The audit department provides its’ clients with the materials necessary to understand their financial picture. Via the audit procedure and the preparation of the financial statements, we learn – together with you – the financial strengths and weaknesses of your business, and are able to provide professional advice in order to help growth, sensible management and building the thought out roadmap for the future.
Our audit services can be provided according to Israeli, international or American standards (Israeli GAAP, IFRS or US GAAP)
The audit procedure and the financial statements concentrate the business activities, and are what drive the future growth. A business interested in growing requires a correct and stable financial platform, which takes into account all aspects of it’s’ activities, and helps build a financial basis that accurately represents it’s activities. Using the right system will allow the business to approach banks to get loans, find new investors, open new business options etc. The audit department supports, guides and builds – together with the clients – the path to growth and success.
Our firm has many years of experience of company audits. We prepare hundreds of financial statements each year, and work with both medium and large companies, with a wide range of sizes. The audit process includes a review and valuation of the business assets, liabilities and profit and loss with a focus on the accounting aspects and providing ongoing reporting and advice in order to make the most of returns and to reduce the exposure to loss and risk. Our experts provide audit services to a wide range of sectors, including: property, tourism, Hi-Tech, industry, insurance, food, technology, and others.
Audit of non-profits
Our firm provides audit and accounting advisory services to not-for-profit organizations, including some of the largest in Israel. Our experts understand the nuances of the reporting and accounting rules for non-profits, including the regulatory requirements and transparency with the tax authority according to the requirements of Section 46 of the Income Tax Ordinance, reporting of donations received, grants provided, estate legacies, gifts and other matters.
Services of the department
- Audit and review of financial statements
- Preparation of financial statements
- Tax advice
- Ongoing representation with the tax authorities on a range of issues
- Assistance with merger and acquisition transactions
- Preparation of prospectuses, and ongoing assistance for companies intending to issue securities on the Israeli or foreign stock markets
- Ongoing accounting advice, with understanding of a wide range of activities and business sectors
- Accounting advice re International Reporting Standards (IFRS)
- Accounting advice re US Reporting Standards (US GAAP)
- Professional opinions
- Due diligence, to determine the worthwhile status of a transaction, and managing risks
Preparation of financial statements
The Securities Administration requires complete separation of the body in charge of preparing the financial statements and the body performing the audit of the same financial statements. This is to ensure that there is full independence, transparency and no conflicts of interest. Our team of experts can prepare financial statements in accordance with Israeli, US or international standards, for local and international businesses in a range of sectors, and are experts in the reporting requirements, the use of professional software and the e-filing of reports to the tax authorities.
We prepare hundreds of financial statements each year for a range of companies with differing businesses, and we know how to accurately reflect the business and its activities in the financial statements. We place a lot of importance in the preparation of the financial statements and their role for the business owner. The clients financial statements are the showcase of the business, and the driver for continuing activities and future growth.
Services of the department
- Creation of a basis for ongoing management reports
- Preparation of periodic financial statements – semiannual and yearly, including director reports
- Accompanying and advising on complex accounting reports and creation of accounting absis
- Management of finalizing the accounts for audit
- Working with external auditors
- Preparation of equity and investment calculations
- Working with other advisors and management of the company, including writing of the relevant notes to the financial statements
- Consolidation of accounts and removing inter-group transactions
- Translation of accounts for subsidiaries of foreign parent companies, and creation of a foreign currency translation reserve
- Preparing details of subsidiary accounts for the purposes of consolidation into parent company
- Tax computations, including deferred taxes and reserves for potential tax
- Preparation of cashflow statements