Auditing and review
The model now needs to be reviewed and checked to eradicate errors in the code. Most companies do not appear to have a formal auditing process in place and allow spreadsheet models to be used without formal testing or any kind of review. It is normally certain that errors exist in the model even if it is a simple case of a misspelt label. Models have to be checked and you should always assume that there are errors until you are satisfied otherwise.
The level and amount of testing required depend on the size of the spreadsheet, the amount of funds processed and its importance in a document chain. If a spreadsheet model is for ...