Financial model review checklist

Description
Our checklist is intended for all kinds of financial models: M&A models, valuation tools, liquidity forecasts. You name it. It covers standard checks, which are applicable for all financial models like the following:


- Which financial modelling standard was applied?
- Is the model’s structure fit for its purpose?
- Is there a clear distinction between ‘Input’, ‘Calculations’ and ‘Output’ sections?
- Was a consistent color coding applied throughout the model?


And of course there is plenty of space to document any other model-specific findings.


The checklist is intended for all finance professionals, who act as a reviewer of a financial model prepared by a colleague or a professional advisor. Regardless if it is a high-level review or an in-depth model audit.


Use of the template
You may download the Excel template and take the following five steps:
1. Copy the checklist to the financial model under review
2. Carry out topics listed in section ‘I. Standard checks for all Financial Models’
3. Add more line items for all worksheets under review and your comments in section ‘II. Specific comments on worksheets’
4. Document your findings and the replies of the model owner
5. Track the process of the review until 100% of the issues are closed