Our latest Spotlight is on Ovadia Arieh & Co. CPA, a Chartered Accountancy practice that offers a comprehensive range of professional services in a convenient one-stop shop. Arieh Ovadia answers our questions.
In your opinion, what is the future of your profession?
In audits, we will see an increasing reliance on automation and AI.
Extensive regulations will reduce the players – the audit firms that deal with audits, especially public sector audits.
Allowing mid-audit firms to recruit mid-public clients that the Big 7 cannot or cannot respond to and serve.
Increase in fee for audit engagements.
As a result, it will push ahead other related services: M&A, DD, valuation structure including taxes, IT cyber security and forensics.
Simple services such as statutory audit, tax compliance, maintaining accounting records, HR, and bookkeeping will be outsourced to vendors that specialize in each service.
What is your growth strategy?
M&A.
Cross-border services.
Developing cyber security, IT, and forensic services.
Approaching the non-Jewish business sector.
Developing comprehensive capabilities in the scope of business services and business consultation.
Providing corporate and commercial legal services (when regulations will approve it).
Where do you see your firm 5 years from now?
5 offices in Israel.
Doubling turnover.
50% of turnover will be generated from business services.
What is your biggest challenge?
Recruiting professional staff at all levels.
What percentage of your work is international?
Appx 20-25%
What business advisory services do you offer?
Transaction services and integration.
Financial and accounting Due diligence.
Tax due diligence.
Valuation.
Trusts.
Purchase price allocation in a business combination.
Arbitration.
Expert report to the economic court.
What was your main driver for being part of BOKS International?
The ratio of increased ranking and the scope of global services by members.
Where do you see BOKS International 5 years from now?
Merge globally or acquire other global associations and move to be a network in the Big 10.
How would you describe your typical client?
Mid-size clients—public and private, some with international scope of operations—have high business integrity and trust in our firm’s professional services.
Tell us about a recent international assignment
Audit of MA Aporia Limited 2023 IFRS financial statements – a subsidiary of a large global organization headquartered in the UK and USA.
Audit of Stickit Technology Limited consolidated financial statements file with a prospectus in the Canadian stock market.
How do you target clients who are looking for international services?
By other accounting firms.
BOKS International members.
Our clients.
Do you specialise in a particular sector or service?
Medical devices and services.
Real estate.
