Israel
Draft
Methodology
Last updated: 12/2018
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Member Organizations
Member Associate
Legal and Regulatory Environment
The Israel Companies Law (1999) outlines the framework for financial reporting in Israel. This law requires the maintenance of company accounts and requires all companies (including private companies) to file audited...
Auditors are the only segment of the accountancy profession that is regulated in Israel. The audit profession is regulated by the Auditors’ Council and the Institute of Certified Public Accountants in Israel (ICPAI)...
There is no independent auditor oversight arrangement in Israel. The audit profession is regulated by the Auditors’ Council and the Institute of Certified Public Accountants in Israel (ICPAI). The Auditors' Council is...
Adoption of International Standards
The Israeli Oversight Board is responsible for conducting quality assurance (QA) reviews of Certified Public Accountant firms that audit the financial statements of public and reporting companies. The Institute of...
As outlined by Auditors’ Law 5715-1955, the Auditors' Council under the Ministry of Justice is responsible for the establishing and administering professional accountancy education program, conducting final assessment...
Auditors Regulations (ways of the Auditor's Practice) 5715-1973 grant authority to the Institute of Certified Public Accountants in Israel (ICPAI) to set auditing standards to be used in all audits. The Auditing...
In Israel, ethical requirements are established in two autonomous legislations: the Auditors Law 5715-1955 and the Rules of Ethical behavior as set by the by the Institute of Certified Public Accountants in Israel...
The Israel Government Accounting Standards Board (IGASB), established by the Israeli government, sets public sector accounting standards.In 2004, Resolution No. 2375 was adopted that required adoption and implementation...
Investigative and disciplinary systems for professional accountants are established by both the Israeli Auditors' Council and the Institute of Certified Public Accountants in Israel (ICPAI), which unites accountancy...
In Israel, accounting standards setting is undertaken by the Israeli Accounting Standards Board (IIASB). Through its promulgation of Accounting Standard No. 29, Adoption of International Financial Reporting Standards...
Relevant OrganizationsInstitute of Certified Public Accountants of Israel (ICPAI) Ministry of Justice Auditors’ Council Israeli Accounting Standards Board (IIASB)Relevant LegislationAuditors’ Law 5715-1955...
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