Audit Overview

Accordingly, the audit process does not consist solely of verifying the data in the financial statements with supporting documentation; it also includes analyzing the client’s business risks in the business environment in which it operates. In this context, the audit team examines the objectives of the business and its strategy, and analyzes its business processes, the risks inherent in them and the internal controls it applies to.

Doron Dabby leads the audit practice, which has 25 partners.The audit practice provides auditing services to a large number of companies, ranging from young companies to international corporations, and in a variety of industries. This makes it possible to create specific areas of specialization and take advantage of economies of scale.

Industry Experience
In order to provide continuous added value by drawing the attention of the clients to risk focus points, ideas for improving controls, etc., the auditing team has to specialize in the sectors in which the clients operate. The methodology practiced by KPMG member firms around the world is therefore based on providing industry-focused services.

Thus, the different auditing teams have diverse industry focuses. These focuses make it possible to create databases of some of the best industry best practices in various industries, carry out benchmarking in comparison with the industry, etc. Furthermore, in this way, the firm seeks to provide professional services, while helping ensure uniformity, consistency and the ability to provide quality in a wide range of professional services.

The auditing practice of KPMG Somekh Chaikin operates in the following three industry groups:
Rani Shaham heads the technology, communications and consumer markets sectors, Dani Bernshtein heads the real estate and industrial markets sectors, and Eileen Toledano heads the financial services sector.

The three group leaders  have many years of experience in the sectors, which they head.

Wide ranging service under one roof
As part of its industry focus, KPMG Somekh Chaikin has organized two unique departments: technology and life sciences. These departments focus on providing wide ranging services to technology companies in various stages of development, with a particular emphasis on start-up companies and their unique features. The range of services is designed to create a place in which the business, economic, tax, and accounting services required by the client are provided at one place, with an emphasis on providing creative alternatives and assistance to the company in planning its future.

A Customized Auditing Plan for the Client’s Needs
The firm’s lines of business structure and special areas of focus facilitate the preparation of a customized auditing plan for each specific client. This process helps to provide the following advantages:

A.     An effective and focused auditing approach – focusing on genuine risks makes it possible to focus on areas where the financial statements are exposed to the highest risk, while saving resources in other areas.

B.    Added value for the client – analyzing business process and examining risks and controls enables the audit team to spot both weaknesses and possibilities for improvement in the various business divisions. The audit thereby also serves as a tool with added value for the client.

C.    Quality control – improving presentations in the financial statements and in the accompanying notes to more accurately reflect the financial position of the business and its results of operations.

Auditing services are supported by other services provided by various professional divisions of the firm.

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