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Financial statement auditing
A Company’s financial statements constitute an important management tool that contributes to the ability to analyze and evaluate the organization's performance, both in the operational field and in the financial field.
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Financial statement preparation
The independence principle has to be upheld. Companies have to get used to the fact that regulatory requirements prohibit their auditors from assisting them in preparing their financial statements.
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Additional services as part of the audit process
Assistance and consulting on solving accounting problems
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Internal audit
Fahn Kanne Control Management Ltd. Grant Thornton Israel renders internal auditing and control services to a broad range of entities. During the course of an internal audit, we utilize the services of experts from other departments, based on the nature and the needs of the audit: Information systems audit department, forensic accounting department, payroll control department, financial control department, etc. Contact us: info@il.gt.com
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Sarbanes Oxley Implementation
Fahn Kanne Control Management will assist you in preparing the company for the requirements of article 404 of the Sarbanes Oxley Act (SOX). Our firm has extensive experience in implementing SOX at dozens of companies, using the methodology of Grant Thornton International.
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Auditing the quality of the internal audit (QAR)
Yossi Ginossar, CEO of Fahn Kanne Control Management Ltd. Grant Thornton Israel possesses the required certification to conduct assessments of the quality control of internal audit framework (QAR). A number of entities in Israel have adopted standards 1300 and 1321 of the International Association of Internal Auditors (IIA) that stipulates that firms must have a third-party consultant perform an assessment of the quality control of their internal audit framework (QAR). Contact Yossi: yossi.ginossar@il.gt.com
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Risk Management
Our team has extensive experience in evaluation and management of risks and controls. We are assisted by one of the world's most advanced international methodologies, in order to properly evaluate the business processes.
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Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Fraud and embezzlement prevention
What is a multi-year plan for the prevention of embezzlements? It is much more economical to take appropriate measures to prevent embezzlements from being perpetrated. The multi-year plan serves as a tool that assists the organization in contending with frauds and embezzlements risk. Shay Medina, CPA, Partner at Fahn Kanne Control Management Ltd. Grant Thornton Israel and Head of Investigative Accounting Department specializes in conducting these plans. Contact Shay: Shay.Medina@il.gt.com
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Information systems auditing
The threats against the organizational information systems are many and varied. therefore, protecting and securing them is of paramount importance. Fahn Kanne Control Management Grant Thornton Israel has the know-how and experience in the fields of auditing together with information systems and therefore provides Information systems auditing.
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Service Organization Control Report (SOC 1 2 3)
Fahn Kanne Control Management Ltd. Grant Thornton Israel possess the know-how that is needed to provide examination of the fairness of controls - we render SOC services, including: A SOC-1 report based in standards ISAE 3402 / SSAE 16 (formerly SAS 70) and Checking the preparations and preparedness for compliance with the requirements of the standard. Contact us: yisrael.gewirtz@il.gt.com
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Blockchain & cryptocurrency
Blockchain, the technology behind digital currency in Bitcoin, has been unleashed. Given the interest in blockchain beyond financial services in the service, transportation, business and government sectors - it is gaining momentum.
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Privacy Protection GDPR
Privacy Protection GDPR
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Payroll control
The control reports that we at Fahn Kanne Control Management Ltd. Grant Thornton Israel design for our clients include deviance reports: checking the payment of the same salary component twice, payment of salary components that contradict one another, payment of salaries to fictitious employees, granting salary raises at unreasonable intervals, payment of a salary component in an amount that is unreasonable, etc. Contact us: Roei.Simhy@il.gt.com
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Business consulting
Many companies face significant business decisions which may have an impact on their future.
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Dispute advisory
Dispute advisory
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Due Diligence
Fahn Kanne's advisory team provides robust due diligence services that are linked to our clients’ requirements.
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Innovation and Incentives support
The Incentives department offers a full range of consulting services. From fund raising and management of local and international R&D funds, submission to international tenders and more.
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Valuations
Are you involved in a transaction, dispute or re-structuring your business? The value of your business and its assets will be a critical commercial consideration. Is litigation a possibility? A professional valuation is often the key to securing a fair settlement. Expert opinions are an inherent part of our offering.
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International services
International services
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Data analytics
With the ever-increasing reliance on information technologies at many organizations, the risk levels related to these technologies and to the processes supported by them continue to grow. The dedicated information systems consultancy department at Fahn Kanne Grant Thornton Israel, specializes in various IT issues: IT Advisory, Data analysis, Service bureaus. Contact us: amiel.attias@il.gt.com
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Liquidations receiverships and special management
Liquidations receiverships and special management
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People advisory
People advisory
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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Strategy
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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Transactional advisory services
Our dedicated business consulting team consists of experienced professions with expertise in the area of mergers & acquisitions.
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Financial sevices
We, at Fahn Kanne Consulting Ltd. Grant Thornton Israel provide a unique and strategic viewpoint on current banking issues. Our srvices include: Accompanying debt arrangements with banks, Valuations for banks and credit portfolios, Validation of models of structured products for banks and more. Visit our website to learn more about our services.
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Litigation support
Litigation support
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Corporate finance
Many companies face significant business decisions which may have an impact on their future.
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Debt advisory
All-time low interest rates across Europe and the USA have resulted in investors looking to find new ways to generate a return on their cash.
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Financial modelling
Models are at the heart of all business decisions. Whether you're looking to raise finance, buy or sell a business, assess strategic options, or just plan for the future, you're going to need a forecast. This is likely to come from a financial model.
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Operational deal services
The due diligence checks the accounting records, liabilities to employees, non-bank guarantees, the existence of hidden commitments, and the existence of surplus assets that the prior owners are attempting to remove from the company. Examining these parameters helps to reduce the risk to the investor in acquiring a company. Contact us: Mickey.Blumenthal@il.gt.com
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Restructuring
The due diligence checks the accounting records, liabilities to employees, non-bank guarantees, the existence of hidden commitments, and the existence of surplus assets that the prior owners are attempting to remove from the company. Examining these parameters helps to reduce the risk to the investor in acquiring a company. Contact us: Mickey.Blumenthal@il.gt.com
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Transaction services
Fahn Kanne's professional staff will assist you through all phases of the transaction to achieve the most optimal results, and to execute transactions for the long-term.
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Valuations
Fahn Kanne's valuation team has extensive knowledge, international reach and technical expertise to help organizations measure value and make better, more informed decisions.
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International taxation
The world is a global village, with companies operating concurrently in different countries and contending with wide range of international tax issues. You need to advise with international tax experts! The International tax department of Fahn Kanne Grant Thornton Israel provides Professional services: Planning tax structures, accompaniment of investment transactions and activities, foreign VAT, transfer pricing, relocation issues, etc. Contact us: Shay.Moyal@il.gt.com
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International taxation
The world is a global village, with companies operating concurrently in different countries and contending with wide range of international tax issues. You need to advise with international tax experts! The International tax department of Fahn Kanne Grant Thornton Israel provides Professional services: Planning tax structures, accompaniment of investment transactions and activities, foreign VAT, transfer pricing, relocation issues, etc. Contact us: Shay.Moyal@il.gt.com
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Transfer pricing
The transfer pricing department at Fahn Kanne recognizes the need to meet the regulatory requirements concerning transfer pricing, while preserving efficiency versus cost and reducing possible tax exposure. Our firm provides an overall solution that is tailored to the needs of the client, the goals of the organization and the nature of the transaction.
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Trust Taxation
Trust Taxation
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Indirect international tax
Fahn Kanne's Tax Department has expertise in the field of indirect taxation, including accompaniment, handling and consulting on a range of issues in the field of indirect taxation, including Value Added Tax, excise tax and customs. These issues may have a significant impact on the results of operations of many companies.
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U.S. taxation
The members of Fahn Kanne’s U.S. taxation team provide services regarding compliance and consulting on a large number of complex transactions at the local, national and international levels. Our client base includes large corporations, international businesses, family businesses, local businessmen and others. We provide tailored assistance with a high level of partner involvement.
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Capital investment incentives
Encouraging capital investment
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Individual taxation
Individual taxation
Background
For organizations that render services to organizations and companies that serve as “service bureaus”, nothing is more important than the generation of accessible and fair information to its clients and to the auditors of its clients. Rendering such services in the most advantageous manner provides clients with a sense of security and trustworthiness regarding the services being rendered to them.
In connection with the testing of the fairness of controls, we render control services to service bureaus (Service Organization Control – SOC). Our firm has developed expertise in determining the type and nature of the data that your clients require. In addition, we possess the know-how required to define reports that contain the information required by the auditors of your clients.
Commencing in 2011, the SOC reports were defined by the AICPA as part of the project that replaced the former standard known as SAS70 – under a new standard known as SSAE18. SAS70, which was issued in 1992, relates to service rendering organizations, the activity of which impacts the financial control of their clients (through outsourced services) and, from a practical standpoint, regulated a process of verifying the propriety of the processes being used at the outsourced companies.
At present, it is more important for the service organizations of all sizes to demonstrate their commitment to internal controls through the organization’s service report (SOC). SOC reports provide, in a declarative manner, a status report that illustrates the existence and strength of the financial, operational and information system controls in place in the organization. The declaration relies basically on an assessment of the mapping of the controls in the organization,, the efficiency of their design and a testing of the effectiveness of their implementation. In this manner, the organization obtains an assessment based on objective criteria that facilitate comparisons.
Through the SOC report, management of the organization declares the effectiveness of the internal controls in place in the work processes, a declaration that radiates trust to its clients and to its independent auditors.
Types of SOC reports
SOC1
SOC1 is a report that is suited to the major goal of the SAS70 standard, provides a declaration in respect of the internal control framework of the service providing organization, specifically about the framework that is relevant to and impacts the internal controls in the financial reporting process of the recipient organizations. In other words, this report relates solely to the financial reporting processes of the organization and it is used by the management of the service providing organization, the management of the recipient organization and the independent auditors.
SOC2
SOC2 is a report that is similar in structure to the SOC1 report, but it does not relate to the financial processes, rather to processes based on trust service principles which are set out in the U.S. standard AT101: security, availability, processing integrity, confidentiality and privacy. These principles are supposed to find expression in the organization’s information systems, which are related to systems in which information is generated, gathered and processed. Concurrent with these principles, the standard sets out control goals to which the required and implemented controls are mapped. A company that requests an SOC2 report does not necessarily require all of the principles, rather those that are relevant to the client in respect of which the report is being requested.
This report is used by the management of the service providing organization, the management of the recipient organization, the independent auditors and interested parties such as business partners, clients and shareholders.
The preparation of a SOC1/2 report includes a number of phases:
- Gaps must be mapped to assess the preparedness of the implementation of the standard.
- Afterwards, the work must be planned and the scope of the work must be determined.
- Then it is necessary to document the entity level controls and an internal examination must be conducted.
- Then it is necessary to perform an assessment as to whether the controls were designed in a manner that facilitates achievement of their goals.
- And finally, the organization must check to see that the aforementioned controls work efficiently enough to guarantee reasonable, albeit not absolute, assurance that the goals of the controls were achieved during the period being tested.
There are two versions of the SOC1/2 reports
- Type 1 – a report that is prepared as of a given date and that relates to the manner in which the controls were designed.
- Type 2 – a report that is prepared as of a given date and that relates to both the design of the controls and to the effectiveness of their implementation, taking into account a given period, including the results of the tests.
SOC3
SOC3 is a report that is identical to SOC2, but it is designed to be publicized to the public and it may also be used for marketing purposes. However, as opposed to the SOC1 and the SOC2 reports, this report is shorter and it does not contain a breakdown of the controls and the description and findings of the testing of the controls.
Our added value
- Broad know-how and many years of experience with 1/2/3 control reports of service bureaus.
- Service based on professionalism and the involvement of senior staff.
- Quality service, based on international standards and use of advanced methodology.
- The performance of projects around the world, utilizing the services of local experts at the member firms of the Grant Thornton International network of which we are the Israeli member firm.