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How do you audit your Excel models?
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Auditing advanced Excel models, especially those with multiple sheets and complex connections, is crucial for ensuring accuracy and reliability. With years of experience as a controller, I've learned that overlooking this process can lead to significant errors, often only discovered after the fact. A proactive approach to auditing can help identify discrepancies early, safeguarding against the potential consequences of a single mistake. In this discussion, we’ll explore effective strategies to assess the integrity of your models and enhance confidence in your financial data.
I am talking about the more advanced Excel models. Like 10+ sheets with multiple sources and maybe been around for a few years. How do you know if the model is doing what it should?
In my experience as a controller for almost 20 years I simply don't audit the model unless I notice that the result is wrong. But I mean... with thoussands of connections and one little mistake can have huge consequences. I feel like there should be a way to see if everything is correct.
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