Financial Model audit check list - spreadsheet
Originally published: 30/05/2018 16:44
Last version published: 08/08/2019 08:34
Publication number: ELQ-23725-5
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Financial Model audit check list - spreadsheet

This is an audit or productivity tool that you can use while reviewing someone else’s models.

All projects are different and have their own specific issues so it’s not possible to generalize all issues related to projects of different natures.

Throughout the years reviewing financial model, I realized that there some issues that comes up in almost all projects. So I made a checklist and when I do the first round of check, I open this spreadsheet and go over this list one by one.

It is certainly not an exhaustive list and it should be the start of a conversation about what you should be looking for when reviewing a financial model and will help you to be faster in preparing you preliminary report on the financial model.

The first set of issues in the checklist are the “Mechanical checks” meaning things like color coding, format, integrity and basically an overall check on compatibility of the financial model with the best practice financial modelling standards. Then it dives into typical financial model assumptions like "Key timing", "Capex", "Opex", Technical", "Financing" and etc.
The last section deals with the financial statements, and main metrics and model results.

For a more detailed look at each of these topics and more, check my book available on Eloquens:

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Further information

To enhance your review process and enable a more systemic and productive way of reviewing financial models

Preliminary review of a third part financial model

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