SEC Office of the Chief Accountant staff letter: Letter from SEC Chief Accountant to Deloitte Touche Tohmatsu, Concerning Deloitte Touche Tohmatsu's ("DTT") Sale by its Member Firms Deloitte SA and Deloitte Conseil SAS, April 27, 2004

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April 27, 2004

Deloitte Touche Tohmatsu Mr. Charles A. Horstmann 1633 Broadway New York, New York 10019-6754

Dear Mr. Horstmann:

The staff has reviewed your letter of April 22, 2004 concerning Deloitte Touche Tohmatsu's ("DTT") sale by its member firms Deloitte SA and Deloitte Conseil SAS (together, "Deloitte"), DTT's member firms in France, of their consulting business which has operated under the name INEUM Conseil et Associes or INEUMconsulting since September 22, 2003 (referred to as "INEUM"), to the former consulting partners of INEUM (referred to as the "INEUM Partners"). In your letter, you detail key terms of the transaction and conditions that DTT, including entities that have been considered part of DTT under Rule 2-01(f)(2) of Regulation S-X, have complied or will comply with in connection with the completion of the transaction. Your letter concludes that, based on its compliance with those terms and conditions, DTT should not be considered to have a "mutual or conflicting interest" or a "direct or material indirect business relationship" with, or a "direct financial interest or material indirect financial interest" in, any of its audit clients that are also clients of or enter into business relationships with or invest in INEUM, or that are invested in by INEUM or any departing INEUM Partners or employees.