Preparation of Financial Statements
Financial statement preparation services are required by public companies whose auditors are prohibited from preparing their reports, following a 2008 ruling by the Israeli Securities Authority. This ruling clarified that auditors providing financial statement preparation services would compromise their independence.
As a result, public companies must often seek assistance from accounting firms to prepare financial statements in accordance with both Israeli and international standards. These reports are then presented and reviewed by the auditor.
Our financial statement preparation services, offered by the audit department, include the application of principles for presenting and measuring items in the financial statements, applying accounting standards—whether Israeli or international/IFRS, addressing complex accounting issues, conducting calculations for various provisions required in the financial statements, performing tax calculations, drafting notes to the financial statements, and more.
Our firm has extensive experience in providing financial statement preparation services, both under Israeli standards and international IFRS standards, for annual and quarterly reports. This includes services for various companies across multiple sectors, as well as preparing consolidated reports for groups of companies, where consolidated financial statements are required. Our team of accountants has the experience and skills to work directly with auditing firms, professionally representing the company’s management regarding financial statement issues and disclosure requirements.
Additionally, meeting deadlines is crucial for public companies, as mandated by law, for the benefit of investors in the stock exchange. Our audit department is highly skilled at adhering to the timelines set by company management and the auditor to ensure timely submission of reports to the MAGNA system.
An accountant from our firm would be happy to assist you with this service. Contact us with no obligation.
