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Financial Model Audit: The joy of finding an error (early)

Audit error

As financial model auditors, nothing makes us happier than finding a big hairy error in a model.

It shows we are doing our job and that we are earning our money!

However, it is not lost on us that this will most likely cause problems for the team working with the model.

In our experience, the key to minimising this pain is to find the error as early in the process as possible. Finding a glitch two months before bid submission or financial close is a lot different to finding a problem during the crunch week!

We find that the big errors are often baked-in to the model from an early stage in the process and so we are keen to get involved as early as possible – even if it means we repeat some work to limit the impact on all parties of finding those ‘big hairy errors’.

We do not charge by the iteration, so unlike other auditors, there is no need to wait until late in the day before getting us involved.

And by getting more modelling points dealt with early, we can keep the model audit process off of the critical path, to spare your mental bandwidth for other last-minute issues which are bound to pop up.

Please let us know what you think: do you always wait until only a few weeks before bid submission before engaging your auditors? Would there be value in starting sooner?

Tell us about your project by getting in contact with us today!

Oliver Durston

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Oliver Durston

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