Fahn Kanne Control Management Grant Thornton Israel, a subsidiary of Fahn Kanne & Co., CPA (Isr.), has been significantly expanding its services of internal auditing to US companies raising capital in Israel, with an emphasis on companies issuing bonds on the Tel Aviv Stock Exchange. Fahn Kanne Control Management has been providing internal auditing services to the following US companies, among others:: MDG Real Estate, Namaco Realty, GFI Capital Resources Group, Leser Group, Waterstone Properties and Strawberry Fields, which have all issued series of bonds on the Tel Aviv Stock Exchange.
Fahn Kanne Control Management has been ranked in the last few years as number one in Dan & Bradstreet's and BDI's ranking in the area of internal auditing, with the highest number of Tel Aviv 125 Index companies that enjoy its internal auditing services.
In the past four years, at least 23 US real estate companies have joined the Tel Aviv Stock Exchange and have chosen to issue in Israel 38 series of bonds, with an aggregate market value of more than NIS 17 billion. As a result, last summer, the Tel Aviv Stock Exchange launched the new Tel-Bond Global Index that includes 25 series of bonds. US companies that have been offering bonds in Israel are subjected to complex regulations and corporate governance rules which they were not required to implement when they were private companies.
Doron Cohen, CPA (Isr.), a partner at Fahn Kanne Control Management Grant Thornton Israel, said: "Our experience shows that it is possible to find the balance between the desire of the US companies that issue bonds in Israel to continue conducting efficient business activity and the need for binding rules. To achieve this, we are constructing tailor made control mechanisms that take into account the nature of the activity and the unique structure of these companies."
Doron Cohen concluded: "the wave of issuances in Israel has pushed US companies into joining the circle of our clients in this field and has generated a momentum in internal auditing services that we are providing. We are prepared to render internal auditing services to additional foreign companies and are anticipating additional clients in this field."
Fahn Kanne Control Management Grant Thornton Israel is a subsidiary of Fahn Kanne & Co., CPAs (Isr.), the sixth largest accounting firm in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2017
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