Accounting and auditing financial statements
The Accounting and Audit Department provides financial auditing and financial reporting services to large entities, public companies, private companies and non-profit organizations. The department is also responsible for handling personal reports, handling current issues and representation before government and tax authorities. The department staff has extensive experience and knowledge of generally accepted accounting principles in Israel, including the accounting rules of non-profit organizations and local authorities, in international standards (IFRS) and in government standards. The accounting treatment is carried out with great professionalism, with an emphasis on adapting accounting solutions for specific issues. The audit is performed with maximum quality and efficiency, with an emphasis on identifying the main processes and analyzing them in real time and mapping the significant risks that characterize each client, as well as adapting the audit to the type of client, his character and the business environment in which he operates.
The department provides services in a variety of areas, including:
■ Audit of annual financial statements, consolidated and solo in accordance with International Standards (IFRS), Israeli standards and in accordance with the regulations and guidelines of the Israel Securities Authority.
■ Financial statements according to US GAAP.
■ Review of quarterly financial statements in accordance with the relevant standard and in accordance with the guidelines of the Israel Securities Authority.
■ Preparation of prospectuses for IPOs of public companies.
■ Financial statements Audit of non-profit organizations, associations and local authorities.
■ Financial statements Audit of government ministries.
■ Due Diligence.
■ Preparation of financial statements for companies in various industries, such as: tourism, hotels, construction, infrastructure, industry, commerce, transportation, computers and software, non-profit and infrastructure.
■ Providing solutions and tax advice on income tax, social security and indirect taxation, including VAT, purchase tax, taxation of non-profit organizations and financial institutions.
■ Preparation of accounting opinions.
■ Preparation of special approvals, such as approvals for the Chief Scientist, Investment Center and more.
■ Handling a voluntary disclosure procedure.
■ Special reviews.
Internal Audit and Risk Management
The Internal Audit and Risk Management Department provides internal auditing services amounting to tens of thousands of audit hours each year. The internal audit activity, both as internal auditors and as outsourced internal audit service providers, is carried out by the department while ensuring maximum service at the highest professional level, availability and meeting schedules.
The department provides services in a variety of areas, including:
■ Internal audit in government and municipal companies.
■ Internal audit in non-profit organizations and associations.
■ Conducting risk surveys in large entities.
■ Accounting divisions Audit of government ministries.
■ Financial statements Audit and internal audit on behalf of the Audit Division of the Ministry of the Interior.
■ Personal billing Audit for officials in local authorities on behalf of the personal billing unit in the Ministry of the Interior.
■ Accompanying accountants in religious councils - management, control and supervision of the financial management of the religious councils on behalf of the Ministry of Religious Services.
■ In-depth audits of supported entities under section 3A of the Budget Law and supported associations, on behalf of the Accountant General.
■ Wage audits to comply with the requirements of the Enforcement of Labor Law - 2011 by contractor employees who are engaged in maintenance, cleaning and catering, on behalf of: The Accountant General, the Jerusalem Municipality, Bank Leumi and others.
■ Salaries Audit of teaching staff, on behalf of the Ministry of Education and on behalf of the Jerusalem Municipality.
■ Conducting SOX in public and government companies - effectiveness test of internal control over financial reporting and disclosure.
■ Assistance in writing procedures and implementing them.
Local and international Tax Consulting
The Tax Department provides a wide range of tax services to self-employed, companies and organizations. The department consists of experienced professionals who regularly monitor developments in the field of various tax laws in order to provide our clients with taxation solutions aimed at legitimate reduction of tax liability. The department also collaborates with tax experts in the country and experts from the international network JHI.
The department provides a package of services that includes:
■ Corporate taxation
■ International taxation
■ Split mergers / restructuring
■ Incentives, Approved Enterprises / Beneficiaries and Grants / Chief Scientist
■ Real estate taxation
■ Individual taxation
■ Indirect taxation (VAT, customs, purchase tax and more)
■ Voluntary disclosure procedure
■ Shaa’am Call Center Services (Mechanized Processing Service)
The department handles representation before tax authorities, formulating tax arrangements, approvals for tax refunds and planning transactions while utilizing tax advantages inherent in the manner of creating the outline of the transactions. Specializing in consulting and accompanying real estate transactions at all stages of the transaction, starting with the transaction structure, position papers and professional opinions, accompanying sales agreements, tax calculations and accompanying complex projects such as urban renewal (TMA 38, evacuation construction)
Business Consulting and Financial Support
The Business Consulting and Financial Support Department combines high-level financial and accounting knowledge with rich managerial and business experience. The department is committed to providing quality service, while becoming familiar with many sectors of activity in Israel and around the world.
The department provides services in a wide range of areas:
■ Writing business plans.
■ Project feasibility study.
■ Carrying out valuations of businesses, intangible assets and allocating purchase cost.
■ Economic opinions for courts on issues such as:
■ Loss of profits, loss of revenue and damage assessment. Economic tort claims.
■ Reputation valuations.
■ Damage from fires and natural disasters.
■ Financial support of projects in Israel and abroad, including projects in the field of commercial and residential real estate, TMA 38 and evacuation construction.
■ Handling mergers and acquisitions.
■ Assistance in budget building and budget control.
■ Business consulting in negotiations with banks to reduce financing costs and define credit required in the short and long term to create an optimal capital structure
Accounting Services
Our firm provides outsourced accounting, bookkeeping and payroll accounting services through experienced professionals who are updated regularly with relevant legislation, practice, broad vision and standards. These outsourced services can significantly improve the quality of work and at the same time significantly reduce the costs of expensive and often inappropriate manpower, on a permanent basis.
Accounting services include:
■ Mapping the needs of the organization
■ Determining a flow chart of information and transferring materials, including a schedule from the company to staff and back
■ Building a set of reports for managers, including analysis by operating segments, management reports, costing reports and more
■ Preparation of cash flow statements including forecast cash flow
■ Building work processes in the organization's finance and procurement department
■ Building internal controls to reduce exposure to fraud and deception
■ Supervision of the work of the accountants
■ Appointment of bookkeepers and filling a temporary place in bookkeeping
■ Streamlining and saving organization costs
■ Control and analysis of inventory costs in the organization
Incentives and Government Support
Companies in growth stage, including start-ups, are exploring the possibility of financing and assistance from government sources, through tax exemptions and relief, Grants and / or grants from various bodies: The Chief Scientist, the Investment and Income Tax Center, the Ministry of Economy, Education, Health and more, and various aid funds. Our firm provides consulting services to such companies in building a business plan, with regard to submitting applications for support to such entities, submitting regular reports, accounting statements, representation and accompaniment to the financing and support bodies. In addition, our firm conducts audits on behalf of the Investment Center under the Capital Investment Encouragement Law.
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02-6529999 | galit@yehudayoff.co.il
Our address
68 Kanfei Nesharim St., Jerusalem, 2nd floor P.O. 43133, Zip Code 91430