Financial Model Audit

We are an award-winning model auditor, and we provide market-leading model audit services across a wide range of infrastructure sectors.

We give you the maximum reassurance that the models outputs can be trusted.

With every model audit, we aim to understand the commercial underpinnings of the project and apply our specialist knowledge to test whether the outputs are accurate and reliable.

Robust Methodology

We are renowned for our financial model auditing services, and our methodology reflects decades of proprietary innovation and development.

We focus on raising issues that have a material effect on your deal and provide you with clear and meaningful reports highlighting problems that could affect your transaction and, most importantly, its bankability.

Personal Service

We pride ourselves on being contactable and available to lend a helping hand. A dedicated team is assigned to your project, ensuring direct communication with the individuals involved in analysing your financial model.

Our model audit mandates are delivered exclusively from our offices in London and Toronto. You always have direct access to the manager of your project and to other colleagues who are able to assist.

Modellers at heart

Our consultants are modellers first. They are trained to build transparent, robust, and easy to use models. Their commercial mindsets and in-depth understanding of models’ mechanics ensure reliable model audit opinions.

We provide you with clear and concise issue reports and opinion letters, intentionally written free of jargon for the benefit of a range of stakeholders. You and your partners can then make sound investment decisions based on a trustworthy model.

Reasons to have your model audited by Operis

Robust Methodology

We employ a parallel model reconstruction methodology, supplemented by a review of key cells, which is more robust than the more common "cell-by-cell" analysis.


Anyone reading our reports can easily make sense of the issues. We provide you and your stakeholders with the confidence that the numbers are correct.

Depth and Breadth of Experience

The largest track record of any independent model auditor, having undertaken over a thousand project finance transactions globally and across multiple sectors.

Market Leading Liability

We can offer new lenders and investors liability levels measured in millions of pounds without the need for reliance letters.

Auditing Services

We have three broad forms of review to suit every purpose. Each scope of work can be tailored to fit the needs and nuances of the individual mandate.

Formal Model Audit (FMA)

The FMA is our flagship model audit service. Clients regularly use this service to satisfy demanding liability requirements from governments, banks and institutional investors.

It includes two rounds of rigorous internal senior management approvals to ensure the model is of the utmost quality.

We provide you with a Formal Opinion Letter that presents our opinion on the model and includes liability cover of up to £20 million.

Due Diligence Review (DDR)

Our DDR assists you with your M&A transactions, valuations and other projects where you need some formal reassurance.

The DDR often focuses on the equity value of the company and its reliability. However, its remit can be broadened, so it is an efficient and competitive option for any mandate that requires some formal reliance.

We provide you with a Due Diligence Report, in which we set out the work performed, and offer liability cover of up to £100,000.

High Level Review (HLR)

An HLR is often targeted at specific parts of the model, but can be broadened to cover everything. It is less comprehensive than a full model audit, but gives you the comfort that your model functions correctly and produces output results as intended.

The review process involves reporting on the issues uncovered after reviewing the original model, followed by a further iteration to ensure that the detected errors have been corrected.

We will issue you a Letter of Support, whereby we set out the work performed and state what we found. While we offer no formal liability with an HLR, it still brings significant value to clients, such as equity sponsors and asset managers, seeking reassurance the model is accurate for internal purposes.


projects worldwide


financial analysts/Modellers


years in business

Project Value Country Year  
Edmonton Valley Line LRT Greenfield £228 m Canada (Alberta) 2020

The project involves a 14km extension of the LRT line that will connect downtown Edmonton to the Lewis Farms neighbourhood in the city’s west end. There are 14 new stops and two elevated stations connecting key places such as the West Edmonton Mall, Misericordia Hospital, NorQuest College and MacEwan University.

View case study
Dogger Bank A & B Greenfield £6,200 m United Kingdom 2020

The project involves the construction of two wind farms in the Dogger Bank area off the East Yorkshire Coast in the United Kingdom, known as Creyke Beck A and Creyke Beck B.

Al Kharsaa PV Plant Greenfield £339 m Qatar 2020

A 800MW capacity solar PV plant at Al-Kharsaah, which is located approximately 80km west of the capital city of Doha.

View case study
Fujairah F3 IPP Greeenfield £802 m UAE 2020

A 2.4GW combined cycle gas turbine (CCGT) facility in the Emirate of Fujairah in the United Arab Emirates (UAE). The project is developed as an integrated power producer (IPP) project and will be UAE’s biggest independent thermal power plant that can generate enough electricity for approximately 380,000 households in the northern region of the country.

MapleCo Acquisition M&A £1,140 m United Kingdom 2020

The project involved Equitix’s bid to acquire MapleCo, a smart metering company owned by Ontario Teacher’s Pension Plan Board (“OTPP”), Ontario Municipal Employees Retirement System (“OMERS”) and SSE.

CityFibre Broadband Programme Refinancing £1,120 m United Kingdom 2018

The first portion of CityFibre's £2.5 billion investment plan, which will see the delivery of full-fibre to five million homes. The fund will be used for the deployment of full fibre to two million homes and expand the existing networks in 37 cities.

Blankenburg Tunnel PPP Greenfield £825 m Netherlands 2018

This is a project in the Netherlands involving the DBFM of a 4.2km tunnel under the Nieuwe Maas River, linking the A15 and A20 roads in Rotterdam.

LAX Automated People Mover Greenfield £1,000 m USA (California) 2018

A transportation system connecting and distributing passengers from a number of key hubs within the Los Angeles International Airport terminal. The Automatic People Mover is approximately two miles long and include six stations.

Meet our Modelling Team


Al Kharsaah Solar Plant

The Al Kharsaah Solar Plant is the first Qatari large-scale solar PV project to reach financial close.

Read more

Edmonton Valley Line West

The Edmonton Valley Line West is the latest in a long line of Light Rail Transit (LRT) PPP (P3) schemes procured in Alberta, Canada.

Read more

Dogger Bank A and B

Dogger Bank A and Dogger Bank B are two offshore wind farms under construction off the north-east coast of England.

Read more

Let's discuss your project

To help us determine how we can best assist you with your project, we need to understand your objectives and timetable, and evaluate the model's size and complexity.

Get in touch


Please get in touch with either of our regional offices.
Chris Aldred

+44 207 562 0433

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Jun Tao

+44 207 562 0428

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Michael Jarman

+1 647 243 8016

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Philip Allen
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Operis Europe

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+44 207 562 0400
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Operis North America

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+1 647 846 7382
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Discuss your requirements with us
Jun Tao

+44 207 562 0428

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Mark Southall

+1 647 846 7384

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