محمد توفيق

Seeking a better job opportunity as a Finance Manager.

 Q&S CPAs is a leading financial services firm located in Riyadh, Saudi Arabia for over a decade providing a wide range of services of statutory audit, tax and zakat and has a portfolio of reputable clients in different sectors.

Key Responsibilities:

 Reviewed the audit reports and the clients’ financial statements for compliance with IFRS, ISA, and Laws.
 Reviewed and inspected the working papers of audit clients for completeness and appropriateness with relevant
audit standards and firm’s policy.
 Directed senior staff and new hires toward the best practices of conducting audit and guided them for any accounting dilemmas encountered while working on their assignments.
 Assisted one of the reputable audit clients in our portfolio in applying IFRS 16 ‘Leases’ from scratch.
 Completed several forensic engagements according to "Agreed upon procedures 4400 Standard" concerns law cases such as shareholders dispute, fraud, false claims...etc.
 Updated the working papers of the firm to comply with best practices and SOCPA reservations.

 Arak Medical Equipment is a leading medical devices licensee company in the Saudi healthcare services market for over a decade providing solutions to a wide range of B2B customers in private clinics and medical complexes.

 Saray Al Khaleej for Beverage is a franchisee of well-known Kuwaiti coffee shops brands specialized in selling best-in-class beverage, coffee and desserts in the Arabian gulf region.

Key Responsibilities:
 Headed all financial aspects of the two companies while leading a team of three experienced chief accountants.
 Restructured the two companies’ accounts including the chart of accounts to comply with IFRS (IAS 1).
 Formulated and prepared monthly financial statements, SOPL, SOFP, SCF and other management ad hoc reports.
 Performed financial analysis of liquidity, profitability and solvency including vertical and horizontal analysis.
 Revised and amended all lease contracts (finance lease and sub-lease) for conformity with IFRS 16 “Leases”.
 Reviewed and analyzed customers contracts to classify and distinguish sources of revenue according to IFRS 15.
 Devised the company’s master budgets (OPEX and CAPEX) based on strategic guidelines of the top management.
 Reviewed and supervised quarterly value added tax (VAT) filing and monthly Zakat provision preparation.
 Contracted and negotiated with ERP service partner to replace current accounting system with Odoo ERP V.15.
 Co-operated with chartered accountant for any issues related to the company's audit, Zakat, and VAT.

Financial Consultant (External Audit, Forensic Audit, Management Consulting)

Key Responsibilities: As Senior Forensic Auditor : (Moore Stephens Int’l)
I was appointed by the firm’s partner to examine and investigate a fraud case of approximately two Million Kuwaiti Dinars for a
company (wholesaler and agent of reputable mobile devices) and my main role was as follows:
 Drafted the fraud report which comprised the findings, the procedures, the analysis for internal control weaknesses that
led to the embezzlement along with the recommendations of the best practice accounting cycles and procedures.
 Interviewed staff employees of the finance, sales, operation teams in order to dive deeply into the anatomy of the case.
 Obtained and gathered documented evidences that supported our conclusion to be submitted to the court.
 Inspected the overall financial statements’ accounts and in particular the A/R, Inventory and provisions accounts.
 Conducted full inventory physical count after the year end for the main store and the other virtual stores with the cash
sales staff and performed a backward reconciliation for the stock and the other accounts (disposals and writeoffs).
 Supervised and reviewed the work of the other work mate and advised him for the suspected person’s custody account.
 Performed various procedures to detect misappropriation and unreasonable transactions and I discovered a pattern of
negative balances of in the custody account of the suspected person while it should have been positive or zero.
- B.D.O is the world’s 5th largest multinational audit and consulting services firm with a network of 1, 500 offices across 162 countries.
Key Responsibilities: As Senior External Auditor: (B.D.O & B.K.R Int’l)
I was responsible for the engagement from Initiation, execution and reporting on financials (Audit Report)., and I participated
in the Audit and review of the following industries: • Investment • Real Estate • Logistics • Media • Travel • Healthcare.
 Formulatd the audit/review report submitted to the manager for review and approval after discussing the findings.
 Performed financial statements’ audit/review (First-time and continuing) after understanding the entity’s control cycles.
 Revised and formulated the full set of financial statements (stand-alone and consolidated) in accordance with IFRS.
 Prepared the pre-draft management representation letters, attorneys letters, AP/AR, capital and Bank confirmations.
 Implemented the firms’ audit program policies and procedures, and maintained the audit working files as per policy.
 Analyzed the company’s financial information detailing assets, liabilities, capital, revenue, and expenses accounts.
 Inspected the accounting records and unusual transactions for compliance with the entity policies, laws and regulations.
 Reviewed audit requirements list and proposed adjusting journal entries and discussed the findings with the clients.
 Conducted and observed the annual inventory physical count for various clients and performed the tests as planned.
 Analyzed and inspected other material accounts, provisions, and estimates for reasonableness and appropriateness

The company is a leading GPS and waypoint guidance system service provider in the Kingdom. Reported to the CEO.

Achievements:
 Contributed to Increasing the company’s revenue by SR 8 million through the application of special pricing decision analysis
(bidding) that was deemed to determine the minimum bidding price to be used to bid a 2 years lease contract with Aramco.
 Discovered and corrected underestimation of prior year income by SR 200 thousands due to error in misapplication of GAAP for
rented inventory in conjunction with reviewing the past year financials as a step for creating the current statements.
 Established the whole accounting department from scratch, formulated policies and procedures, created the chart of accounts,
trained 4 accountants on Sage 50 and created job description for each one of them based on their areas of responsibility
encompassing AP, AR, FA, GL & CM).
Responsibilities:
• Formulated the company’s annual operational and financial budgets based on strategic and operational guidelines envisaged by the top management.
• Provided the CEO with continuous decision support specifically regarding bidding pricing pertaining to GPS devices lease, appraised him on the financial effect of transactions on the company's position and analyzed the responsibility centers for achieved performance.
• Prepared monthly financial statements, analyzed the same and reported variances on actual vs. budget on a monthly basis and ensured all figures and data represented within were up to date.
• Formulated KPIs and all statutory reports as required by the company, devised a balanced scorecard and performed financial analysis of liquidity, profitability and solvency ratios in addition to submitting the financials and other required reports to the CEO and other members of the top management for strategic interpretation.
• Compared the company's performance against that of industry peers and the accepted internal benchmarks of achievement, tracked reasons for deviation and provided recommendations.
• Managed the daily cash and bank transactions and advised the CEO regularly on the liquidity position, supervised the overall accounting activities (GL, AP, AR, FA, Payroll, Project & Cost Accounting) and provided approvals on their transactions based on the Delegated Level of Authority matrix.
• Ensured that adequate financial and internal controls were in place for all activities relating to the accounting function and notified the management of anomalies or deviations noted if any.
• Performed month-end closing process, including review of GL entries, preparing accruals and other closing journals as necessary, closed periods after approving all journal entries and ensured that the periodic account closing activities are done on a timely and accurate basis.
• Co-operated with both internal and external auditors to enable them to complete their tasks properly and kept a record of all observations and flagged areas.

Formed in 1965, the holding company through its various subsidiaries provides a wide range of solutions and services across the automotive, logistic, manufacturing, real estate and investment and education industries.

Achievements:
• Implemented processes to enhance the petty cash payment cycle which increased control over cash disbursements.
• Received a letter of appreciation for participating in Al-Majdouie Grand Auction as an Accounting Supervisor.
• Prepared the company’s financial statements and oversaw all accounting works for a period of 3 months as acting Accounting Manager.

Responsibilities:
• Formulated monthly and annual financial statements, prepared the reports to be presented to the management and BOD, worked with external and internal auditors in addition to preparing replies for their reports.
• Managed the daily cash and bank transactions and advised the General Manager and the Financial Controller regularly on the liquidity position.
• Prepared the monthly bank reconciliation statements simultaneously for over 10 bank accounts with different currencies of SAR and USD.
• Devised the petty cash statement daily, verified physical inventory of cash in custody on a monthly, annual and a flash basis in addition to variance tracking to ascertain and safeguard the company’s most risky and liquid assets, reconciled all accounts related to SBUs on a monthly basis, both of the group, its affiliates and joint ventures.
• Managed accounts payable process - evaluated PO’s received, verified and supported with requisite documents/approvals and reviewed monthly check runs, devised A/R, A/P and periodic analysis reports such as AP and AR aging reports in addition to managing invoices and credit memos, ensuring that they are posted duly to the customer/supplier accounts.
• Formulated prepayments and accrual schedules, recorded daily entries such as payment vouchers, cash receipts, DR and CR memoranda, JV documents.
• Chased and registered loans and staff receivables, managed all monthly payroll and its related transactions such as vacations, end of services, advance salaries and loans.
• Managed fixed assets and its related transactions such as accumulated depreciation schedules, disposals and new assets accounting entries in the system.