April 13, 2024

Business Bib

Business & Finance Blog

FINDING A CPA IN ISRAEL

3 min read

A CPA or a Certified Public Accountant is an accounting professional who has finished the accounting course, passed the uniform CPA examination and has met all the national certification and experience requirements.

CPAs in Israel

In Israel, the Israel Auditors’ Council is the professional body in charge of examining and certifying public accountants. Their laws and bylaws regulate matters concerning licensing, exams and continuous supervision of the profession. Two different programs enable a person to become a CPA in Israel. This is the Academic and the Non-Academic Program.

In the academic program, the person must have a bachelor’s degree with a double major in either economics and accountancy or accountancy and management or law and accountancy. After the degree, the person takes a year to pass two exams of the council and must take two years of apprenticeship in an audit firm.

In the Non-Academic program, an individual goes through a self-study program or studies at a non-academic school. They must then pass 15 external exams by the Council. After completing this program, the individual must undergo a two-year apprenticeship to get the license.

Services provided by a CPA

The CPA offers a variety of services. The services are such as those listed on the website pstein.com, and some are listed below:

  1. Financial Audit – this refers to the freedom from material misstatement, the reasonableness of disclosures and compliance to the applicable generally accepted accounting principles.
  2. Income tax return preparation – CPAs perform the services of booking tax returns on behalf of companies.
  3. Assurance and attestation services – improving information or the context of information so that decision makers can make more informed decisions.
  4. Forensic accounting – this is such as detecting, preventing and investigating financial frauds.
  5. Corporate finance – this includes mergers, acquisitions, initial public offerings, shares and debts issuing.
  6. Consulting – they are engaged in many different types of consultations to help their clients pinpoint business problems and run their operations more effectively.
  7. Litigation – Although they are not licensed to practice law, they are often used to find and prove evidence as an expert witness in the courtroom.

These are but a few of the services provided by CPAs though there are many more services provided by the CPAs that have not been listed above.

Factors to consider when choosing a CPA in Israel

Choosing the right CPA for your company is an essential factor that will eventually distinguish your company from the rest when it comes to financial advice. Here are some factors you can consider when choosing a CPA:

  1. Certification – Ensure they are certified by the Israel Auditors’ Council and have passed the examination.
  2. Industry Experience – It is vital to ensure that the CPA has sufficient experience in your industry since each industry has its unique ways of running operations and bookkeeping. Having the right expertise will ensure that the CPA has an easy time navigating these areas.
  3. References – Ensure the CPA has good recommendations from other business owners.
  4. Firm size – A big accounting firm may have higher fees but more personnel and better experience while a small firm may have lower prices but lack the range of services to suit the needs of your business.
  5. Services Offered – From the list of services above, there are many services offered by CPAs, but some CPAs specialize in some services, so it is vital to be clear about the services you want so that you ensure the CPA is offering them.