and I manage the books at home together. I am the financial controller responsible for income and she is the one in charge of expenditure.

Q: What do you do at the weekend?

A: I like skiing, golf and reading.



Incoming Deloitte chief has sights set on China