Audit of financial statements

Auditing Annual Financial Statements: A legal duty or business advantage?

The annual audit of the financial statements is a legal obligation in Israel (regardless of the size or the kind of business activity).

This audit can do much more than meet statutory obligations.

If there is a legal or contractual requirement to conduct an annual audit and to provide a “supervisor’s evaluation” we pledge to do so.

However, it is our views and vision of the audit processes, which are the added value we provide our clients. Auditing itself is not a goal; it is a part of the toolbox we offer to improve the business and organizational results of our clients.

The solutions and recommendations we offer are in fact based on the information revealed during the audit. It’s also information that presents the analysis of the business conduct in the organization’s past.

The annual audit is performed correspondingly to the Israeli regulations, alongside with the required adjustments to meet with Auren’s unique audit perception. A program that complies with IFAC’s stringent requirements and “International Standards on Auditing (ISA)”. Auren, as part of its IFAC Firm Forum (FOF) affiliation, is subject to stringent professional quality assurance standards.

Auren Israel’s audit teams have more than 35 years of professional experience. Our audit team is based on the continuity of a veteran team that is familiar with the activities and audits along with a renewed team that brings a fresh and objective perspective. In this way, we ensure effective auditing (e.g. by reducing the amount of time required for auditing), which is reflected in reducing costs. Auren’s business mindset and values allow our audit managers to provide our clients with the best safety net for their businesses. 

Our services at a glance:

• Statutory audit of annual financial statements and consolidated financial statements

• Voluntary audit of financial statements and consolidated financial statements

• Audit financial reports correspondingly with International Accounting Standards

• Auditing nonprofits associations and Public-benefit corporation

• Review of quarterly financial reports and statements

Auditing and Accounting

The many benefits of the audit go beyond complying with the requirements of the law. Therefore, auditing has great importance to the organization.

Auditing is more than an implement for fulfilling statutory obligations; it is capable of providing important insights and recommendations which generate significant added value for the organization. A business reality in which high-quality audits enable the identification of weaknesses and risks, as a result, allows planning the best course of action at the business level.

Accounting is the foundation of the financial and fiscal information of the business; furthermore, it is the root of the audit and the annual and periodic reports required by law.

There is a fundamental difference between accounting as a necessity compared to creative accounting.

Creative accounting can provide a high-quality of subsistence to the organization, to satisfy all of the interested parties from shareholders, policymakers, and employees to the business partners and the clients of the organization.

Accounting in the modern world is a critical organizational mechanism that enables an organization to achieve the optimal results for its goals in the most effective way.

We execute it via:


Our team of experts is available and strives to collaborate with both decision-makers and other teams in the organizational chain; Availability is expressed in the form of a fast and professional response and by finding creative and adaptive solutions for changing needs.


In the constantly changing and fast-moving Agile world, diverse solutions can be formulated and delivered from both audit and accounting services. Our team of experts meets the challenges of time and translates the vast experience gained to quickly and effectively adapt to changing needs.


Audit requirements are constantly changing. likewise, we also strive to improve ourselves as part of an ongoing process that emphasizes self-criticism as well as repairing, upgrading and optimizing our staff and capabilities.

Our membership in the Forum of Firms, driven by the Transnational Audit Committee IFAC International Federation of Accountants, ensures compliance with the highest standards of quality. That is why we are amongst the 31 largest professional firms in the world.

That is to say, compliance with these standards ensures compliance with the highest and most stringent professional quality assurance standards.


Our expert review reports and opinions give our customers and all their stakeholders (shareholders, banks, customers, suppliers, employees, etc.) the confidence to make decisions regarding their businesses based on reliable data that has been carefully examined.


Our accountants and audit teams have many years of mastery and practical experience. We are convinced that constant training alongside tracking of new commercial and business trends and development in the world; allows us to provide creative and unique solutions. This is a significant added value offered to our customers.

Internal audit

Internal Audit: The Protector of Your Organization in the Agile World

Compiling and analyzing information and transforming it into effective and high-quality knowledge of the organization’s processes, aiming to improve the decision-making process throughout the organization, while at the same time performing continuous monitoring of organizational activities and development.

In the world of innovation and technology, the audit has become critical for medium and large enterprises. Examining internal corporate risks, alongside external and environmental risks and threats, using innovative tools such as automation systems, artificial intelligence, and enterprise-optimized applications; allows us to present the organization with a complete overview of the risks and exposures.

The internal audit process begins with the risk survey. According to the analysis and the conclusions of the survey, Auren’s expert teams in Israel and around the world will customize the set of solutions for the organization’s needs.

The pace of change and rapid development of the world alongside the existence of agile organizations requires active risk assessment processes, such as those that systematically and regularly examine the organization in “live” mode. Our team of experts has created such a unique process, alongside with the ability to provide solutions to ever-changing risks.

Auren’s experts have developed a unique and effective approach, to guide the organization’s management towards finding adaptive solutions to reduce risks, and customize it to the organizational’s changes and its agile culture (“agile and flexible”), for companies and organizations who need the flexibility as part of their day-to-day activities.

Companies operating in the Agile Project Management model are usually capable of producing quick solutions and effective response both to market changes and\or to inner organizational changes. Auren’s expert team develops and evolves simultaneously with finding a customized response while analyzing risks and providing solutions to reduce exposures in a flexible and fast manner.

Auren offers an overview and analysis for international and local risks, through collaboration between Auren’s internal audit teams around the world. Using data analytics, data mining (Process Mining) and continuous international communication between our teams in Israel and around the world enables us to provide comprehensive responses and to prevent international exposures and risks even before they are created.

At the same time as the preparation of the internal audit, which is based only on past data; our expert’s team can also provide you with future predictions for your organization’s developments and risks potential.

The regulatory requirements in Israel and around the world also vary.

Our expert teams in each country provide the organization’s management and senior staff with protection and security while complying with the law through internal auditing. Knowing those internal auditors will help prevent mistakes and meet regulatory requirements already during the processes rather than retrospectively, gives our customers tremendous added value and allows them to focus on their main business.

We implement Robot Process Automation (RPA) processes using robotic (bots) systems that our experts integrate into the organization. These systems can provide statistical information, detect exceptions and errors in real-time, and allow internal auditors to avoid errors and to minimize the organizational risks.

In other words, this knowledge enables decision-makers and policymakers to maintain a structured decision-making process throughout all stages of the organization’s work; in fact, it enables the organization to preserve its level of efficiency and quality activity.  

IT system audits

The organization’s data is one of the key assets that enable success in today’s fast-paced and dynamic world.

If your data is compromised, untrustworthy, or stolen, then your entire organizational success is in danger and may go down.

Data systems are one of the most vital resources in your organization.

Threats to data and on data systems are many and varied, thus their protection and security are crucial.

Data systems managers face the challenge daily, while at the same time they must meet varied regulatory requirements, which are updated and changed frequently.

The team of Auren’s control and technology experts in Israel and around the world holds knowledge and experience in the areas of audit and consulting, combined with expertise in data systems.

The sophistication of frequently changing data systems requires the use of advanced methods to audit, according to the accepted standards, which include, among other things, data analysis tools, simulations, exception detection and more.

The main value of the Aurens data Systems audit experts will be expressed in two main areas:

Strategic: Assisting in building and updating the organizational strategy for data system operations, while maintaining and securing the data; from physical systems to cyber defenses. Classification of data systems and needs during the establishment or modification of the systems.

Ongoing monitoring: The purpose of monitoring and analysis of data systems is to examine the propriety of the accounting system’s internal controls, the finance, and the operational data systems.

Operational Technology Audit (OP)

Apps surround us, which means we are exposed to a higher amount of risks we didn’t think of; Such as financial risks, information risks, and regulatory risks.

Auren ‘s expert team has extensive experience in mentoring application development, computer systems, as well as providing consulting services from the development stages to accompanying the various operational stages.

Audit of operating technologies is divided into two main sectors of activity and according to the value that the audit provides:

Audit of operating systems: Audit of computerized technology operating systems in factories: production lines and industrial companies. The purpose of an operational audit is to help enterprises and organizations be more effective; from helping production lines and data security to prevent downtime, errors, internal or external damage and thereby improve business results in production.

App’s audit: An audit process is for both running and in-development apps. The purpose of the audit is to reduce risks, exposures, and damage to data of users and the organization.

Compliance with a variety of legal requirements, such as tax authorities, capital market requirements, banking requirements, and money laundering. In addition to helping to adapt apps to users around the world and international legal requirements that vary from country to country, with the help of Auren International’s expert team worldwide.

Fraud Investigation & Dispute Services

Auren’s experts will provide you with the information you need to make a legal or business decision in cases of fraud, business disputes, embezzlement, and irregularities.

Organizations are exposed to fraud, embezzlement, and financial irregularities, both at the internal and external levels of the organization. International statistics show that an average company loses a significant percentage of its sales turnover due to irregularities and fraud.

Auren specializes in investigative auditing, combining accounting knowledge with specialized investigative techniques to identify, expose, and help to prevent fraud, embezzlement, and irregularities.

The international team of experts includes accountants, qualified internal auditors, qualified fraud investigators, lawyers, data systems experts, private investigators, and highly knowledgeable and experienced workers.

The international team of experts provides solutions to Israeli and multinational companies with the help of Auren’s global experts. The team is committed to full discretion and works in full cooperation with the client to achieve the best results.

Fraud Prevention Audit:

• Review the financial and operational processes in the organization

• Conduct FVS Fraud Vulnerability Study Exposure Research)

• Assist in implementing control and enforcement systems in the organization

Fraud Review

• Exposure and verification of suspicion (or denial)

• Submit expert opinion

Quantifying frauds

• Define the factual-financial-business and accounting basis for damage assessment

• The financial quantification of fraud damages based on audit findings

• Assistance in legal proceedings based on audit findings

• Assistance in insurance claims based on evaluation

Advice and investigative assistance to lawyers and courts

• Assistance and support in a variety of litigation aspects

• Expert opinion and expert testimony

• Assistance in resolving business and personal disputes

• Support for corporate recovery processes

• Arbitration, mediation, compromising

Due diligence before mergers and acquisitions

• Checking the reliability of the financial statements

• Asset and commitments verification

• Exposing business, legal, and financial risks

Money Laundering

• Assist in the prevention of money laundering offenses against the business system, regulation, and banks

• Assist in the identification, detection, and disruption of money laundering operations