Build a model with #Auditor Mindset
While preparing a #FinancialModel, always bear this question in mind:
“Are you making a model which is easily auditable?”
Here are some best practices, to build a model with auditor mindset.
✅️ Consistant formula(s) in a single row
✅️ Never use Hard-coded Numbers within Formulas
✅️ Never use the Same Input in Multiple Locations
✅️ Avoid Linking Files
✅️ Don’t Hide sheets or rows
✅️ Use built in checks
✅️ Adhere consistently to your sign convention
✅️ Use vertical layout instead of multiple tabs
Post by Abdul Shakoor, founder of #LEXICON, he is an international trainer of financial modeling.
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#LEXICON is premier institute for #FinancialModeling, #DataAnalysis in #PowerBI, #IFRS and Certified #CFO program