FREE: Model review checklist – This ain’t no freestyle
Granted: a freestyle trick like a Backside Triple Cork 1440 sounds more like fun. However, when it comes to reviewing a financial model, this should be no freestyle but a rather structured and diligent exercise. And here our free template for a financial model checklist may be of use for you.
Our checklist is intended for all kinds of financial models: M&A models, valuations or management reporting tools. You name it. It covers standard checks, which are applicable for all financial models like the following:
- Is there a clear distinction between Input, Calculations and Output sections?
- Was a consistent color coding applied throughout the model
- Which financial modelling standard was applied?
- Is the model’s structure fit for its purpose (e.g. calculation flow, level of detail)?
And of course there is plenty of space to document any other model-specific findings.
KEY FEATURES
- Applicable for all kinds of financial models
- Standard checks applicable for all models already included
- Plenty of space for model-specific comments
- Progress bar illustrating the percentage of completion
- Traffic-light system for potential impact on model’s results
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
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Have a look at the template here:
Use of the template
Download the Excel template and take the following five steps to complete your review:
- Copy the checklist to the financial model under review
- Carry out topics listed in section I. Standard checks for all Financial Models
- Add more line items for all worksheets under review and your comments in section II. Specific comments on worksheets
- Document your findings and the replies of the model owner
- Track the process of the review until 100% of the issues are closed
