James Marwick
Encyclopedia
James Marwick was an original founder of an accounting office that became one of the Big Four auditors
, KPMG
.
Marwick's father was Sir James David Marwick
, an Orcadian who was Town Clerk of Glasgow from 1873 to 1904. The young Marwick qualified as a chartered accountant
, and began his accounting practice in Glasgow
, and travelled to Australia
to conduct a bank examination for a group of Scottish investors during the Australian banking crisis in the 1890s.
Marwick later travelled from Australia to Canada
and, impressed with business opportunities in North America
and cultivating banking clients, he went to the United States
in 1894 and began looking for a partner.
Marwick and Roger Mitchell
, schoolmates from the University of Glasgow
, literally ran into each other on a New York City
street in 1897. Mitchell had been sent to the United States to run the family textile business. The two set up a practice together in what has been labeled the perfect "front office/back office partnership."
After opening Marwick, Mitchell & Company in New York, Marwick began traveling to other cities, opening offices all over the United States. Percy Garrett, who ran the London
office, once wrote that the tireless Marwick traveled as many as 15,000 miles a year.
Later on, in 1911, Marwick and Mitchell joined with Sir William Barclay Peat
as Marwick, Mitchell, Peat & Company. Eight years later, they demerged. Marwick retired in 1917, handing the reins to Mitchell, who took over as senior partner and stayed on until 1925. That same year, Mitchell and Peat re-united and changed the firm name to Peat, Marwick & Mitchell.
Big Four auditors
The Big Four are the four largest international professional services networks in accountancy and professional services, which handle the vast majority of audits for publicly traded companies as well as many private companies, creating an oligopoly in auditing large companies...
, KPMG
KPMG
KPMG is one of the largest professional services networks in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young and PwC. Its global headquarters is located in Amstelveen, Netherlands....
.
Marwick's father was Sir James David Marwick
James David Marwick
Sir James David Marwick was a Scottish lawyer, historian and town clerk. He served as Town Clerk of Glasgow for thirty-one years, during which time the entire city was transformed...
, an Orcadian who was Town Clerk of Glasgow from 1873 to 1904. The young Marwick qualified as a chartered accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
, and began his accounting practice in Glasgow
Glasgow
Glasgow is the largest city in Scotland and third most populous in the United Kingdom. The city is situated on the River Clyde in the country's west central lowlands...
, and travelled to Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
to conduct a bank examination for a group of Scottish investors during the Australian banking crisis in the 1890s.
Marwick later travelled from Australia to Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and, impressed with business opportunities in North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
and cultivating banking clients, he went to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in 1894 and began looking for a partner.
Marwick and Roger Mitchell
Roger Mitchell
Roger Mitchell was a Scottish accountant. He jointly founded Marwick, Mitchell & Co., one of the predecessor firms to KPMG, the leading international firm of accountants in 1897 with James Marwick, a fellow Scot who already practised in New York City...
, schoolmates from the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...
, literally ran into each other on a New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
street in 1897. Mitchell had been sent to the United States to run the family textile business. The two set up a practice together in what has been labeled the perfect "front office/back office partnership."
After opening Marwick, Mitchell & Company in New York, Marwick began traveling to other cities, opening offices all over the United States. Percy Garrett, who ran the London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
office, once wrote that the tireless Marwick traveled as many as 15,000 miles a year.
Later on, in 1911, Marwick and Mitchell joined with Sir William Barclay Peat
William Barclay Peat
Sir William Barclay Peat was born on the 15th February 1852 in Forebank St Cyrus, Kincardine, Scotland. He was the second son of James Peat and Margaret Barclay...
as Marwick, Mitchell, Peat & Company. Eight years later, they demerged. Marwick retired in 1917, handing the reins to Mitchell, who took over as senior partner and stayed on until 1925. That same year, Mitchell and Peat re-united and changed the firm name to Peat, Marwick & Mitchell.