Israel's fifth largest accounting firm, BDO Ziv Haft, has reportedly cut salaries across the board by 5 to 10 percent for all but the lowest paid employees.

According to the Israeli business publication Globes Online, the firm followed the lead of its four larger competitors, which have also been trimming salaries and overtime.

Deloitte Brightman Almagor Zohar, and PricewaterhouseCoopers Israel Kesselman and Kesselman, have also cut salaries between 5 and 10 percent.

Meanwhile, Ernst & Young Israel Kost Forer Gabbay & Kasierer has been cutting employee overtime, and Somech Haikin KPMG Israel has been reducing both spending and interns.

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