Programmers exhibit unwarranted confidence in the correctness of their spreadsheets.
Krishna, et al (2001)
Untested spreadsheets are riddled with errors.
Miller (2005)
The issue is not whether there is an error but how many errors there are and how serious they are.
Panko (2007)
Every study that has looked for errors has found them... in considerable abundance.
Panko & Halverson (1996)
Research on spreadsheet errors is substantial, compelling, and unanimous.
Panko (2015)
Spreadsheet errors are still the rule rather than the exception.
Nixon & O'Hara (2010)
Spreadsheet errors... a great, often unrecognised, risk to corporate decision making & financial integrity.
Chadwick (2002)
Spreadsheet development must embrace extensive testing in order to be taken seriously as a profession.
Bock (2016)
Your spreadsheets may be disasters in the making.
Caulkins, Morrison, & Weidemann (2006)
The software that end users are creating... is riddled with errors.
Burnett & Myers (2014)
Despite being staggeringly error prone, spreadsheets are a highly flexible programming environment.
Abreu, et al (2015)
Even obvious, elementary errors in very simple, clearly documented spreadsheets are... difficult to find.
Galletta, et al (1993)
Developing an error-free spreadsheet has been a problem since the beginning of end-user computing.
Mireault (2015)
60% of large companies feel 'Spreadsheet Hell' describes their reliance on spreadsheets.
Murphy (2007)
A lot of decisions are being made on the basis of some bad numbers.
Ross (1996)
Most large spreadsheets have dozens or even hundreds of errors.
Panko & Ordway (2005)
Spreadsheets are dangerous to their authors and others.
Durusau & Hunting (2015)
Spreadsheets are notoriously error-prone.
Cunha, et al (2011)
Spreadsheets are the most popular live programming environments, but they are also notoriously fault-prone.
Hermans & van der Storm (2015)
A significant proportion of spreadsheets have severe quality problems.
Ayalew (2007)
Spreadsheets contain errors at an alarmingly high rate.
Abraham, et al (2005)
Spreadsheets are more fault-prone than other software.
Kulesz & Ostberg (2013)
The untested spreadsheet is as dangerous and untrustworthy as an untested program.
Price (2006)
Spreadsheet errors are pervasive, stubborn, ubiquitous and complex.
Irons (2003)
Spreadsheet errors have resulted in huge financial losses.
Abraham & Erwig (2007)
Spreadsheets are easy to use and very hard to check.
Chen & Chan (2000)
The results given by spreadsheets are often just wrong.
Sajaniemi (1998)
Errors in spreadsheets... result in incorrect decisions being made and significant losses incurred.
Beaman, et al (2005)
1% of all formulas in operational spreadsheets are in error.
Powell, Baker, & Lawson (2009)
Overconfidence is one of the most substantial causes of spreadsheet errors.
Sakal, et al (2015)
Spreadsheets... pose a greater threat to your business than almost anything you can imagine.
Howard (2005)
Spreadsheets are extraordinarily and unacceptably prone to error.
Dunn (2010)
People tend to believe their spreadsheets are more accurate than they really are.
Caulkins, Morrison, & Weidemann (2006)
Spreadsheets can be viewed as a highly flexible programming environment for end users.
Abreu, et al (2015)
Spreadsheet shortcomings can significantly hamper an organization's business operation.
Reschenhofer & Matthes (2015)
Studies have shown that there is a high incidence of errors in spreadsheets.
Csernoch & Biro (2013)
The quality and reliability of spreadsheets is known to be poor.
Bishop & McDaid (2007)
It is now widely accepted that errors in spreadsheets are both common and potentially dangerous.
Nixon & O'Hara (2010)
Errors in spreadsheets are as ubiquitous as spreadsheets themselves.
Colbenz (2005)
...few incidents of spreadsheet errors are made public and these are usually not revealed by choice.
Kruck & Sheetz (2001)
It is irrational to expect large error-free spreadsheets.
Panko (2013)
Never assume a spreadsheet is right, even your own.
Raffensperger (2001)
Spreadsheets have a notoriously high number of faults.
Rust, et al (2006)
Most executives do not really check or verify the accuracy or validity of [their] spreadsheets...
Teo & Tan (1999)
Every study, without exception, has found error rates much higher than organizations would wish to tolerate.
Panko (1999)
Spreadsheets are alarmingly error-prone to write.
Paine (2001)
94% of the 88 spreadsheets audited in 7 studies have contained errors.
Panko (2008)
Spreadsheets are often hard, if not impossible, to understand.
Mireault & Gresham (2015)
Spreadsheets are commonly used and commonly flawed.
Caulkins, Morrison, & Weidemann (2008)
Despite overwhelming and unanimous evidence... companies have continued to ignore spreadsheet error risks.
Panko (2014)

Spreadsheet bibliography

Title Governance and structured spreadsheets: Your spreadsheets don't need to be black boxes
Authors Paul Mireault & Lindsey Gresham
Year 2015
Type Proceedings
Publication International Conference on Accounting and Finance
Series May
Abstract

The verification of spreadsheets continues to be tedious and challenging within corporate governance processes. This is primarily due to the fact that spreadsheets are often hard, if not impossible, to understand.

We present a development methodology that produces spreadsheets which are easier to understand and also highly maintainable, regardless of who designed and implemented the model. By following the methodology, the developer also produces the model's documentation, which can be handed off to another developer and can be used in an audit.

Full version Available
Sample
Formula diagram
Formula diagram
The Formula Diagram is a graphical representation of the model. Its purpose is to provide a global view of the model: we quickly see the relationships between the variables.
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