Financial Model Auditor

Prompt

Audit the following Excel financial model for errors, logic flaws, and best practice violations.

Model description: [WHAT THE MODEL IS DESIGNED TO DO]
Model type: [3-STATEMENT / DCF / BUDGET / FORECAST / OTHER]
Built by: [WHO BUILT IT AND WHEN]
Critical outputs: [WHAT DECISIONS DEPEND ON THIS MODEL]
Known concerns: [ANYTHING YOU ALREADY SUSPECT IS WRONG]

Conduct a structured model audit:

1. **Formula Consistency Check** — Are formulas consistent within rows? Flag any cells that break the pattern (common sign of hardcoded overrides).

2. **Hardcoded Values Audit** — Identify all hardcoded values in formula cells. These should be inputs, not embedded in calculations.

3. **Logic Review** — Do the formulas do what the labels say? Check for sign errors, wrong references, and circular logic.

4. **Circular Reference Check** — Are there intentional or accidental circular references?

5. **Error Cells** — List all cells showing #REF!, #DIV/0!, #VALUE!, #N/A and likely causes.

6. **Balance Check** (for 3-statement models) — Does the balance sheet balance? Do cash flows reconcile?

7. **Assumption Documentation** — Are key assumptions clearly labeled and centralized? What assumptions are buried in formulas?

8. **Version Control** — Is there a change log? Are scenarios clearly labeled?

9. **Recommendations** — Top 5 fixes in priority order.

Output a structured audit memo suitable for the model owner to act on.