Israel’s seventh-largest audit, accounting
and consultancy group has joined Praxity Global Alliance. Brit
Pikuach has 230 employees, including 70 chartered accountants.
The firm provides audit, tax and advisory
services, specialising in the co-operative sector. It also offers
consulting and management services through its subsidiary, Mabat
Consultants, which employs 50 people.
The group reported combined revenue of about
$18 million in its 2008 financial year. This included about $8.5
million from audit and accountancy, $3.5 million from computer
systems and maintenance, $3.2 million from tax services, $1.8
million from business consulting and $1 million from other
Brit Pikuach claims to be the seventh-largest
professional services organisation in Israel, behind the Big Four,
Grant Thornton and BDO.
Praxity is the first international affiliation
for the firm and financial department manager Yossi Sapir said the
alliance will allow it to offer cross-border services to
Brit Pikuach was impressed with the size and
stature of existing Praxity members, particularly global firm
Mazars and US firm BKD.
“We find that our clients look for services of
a high level, but not at the price of the Big Four. We believe that
the firms that are members of Praxity can answer to this design,”
Mabat Consultants business consultant
Stephanie Finkelstein told the International Accounting
Bulletin that Israel has one the fastest-developing markets in
the world but it is still being affected by the global economic
This is affecting the firm’s fee income and
the growth forecast for 2009 is to earn the same amount of revenue
as in the previous year. Last fiscal year, the firm grew revenue by