Under Israeli Companies Law, every limited liability company (LTD) is legally required to appoint an independent Certified Public Accountant to conduct an annual financial audit and express an opinion on its financial statements.

5 Stages of the Corporate Financial Audit Process:

  1. Planning & Risk Assessment: Reviewing internal financial controls, inventory procedures, and corporate governance.
  2. Substantive Testing & Reconciliations: Verifying bank balances, trade receivables, accounts payable, and asset registers.
  3. Tax Liability Calculations: Calculating corporate tax reserves, capital gains adjustments, and deferred tax items.
  4. Drafting Financial Statements: Preparing Balance Sheet, Profit & Loss Statement, Cash Flow Statement, and Notes in accordance with Israeli GAAP / IFRS.
  5. Auditor's Report & Board Presentation: Issuing the formal CPA opinion and submitting annual tax return Form 1214 to the Income Tax Authority.

At Bernstein & Co., we deliver rigorous, timely, and transparent corporate audit services for growing companies.