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

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.
Go to top