Knowing what good looks like can be part of the problem when it comes to reviewing a spreadsheet. Individuals don’t often know what they don’t know and this can lead to reviews not catching the errors that they should be. Jonathan Swan, Operis’ financial modelling trainer, contributed to The Institute of Chartered Accountants in England and Wales (ICAEW) report on “How to review a spreadsheet”. The ICAEW make it clear that checking, auditing, validating and, if necessary, correcting legacy models is not a ‘nice to have’, but a ‘must-have‘ skill analysts need in 2022.
In this Podcast Jonathan sets out the five key stages of the review process:
- Initial Review
- Structure Review
- Data Review
- Analytical Review
- Detailed Review.
Johnathan talks you through what needs to be completed during each stage. As well as highlighting some of the most common errors he comes across during his reviews and how analysts can avoid making them.