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

Spreadsheet bibliography

Title A typical model audit approach
Authors Grenville J. Croll
Year 2002
Type Article
Publication Integrity and Internal Control in Information Systems V
Series Volume 124, May, pages 213-219
Abstract

Spreadsheet audit and review procedures are an essential part of almost all City of London financial transactions.

Structured processes are used to discover errors in large financial spreadsheets underpinning major transactions of all types. Serious errors are routinely found and are fed back to model development teams generally under conditions of extreme time urgency.

Corrected models form the essence of the completed transaction and firms undertaking model audit and review expose themselves to significant financial liability in the event of any remaining significant error.

It is noteworthy that in the United Kingdom, the management of spreadsheet error is almost unheard of outside of the City of London despite the commercial ubiquity of the spreadsheet.

Full version Available
Also see A typical model audit approach - presentation
Sample
Spreadsheet model review process

Key phases in a typical spreadsheet model review process are:

  • Familiarisation. The structure of the model is briefly appraised, in terms of sheets, linked sheets and associated databases.
  • Low level review. The model is partitioned and dispatched to one or more reviewers for detailed low level scrutiny. The objective is to establish the correctness of the detailed model formulae and other model parts.
  • High level review. Wider issues such as the correct handling of interest, tax and other financial and accounting issues is determined.
  • Sensitivities. A few key model variables such as interest rates, cost and revenue assumptions are changed to review the characteristics of the transaction under various commercial scenarios. The performance of the model under these scenarios is checked and documented.
  • Final review and report. A report is issued to the client confirming that various previously agreed review procedures have been performed upon the model. Any unresolved issued are documented.

The process generally involves numerous feedback iterations with the model developer.

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