Financial models that withstand board scrutiny and audit review.
Budgeting, forecasting, product pricing and IFRS reporting for lenders, financial institutions and established businesses in Saudi Arabia. Each engagement is conducted personally by a practising chief financial officer.
Home finance instalment
A working illustration of the calculation modules incorporated into client models. Adjust the inputs below.
Reducing-balance basis, monthly rests. Client models are constructed in accordance with your product terms, fee structure and revenue recognition policy.
Areas of practice
Engagements typically commence with a single model or reporting requirement and extend from there.
Financial Advisory
Financial models, budgets and forecasts, IFRS reporting, cost allocation and product profitability, chart of accounts design, policies and internal controls. This constitutes the principal area of the practice.
Business Development
Feasibility studies, business cases and strategic plans supported by a fully constructed financial model, such that the proposal withstands challenge from a board and examination by an investor.
Outsourced Finance Function
Monthly close, IFRS-compliant reporting pack, ZATCA VAT and Zakat filing, and management reporting. Intended for organisations requiring a finance function in advance of establishing one internally.
Selected work
Client identities withheld. Each summary sets out the requirement, the work undertaken and the resulting outcome.
Budget model consolidation
A finance company ran its annual budget across two separate workbooks totalling 117 sheets, with figures linked between files and no single place where assumptions lived. Rebuilt as one workbook of 12 sheets, fully driver-based, with every input on a single sheet. A change in assumption now flows through the whole budget without hunting across files or breaking links between workbooks.
Personal finance product calculator
Built a five-year projection calculator for a personal finance product covering income, expenses and net income year by year, with profit rates that vary across the term rather than a single flat rate. The output feeds the budget model directly, so a change in product pricing updates the income forecast without anything being rekeyed.
Real estate finance return model
Built the return model for a real estate finance product line: instalment and profit schedules, revenue recognition across the term, net present value and returns measured by vintage. Base, upside and downside cases run off a single switch, so a board sees all three side by side instead of three separate files.
Basis of the practice
Practitioner-led
The models are prepared by a practitioner who signs off financial statements and reports to a board, rather than by an adviser whose exposure to such models arises solely through client engagements.
Fully formula-driven construction
Each workbook is constructed entirely from live formulas with a single consolidated input sheet. No values are entered over formulas, no redundant worksheets are retained, and every cell remains traceable to a stated assumption.
Specialisation in lending
Amortisation, profit recognition, vintage analysis, cost of funds, expected credit loss and portfolio economics constitute established working knowledge rather than subject matter requiring research.
Transfer of ownership
Delivery includes a documented input sheet and a formal handover session, enabling your team to operate and update the model independently thereafter.
Financial Advisory
Technical finance work for organisations whose reported figures must withstand examination by a board, an external auditor and a regulator.
Financial modeling
Budgets, rolling forecasts, scenario models and product pricing calculators for lenders, financial institutions and operating businesses. Driver-based throughout, with monthly profit and loss, balance sheet and cash flow statements that reconcile to one another.
Model rebuild and simplification
In most cases the requirement is not a new model but a stable one. Workbooks that have expanded beyond manageable size are reconstructed on a disciplined basis: a single input sheet, fully traceable formulas, and no values entered over formulas.
Product and pricing models
Home and real estate finance, personal finance, Ijarah and Murabaha structures, and micro and small-ticket lending. Covering amortisation schedules, profit recognition, internal rate of return and yield, breakeven pricing and vintage-based portfolio income.
IFRS and regulatory reporting
Financial statement preparation and review, IFRS 9 expected credit loss models, IFRS 16, disclosure notes and support throughout the external audit. Prepared to the standard required of regulated entities.
Cost allocation and product profitability
Activity-based allocation of operating cost across products, programmes and funding routes, establishing the true contribution of each line of business and providing a defensible basis for pricing the next.
Chart of accounts and finance systems
Multi-dimensional chart of accounts design, general ledger architecture, and the finance workstream on ERP and core system implementations. This is the component of a systems programme most frequently addressed too late.
Policies and financial governance
Accounting policies, delegation of authority, approval workflows, procurement procedures and documentation standards, drafted to satisfy regulatory scrutiny while remaining operationally workable.
Internal controls and process design
Control environment assessment, identification of the deficiencies giving rise to actual loss, and redesign of the underlying process rather than the addition of a further approval layer.
Engagement process
- Submission of the current model, reporting pack or statement of requirement.
- A written assessment setting out the deficiencies identified, the remedial work required, and a fixed scope and fee.
- Construction, with a working draft provided at an early stage rather than on completion.
- Delivery of the workbook and documented input sheet, followed by a formal handover to your team.
- A defined period of post-handover support for queries and adjustments.
Business Development
Feasibility studies and business cases supported by a fully constructed financial model, such that the proposal withstands board challenge rather than failing at the first examination of its assumptions.
Feasibility studies
Market sizing, competitive position, cost structure and full financial projections, concluding in a reasoned recommendation to proceed or decline, together with the conditions under which that conclusion would alter.
New product and business line cases
Projected income, operating cost, capital and funding requirements, licensing obligations, and the period before the product contributes to results.
Strategic and financial planning
Multi-year plans in which the strategy and the financial model form a single integrated document, such that any revision to a strategic assumption flows directly through to the reported figures.
Board and investor materials
Papers and presentations addressing the question posed, pitched at board level, without the volume of supporting analysis that ordinarily gives rise to further enquiry.
Deliverables
- A written study or business case, structured for consideration by a board or investment committee.
- The underlying financial model, live and formula-driven, transferred to the client.
- Base, upside and downside cases operated from a single control.
- A concise presentation prepared from the same underlying figures.
Outsourced Finance Function
For organisations requiring a finance function in advance of establishing one internally, and for those whose bookkeeping is sound but whose reporting is not.
Monthly close
A disciplined close calendar under which reconciliations, accruals and supporting schedules are completed to a fixed date each month, ensuring results are available while still of use.
IFRS reporting pack
Profit and loss, balance sheet, cash flow and supporting notes prepared in accordance with IFRS as adopted in Saudi Arabia, in a form requiring no rework prior to submission to the auditor.
ZATCA compliance
VAT returns and reconciliations, input VAT recovery, Zakat and withholding tax filings, together with the supporting documentation required on review.
Management reporting
A monthly pack prepared for those responsible for decisions: budget against actual with explained variances, cash position and forecast, and the limited set of measures material to the business.
Audit readiness
Working papers prepared in the form the auditor will require, prior-year points closed out, and support throughout the audit.
Setting up the function
Chart of accounts, accounting system selection and configuration, close procedures and reporting templates, enabling an orderly transfer of the function in-house when appropriate.
About
Dr. Majid Altunisi, DBA
I am a practising chief financial officer in a SAMA-licensed non-bank financial institution in Saudi Arabia, with over 13 years in finance across financial reporting, treasury, governance, strategic planning and finance technology.
In that capacity I construct and defend the same work this practice offers: consolidated budget and forecast models, product pricing and portfolio income models, cost allocation across funding programmes, IFRS reporting, chart of accounts architecture, and the finance workstream on core system implementations. These deliverables are presented to a board, an audit committee and a regulator, which imposes a useful discipline. A model that cannot be explained in a board meeting is not complete.
This is the distinction between the present practice and a general consultancy. The work is not undertaken for the first time upon engagement.
Credentials
- SOCPA associate member, certificate 116091
- Doctor of Business Administration (DBA)
- MM Financial Consultancy, Ministry of Commerce licence 969406
Client profile
- Banks, finance companies, lenders and non-bank financial institutions in Saudi Arabia.
- Established operating businesses whose reporting has ceased to match the scale of the enterprise.
- New business lines and products requiring a substantiated case prior to board approval.
Scope limitations
- Regulated investment advice, capital raising and the arrangement of financing.
- Audit and assurance opinions.
- Engagements falling outside the areas of expertise set out above.
Enquiries
Please set out the model or reporting matter in question. You will receive a written response including a candid assessment of whether the engagement falls within the scope of this practice.
Hours
Sunday to Thursday, 10:00 to 19:00 Arabia Standard Time
Based in
Jeddah, Saudi Arabia. Engagements undertaken across the Kingdom.
Request an assessment
Submit the workbook or reporting matter in question. You will receive a written assessment identifying the deficiencies and the work required to address them, in advance of any discussion of engagement terms.