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

Spreadsheet bibliography

Title Sarbanes-Oxley: What about all the spreadsheets?
Authors Raymond R. Panko & Nicholas Ordway
Year 2005
Type Proceedings
Publication EuSpRIG
Series  
Abstract

The Sarbanes-Oxley Act of 2002 has finally forced corporations to examine the validity of their spreadsheets. They are beginning to understand the spreadsheet error literature, including what it tells them about the need for comprehensive spreadsheet testing.

However, controlling for fraud will require a completely new set of capabilities, and a great deal of new research will be needed to develop fraud control capabilities.

This paper discusses the riskiness of spreadsheets, which can now be quantified to a considerable degree. It then discusses how to use control frameworks to reduce the dangers created by spreadsheets. It focuses especially on testing, which appears to be the most crucial element in spreadsheet controls.

Full version Available
Also see Spreadsheets and Sarbanes-Oxley: Regulations, risks, and control frameworks
Sample
Testing methods for material financial spreadsheets
Testing methods for material financial spreadsheets

How do real-world companies do testing?

73% of the respondents said that when their firms test spreadsheets of material importance, they test only some cells. In other words, they consider "looking the spreadsheet over" to be testing.

Only 12% said that their firm tested all cells in the spreadsheet, and only 2% said that their firm used both multiple testers and cell-by-cell testing.

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