Abstract
Spreadsheet audit and review procedures are an essential part of almost all City of London financial transactions. Structured processes are used to discover errors in large financial spreadsheets underpinning major transactions of all types. Serious errors are routinely found and are fed back to model development teams generally under conditions of extreme time urgency. Corrected models form the essence of the completed transaction and firms undertaking model audit and review expose themselves to significant financial liability in the event of any remaining significant error. It is noteworthy that in the United Kingdom, the management of spreadsheet error is almost unheard of outside of the City of London despite the commercial ubiquity of the spreadsheet.
The original version of this chapter was revised: The copyright line was incorrect. This has been corrected. The Erratum to this chapter is available at DOI: 10.1007/978-0-387-35693-8_16
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© 2003 IFIP International Federation for Information Processing
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Croll, G.J. (2003). A Typical Model Audit Approach. In: Gertz, M. (eds) Integrity and Internal Control in Information Systems V. IICIS 2002. IFIP — The International Federation for Information Processing, vol 124. Springer, Boston, MA. https://doi.org/10.1007/978-0-387-35693-8_14
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DOI: https://doi.org/10.1007/978-0-387-35693-8_14
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4757-5535-0
Online ISBN: 978-0-387-35693-8
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