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

Spreadsheet bibliography

Title The impact of training in financial modelling principles on the incidence of spreadsheet errors
Authors Ian Beaman, Erwin Waldmann, & Peter Krueger
Year 2005
Type Article
Publication Accounting Education: An International Journal
Series Volume 14, Number 2, June, pages 199-212
Abstract

Spreadsheet models are used extensively in business as an important aid in decision support particularly in areas like financial analysis, budgeting and forecasting. If these models were compromised through quantitative and qualitative errors, the resulting decision making would be based on fallacious information with potentially disastrous outcomes.

Consequently, it is imperative that accounting professionals receive adequate training in spreadsheet modelling, especially as past research has shown that these types of errors are common.

This paper reports on a survey and spreadsheet exercise given to a group of second-year undergraduate accounting students at an Australian university, both before and after a semester course aimed specifically at teaching spreadsheet design principles and problem-solving techniques.

The findings show that spreadsheet errors and, in particular, spreadsheet design errors are prolific even for a simple domain-free exercise. Results also show that the incidence of these errors (and again, particularly design errors) was reduced significantly after a semester of teaching spreadsheet design principles.

The results support the contention that accounting educators should include a course in spreadsheet design principles and problem-solving techniques as part of an undergraduate accounting program.

Full version Available
Sample
Errors before and after the exercise
Errors before and after the exercise

Paired sample t-tests were performed on the 'before' and 'after' results to determine the impact of the training the students received in the 'Financial Modelling' course on both 'Quantitative' and 'Qualitative' errors.

The total number of 'qualitative' errors dropped significantly from 10.08 per student to 2.64.

Unfortunately, the same was not true of 'quantitative' errors, which increased from a mean of 0.78 per student to 1.30.

Overall, however, the total number of errors (both quantitative and qualitative) reduced very significantly from a mean of 10.86 per student to 3.94.

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