Freidkes & Co. Certified Public Accountants

Freidkes & Co., Certified Public Accountants (Israel), serves as auditors of companies, not-for-profit organizations as well as other entities, from all sectors of the economy. The firm is also involved in taxation, representations in front of tax and other regulatory authorities, and in providing business and financial advice. Most of the firm’s employees are certified public accountants, while some also hold additional training in law, economics, or are US certified public accountants.

Staff speaks foreign languages such as English, French, German and Russian. An extensive range of services, personal attention and a stress on quality and dependability, have all combined to enable the firm to offer its services throughout the country. The firm is a member of Integra International – a global association of accounting firms and business advisors. The membership enables the firm to provide its clients with a wide range of services abroad in the areas of accounting, audit and business consultancy.

Multidisciplinary Services

Services provided by the firm include auditing and financial statements preparation (private and public companies, not-for-profit organizations); representations before regulatory authorities (Income Tax, Value-Added Tax, National Insurance Institute, Investment Center, the Chief Scientist etc.); Ongoing consulting to owners of corporations, assistance in intergenerational transfer of businesses, reviews of interim financial statements; preparing financial statements using IFRS or Israeli GAAP, participation in preparing prospectuses for capital issues; due diligence tests, as well as special projects involving purchase price allocation reports, reports to various regulatory authorities, liquidation assignments, corporate recovery plans, stays of proceedings, receiverships; trust companies and trusteeships; trusteeships for hedge funds; arbitration and mediation, estate management, tax planning, international taxation; business and financial consulting, internal and forensic audit and professional seminars.

Client Profile

The firm services clients from all sectors of the Israeli economy – industry, trade, services, tourism, international forwarding, customs brokers, construction, financial institutions, and not-for-profit organizations. The firm’s client list includes the Israel Accounting Standards Board, the Institute of Certified Public Accountants in Israel, as well as other major public bodies. Furthermore, the firm audits a variety of mutual funds and offers supplementary services to leading academic institutions, local municipal authorities, and industrial companies.

Acquisition Groups and Building Associations

Reporting, Inspection and Control – The firm has vast experience in providing accounting services to thousands housing units built by real-estate acquisition groups and building associations, which include, inter alia, ongoing reporting to the members of the group via a web portal of the firm’s internet site, financial management of the project and assistance in engagement with an escorting bank.

Court Appointments

Partners of the firm are appointed by the courts as liquidators, receivers, or trustees in a stay of proceedings, and also prepare “expert witness” testimony for the courts. The firm has also been appointed to provide accounting services to the special administrator of the “Hephzibah Group” (in liquidation), including forensic audit services.

International Department

Headed by Eli Engel, CPA & Adv., provides a full range of professional services to multinational corporations and foreign companies operating in Israel: Auditing and preparing financial statements according to local standards (ISRAELI GAAP) or international (IFRS). CFO services and multi-currency bookkeeping services, enabling the headquarters of the foreign company to receive various reports in the required frequency, language, currency and scope.

Advising on local taxation since the planning and incorporation stage, obtaining tax arrangements (pre ruling), assistance in international taxation including determining the existence of a permanent establishment in Israel, transfer pricing, Planning and implementing of corporate structure which utilizes to their full extent the tax laws in Israel and abroad.

Assistance in indirect taxes (Value Added Tax, customs, sales tax), social security, employees’ relocation, freight forwarding and customs clearing, pension and other social benefits to the corporation’s employees.

Business and Financial Advice

The business and financial advice department operates as a separate unit and employs certified public accountants and economists.

The senior employees provide personal advice to clients in preparing business plans and representations before financial institutions, negotiations with the banking system, business plans, recovery plans, and credit requests. Another field of operations that the firm offers is “CFO on-demand services” for entities which do not employ a permanent financial officer.

Trusts and Trustee Services

Trusts taxation, transactions, and funds in transit, salaries of senior personnel, trusteeships for hedge funds with the approval of the Income Tax Authority and membership in the Society of Trust and Estate Practitioners.

Representatives in Israel

Freidkes Trustees Ltd. acts as recognized VAT & tax representative for VAT Law and Income Tax Ordinance purposes, serving foreign companies and organiza-tions operating in Israel.

Internal Audit, Forensic Auditing, and Risk Management Department

This department offers internal auditing services, and a fundamental analysis of the organizational structure and managerial framework of the entity and manner of operations. At the conclusion of every assignment, the client receives a report on risk management, with an emphasis on limiting risks, efficiency, effectiveness, and adjustments to current control procedures. Additional service is testing the effective implementation of internal control over financial reporting - SOX 404.

US Taxation Department

The US Taxation Department serves residents of Israel who are required to file tax returns with the United States Internal Revenue Service and citizens of the United States who reside in Israel who are also required to report. Services of the department also include Israel-US tax planning and representations before regulatory authorities.