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

Five ways to perform a forensic audit using Excel

12 January 2018

Excel can be used to conduct a forensic audit, gathering evidence of possible fraud.

We cannot eliminate mistakes or "fudging" in financial data, however we can positively try to minimize it.

Here are five techniques that can be applied using Excel for tracing such issues:

  • Identifying duplicate transactions using highlight values.
  • Analyzing round numbered transactions.
  • Above average payments to vendors or checking the ratio between a maximum and minimum.
  • Gap detection.
  • Checking ratio of the highest to the second highest number.
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