Spreadsheet Modeling

Financial spreadsheet modeling solutions are provided through Audit Excel. Spreadsheet modeling is an important part of excel spreadsheets and must be done correctly and accurately to display accurate results. The adjacent table show the results of some spreadsheet research that has been conducted over the years. This information is available at http://panko.cba.hawaii.edu/ssr/Mypapers/whatknow.htm

Miricle Solutions provide worldwide services relating to the auditing and reviewing of decision spreadsheet modeling in excel.

The increasing awareness of the problems associated with excel spreadsheets means that businesses are starting to realize the risks they face.

Regular spreadsheet modeling reviews are one of the best ways to address these risks and is a must in any organizations that use excel for any major decisions.

The assessment and identification of risks within spreadsheets is an important step when business decisions are based on the spreadsheet modeling results. Combining our reviewing skills with knowledge in the corporate finance fields means we can provide a very effective service.

The aim of a spreadsheet review is to identify both current and potential errors in an excel model. Current spreadsheet errors are errors that mean that the model is currently wrong. Potential errors are situations where due to the design of the model, changes in inputs may result in errors. These are often the most dangerous errors as the developer may review their model, conclude that everything works and then make last minute changes that results in errors.

A further aim of a Excel spreadsheet modeling review is to identify risky financial modeling techniques that are conducive to errors, and to help eliminate these risky spreadsheet modelling techniques from the developers standard way of building a model.

Given the extent of Excel use and the risks, it is highly advisable that spreadsheet audit skills are taught to all users of excel. Organizations such as financial institutions should seriously consider having a department focused on spreadsheet reviews. This could be part of a current internal audit or IT audit department.

Even when you have built up internal spreadsheet modelling review skills, it is still recommended that external review skills are used. This is because errors are often identified because of the independence of the reviewer and the fact that they may need to ask simple questions that can draw out logic problems. They have no pre conceptions of what the answer should be.