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…all the errors were caught in the audit. Spreadsheet reviewers and auditors are subject to human error like the rest of us, and depending on how long they spent on the audit may well have missed some of the errors. because the sample of spreadsheets chosen for audit was biased. Possibly only those that were…

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…your spam filters. =============== 2. More spreadsheet woes While I’m on the topic of model errors, let’s get a bit more specific about spreadsheet errors. There have been good ones recently – Patrick O’Beirne maintains a good list at http://www.eusprig.org/stories.htm. Just read it if you don’t believe that there are large numbers of spreadsheet errors,…

…different spreadsheet, as they were not subject to the same restatement. The CFO has more confidence than I do in the ability of other banks to avoid similar errors. See http://cappigun.notlong.com for the press release from Provident, and http://www.cincypost.com/2003/03/12/prov031203.html and http://nitcrish.notlong.com for press coverage from the Cincinnati Post and New York Times. =============== 2. Spreadsheets:…

…are saying that in four of the models they reviewed over 15% of the unique spreadsheet formulae contained errors, and that one model had errors in over one in five of the formulae. This model was one of the smaller ones, too, so it’s no use saying “it’s only a small model, so it’ll be…

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…error has now been corrected and this has caused a small number of changes to the original award decision.” This is unlike many of the spreadsheet errors that come to light, in that it isn’t the organisation whose spreadsheet it is that is suffering in this case. The OCG probably isn’t affected much if its…

…all the models (100%) that they reviewed contained errors. They are saying that in four of the models they reviewed over 15% of the unique spreadsheet formulae contained errors, and that one model had errors in over one in five of the formulae. This model was one of the smaller ones, too, so it’s no…

…A spreadsheet may have the following types of user: A Viewer looks at the results, but makes no changes. A Viewer may never see the actual spreadsheet, but only printouts of selected parts, but they are still using the spreadsheet. A Player changes input cell values, but doesn’t change formulae and layouts. They may…

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…restatement. The CFO has more confidence than I do in the ability of other banks to avoid similar errors. See the press release from Provident, and press coverage from the Cincinnati Post and New York Times. Resources The following external links are relevant: European Spreadsheet Risks Interest Group Financial Modelling of Project Financing Transactions…

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spreadsheet was part of the normal process of preparing these bids. Manual pasting is notoriously prone to errors. If data has to be transferred between spreadsheets, automatic links (used with appropriate precautions) or automated copying and pasting via macros (ditto) are much safer. If the pasting was unusual, then extra care should have been taken…

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spreadsheet errors page). http://makeashorterlink.com/?W65C21A4B http://www.eusprig.org/stories.htm =============== 3. Forthcoming events The 2005 EuSpRIG conference is being held at the University of Greenwich on 7th and 8th July. Details are at http://www.eusprig.org/ . The theme this year is “Managing Spreadsheets in the light of Sarbanes-Oxley”, so it promises to be both interesting and timely. The FSA is…

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