audit-xls

Run a formula audit that scans for #REF!, #VALUE!, #N/A, #DIV/0!, and #NAME? errors, plus hardcodes inside formulas, inconsistent formulas that break row/column patterns, and off-by-one SUM or AVERAGE ranges. Scope the audit to a selection, one sheet, or the whole workbook.

Use a full model-scope audit covering structural review, balance sheet balance per period, cash flow tie-out to the BS, retained earnings rollforward, and logic sanity checks like growth rates and terminal value dominance. Report critical issues first and fix only after review.

Common causes are working capital sign errors, depreciation not matching the PP&E schedule, debt principal payments not matching the maturity schedule, or a broken retained earnings rollforward. Quantify the gap per period and trace where it first breaks before fixing anything downstream.

Frequent DCF bugs include discounting with the wrong period convention, terminal value not discounted back, WACC using book instead of market values, levered FCF including interest expense, and double-counted tax shields. Terminal value exceeding roughly 75% of enterprise value is a yellow flag.

Yes. The audit identifies both intentional circularity, such as the interest-debt-cash loop in LBO models where an iteration toggle should exist, and accidental loops, which it traces and flags with suggestions for breaking the cycle.

Macro-driven calculations cannot be fully audited from formulas alone, since logic lives in VBA code rather than cells. The audit notes any macro-dependent calculations so reviewers know which outputs require separate code inspection.