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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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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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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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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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Tax Aspects of Virtual Currency Activity in Israel
Virtual currencies (cryptographic) are gaining increasing interest among many entities in the global economy, for investment and trading purposes. In addition, in recent years, many start-ups have been established in Israel in the field of blockchain, the technology on which the field of virtual currencies is based, in order to offer advanced technological solutions to various issues.
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Trust Taxation
Trust Taxation
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Capital investment incentives
Encouraging capital investment
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Individual taxation
Individual taxation
An international transaction between parties maintaining a special relationship is exposed to transfer pricing regulations. The field of transfer pricing is part of our international tax department. It is a field that has developed in recent years and it quite a lot of consequences for many international companies.
Background
In November 2006, the Israeli parliament passed transfer pricing legislation with regard to companies doing business in Israel. Commencing from that date, all international transactions conducted between parties maintaining a special relationship must report the transaction in accordance with market conditions and pay taxes accordingly. Legislation in this area is updated regularly and the tax authorities place considerable importance on assessing transfer pricing issues as part of the various proceedings they conduct.
Who can benefit from our transfer pricing services?
Our service targets all companies conducting transactions in the international arena with a related party (parent company, subsidiary, jointly-held companies, operating through a branch, etc.).
Transfer pricing and Fahn, Kanne & Co.
Our transfer pricing unit is part of the firm’s tax department. We are committed to being a leading provider of transfer pricing services in Israel.
Our professional staff consists of experts with backgrounds in accounting, taxation, law and economics. The extensive experience which we have amassed in this area, together with the close working relationships we maintain with members of the Grant Thornton International network allows us to develop and compile a varied transfer pricing policy that is custom tailored to the needs of the client and that provides a practical business solution to this important issue.
A variety of services
Our firm offers a broad variety of services, while ensuring the personal touch – we work closely with our clients from the beginning of the process to its successful conclusion.
Our transfer pricing services include:
- Advance planning of your transfer pricing strategy
- Development and compilation of a transfer pricing policy
- Documentation of transfer pricing
- Participation in and management of negotiations conducted with the tax authorities for purposes of obtaining pre-rulings
- Accompanying companies in transfer pricing audits conducted by the tax authorities
- Overall planning – international taxation and transfer pricing
Detailed explanation of our transfer pricing services
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Advance planning of your transfer pricing strategy
An overall review of the transfer pricing issues and preparation of transfer pricing documentation prior to the execution of the transaction, in order to estimate the market price of the transaction and its economic feasibility. This work can be prepared in the form of a transfer pricing study, a memorandum or some other relevant format. After completing the transaction, the study can be updated.
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Development and compilation of a transfer pricing policy
Development and compilation of a transfer pricing policy, while assessing the functions, assets and risks of the companies of the organization, for purposes of streamlining the organizational structure and/or the supply chain, thereby reducing risks. The assessment can be conducted according to Israeli legislation and in accordance with the regulatory regime of the relevant foreign country.
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Documentation of transfer pricing
- Preparing a real-time transfer pricing study
Preparation of documentation in real time may be of use to the client if he is asked to provide such documentation by the tax authorities. Preparing it in real time reduces the risks faced by management since they are subject to legal reporting requirements, it maximizes the profit of the Group and prevents payment of enlarged fines in Israel and in other countries.
- Preparing an ex-post facto transfer pricing study
Preparation of documentation after the fact, usually done after a request is received from the tax authorities or prior to the filing of a tax return for the relevant year.
- A transfer pricing memorandum
Documentation in real time or proximate to the time the transaction is executed may assist the client for purposes of signing the annual financial statements. The memorandum can be upgraded into a full blown transfer pricing study in accordance with legal requirements.
- Participation in and management of negotiations conducted with the tax authorities for purposes of obtaining pre-rulings
This is a proceeding that occurs prior to the execution of the transaction and it may provide the Company with an arrangement with the tax authorities for a number of years.
The service includes
- Preparation of a transfer pricing study for purposes of obtaining a pre-ruling.
- Participation in deliberation with the tax authorities for purposes of obtaining a pre-ruling on the price of the transaction.
- Accompanying companies in transfer pricing audits conducted by the tax authorities
- Presentation to the client
Preparation of a summary presentation that will show the client whether or not the transaction was conducted on the basis of market conditions.
Stages of the service:
- Identification of relevant transfer pricing risks
- A functional analysis of the parties, an analysis of the general risks and the assets that were used in the transaction
- Identification of international transactions as the term is defined in transfer pricing legislation
- Identification of transactions carried out by one of the parties together with an unrelated party that are similar to the transaction currently being carried out
- An economic analysis of similar transactions
- Preparation of transfer pricing documentation in the format of a transfer pricing study or a memorandum for the reported transaction, in accordance with the requirements of the client.
A unique international forum
The Grant Thornton International network has set up a unique transfer pricing forum that facilitates availability of common information and a direct channel between all of the experts in this field who are active in the member firms of GTI. The forum consists of dozens of companies around the word and it is accessible to our clients and assists the in promoting transactions and in creating various tax planning scenarios that can be utilized in business activities carried out abroad.
