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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
Control reports regarding payroll constitute a strong tool regarding control, verification of the reasonableness of salary payments, and identification of deviances in the payroll framework.
From a practical standpoint, the information already exists in your computer system. Our firm will help you generate that information from the system.
The services rendered by the payroll control department
Examining the salaries paid to employees of contractors
The department provides dozens of clients services regarding examination of salaries in accordance with the Law for the Strengthening of Enforcement of Labor Laws. Our client list includes Bank Hapoalim, Clalit Health Services, Maccabi Health Services, Ariel Properties, Shufersal, Mekorot, Tower Semiconductor, the Azrieli Group, etc. As part of this work, we check to see if salaries are paid according to the laws regarding employees of contractors who work for our clients. In the event of breaches in the law, we ensure that the contractor remedies the deficiencies.
In addition, we offer our contractor payroll clients on a regular basis, various services, at no extra cost:
- Assistance in setting hourly work rates
- Implementation of provisions of various expansion orders
- Providing a response to specific issues that are relevant to this field.
Identification and prevention
Salary expenses are usually significant expenses in many organizations and notwithstanding this fact, the controls in place are often very limited, when compared with procurement for example in respect of which there are tighter controls even though the amounts are less.
The control of Management regarding the correctness of salaries is often limited to a comparison of the current month’s payroll to the previous month’s, under the assumption that the payroll controller performs tighter controls. Our experience shows that the controls of the payroll controller are often limited. The control is based on a manual check of a sampling of employees. Due to the complexity of the payroll and the volume of data, manual controls are usually inefficient because quite often, the sample is not representative.
The efficiency of the control
The data regarding payroll processing is located in the computers of the payroll system. Therefore, the organization can often utilize the report generator of the service bureau in order to perform “smart” payroll controls. The generator will generate periodic control reports that set out data that are deviant and such deviances can be checked and found to be deficient. These deficiencies will be handled accordingly.
Advantage of using a computer
Implementing computerized controls enables the organization to perform testing on all of the employee data and on all of the payment definitions. There is no longer a need to perform sample testing. The computerized testing is quicker than manual testing and is also less expensive.
Deviance reports
The control reports we will design for you include deviance reports, including: checking for duplicate payments of the same salary component, payment of salary components that contradict one another, payment of salaries to fictitious employees, payments of wage increases at unreasonable intervals, payment of a payroll component in an unreasonable amount, etc.
The work process
- On the basis of our understanding of your needs (together with you), we will perform a gap analysis between the controls that should be in place and the ones that are actually in place. You will select the control reports that you desire from the ones we offer.
- We will define the reports that you have selected and will compile them in the report generator of your service bureau.
- We will run the reports for the initial period in order to ensure that there are no errors. If necessary, we will make corrections to the reports.
- We will deliver a set of reports for you to use on a regular basis.
Checking payroll components at government companies
Every so often, payroll deviances are discovered in government companies and exposed in the public media. Many companies would like to know in advance that they are free from deviances in their company that could place them in a bad light. We are experts at conducting such examinations. We assist government companies in ensuring that their payroll payments are in line with the provisions of the Government Companies Authority and/or the guidelines of the Accountant General. At the conclusion of our examination, we make recommendations as to how to correct the deviances at minimum cost to the Company.
Compiling payroll processes
A proper payroll processing process which includes the appropriate controls, segregation of duties, etc., ensures correct payment of salaries and reduction of risks of embezzlement. Our department has amassed extensive experience in compiling effective payroll processes at various companies, commencing with the absorption of the employee into the system and culminating with the issuance of the pay slip and including the designing of controls that accompany the payroll process until the actual payment is made.
As part of this service, we take into consideration the size of the company, the organizational structure, the existing information systems in the organization, the different employment contracts, etc. The final product of this service is a proper payroll process, specifically tailored to the individual company.
Remuneration of senior officers
Amendment 20 to the Companies Law sets out the principles of a senior officer remuneration plan. We assist companies in determining their remuneration policy in respect of senior officers, in accordance with the principles set out in the Amendment. The work is broken down into a number of phases that are fully-tailored to the needs of the Company. The final product is a policy document that is ready for the approval of the remunerations committee, including benchmarking to similar companies.
Checking social benefits
Commencing from 2008, the law stipulates that all employees must be insured with pension insurance, in accordance with the percentages set out in the law.
Failure to withhold the necessary pension components is a violation of the law, in respect of which every senior officer of the Company bears personal liability. As part of our audit, we will verify the fairness of the provisions for social benefits and recommend improvements for the process so as to significantly reduce the liability of the Company and its senior officers.
Our added value
- A department that is totally dedicated to this issue.
- Service based on professionalism and the involvement of senior staff.
- Assistance of the firm’s technical department in the fields of accounting, taxation and economic consultancy.
- 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.