Risk surveys

Accounting firm - branches in Tel Aviv and Hadera.

Internal audit

The development of the economy in recent years, and the collapse of multinational corporations deriving from failures in the internal controls of an organization, has increased the importance of conducting internal audits. As a result, many countries around the world, including Israel, have legislated the obligation to appoint an internal auditor for certain corporations.

The objective of internal auditing is to constitute a management tool which assists the organization’s senior management to promote and realize the goals of the organization, while assessing the risks and providing the appropriate solutions required to prevent them. Risk analysis within the organization and proposing the methods by which to solve them is intended to promote the goals of the organization and preserve their assets. The work of the internal auditor is defined in the annual work plan and updated as necessary. At the conclusion of the auditing process, the auditor submits a report which includes the findings, and his recommendations for strengthening the weaknesses in the audited entity.

An internal audit of the organization assists the organization to achieve its goals by examining the effectiveness and efficiency of the organization, upholding the provisions of the law, including maintaining proper procedure and integrity in the audited entity. The audit will be conducted in accordance with the profession standards of the internal auditor, as these have been determined by IIA Israel – The Institute of Internal Auditors.

Internal audit services

Internal audit services are provided by highly experienced and qualified professionals.

The internal audit is conducted in accordance with and subject to the provisions of the Companies Law, the Internal Auditing Law, the Associations Law, the guidelines of the Institute of Internal Auditors and subject to and in accordance with the relevant laws and legislation specifically applicable to the audited corporation.

Risk Management

Risk management is a very important tier in corporate governance. The corporation is exposed to a great many risks, which can be divided as follows:

Financial risks – including credit risks, currency risks, market risks, etc.

Operational risks – acts of fraud and deception, regulatory legislation, inadequate or ineffective controls, etc.

In Israel, public companies are required to appoint a risk manager, and when submitting the report, they must stipulate the risks to which the company is exposed, both financial risks and operational risks.

Risk management is designed to protect the organization, maintaining its stability and profitability. The assessment of risk exposures for each unit in the organization is a more accurate assessment of the risks to the organization and, accordingly, resources are allocated to minimize the risks in accordance with cost/benefit considerations.

Our firm provides services in the field of risk management which include, inter alia:

Advice on integrated implementation and auditing regulations and standards such as: Goshen I-SOX, SOX, IFRS, capital market taxation and more.

Conducting risk surveys and accompanying the implementation of risk management mechanisms in financial, regulatory, operational, legal and other aspects.

Formulating and writing policies, ethical code and work procedures.

Supporting the selection of computerized systems for the organization’s risk management

Conducting gap analysis and audits to examine the propriety of the organization’s risk management processes.

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