Financial Model Review Checklist

A review checklist keeps you honest. Instead of skimming a model and hoping you would notice a problem, you work through the same points every time. Here is a practical checklist for Excel models, grouped from structure down to the numbers, with the built-in tools for each step.

Structure and layout

A model is easier to trust when its shape is clean.

• Inputs, calculations, and outputs live on separate, clearly labelled tabs.
• Calculations flow in one direction with no backward references.
• Assumptions are gathered in one place, not scattered through the model.
• Color coding distinguishes inputs from formulas consistently.

Formula consistency

Within any row or block, the formula should be identical across columns. A cell that breaks the pattern is the classic source of model error.

Display every formula at once with Ctrl plus the grave accent key and scan each row for cells that look different from their neighbours. Press Ctrl plus the grave accent key again to switch back to values.

Inputs and hardcodes

The riskiest cells are numbers typed directly inside a formula, like a tax rate or a growth assumption buried in =B5*1.08. They are invisible, never get updated, and quietly drift out of date.

1. Press Ctrl+G, click Special, and choose Constants with only Numbers ticked to select hardcoded values.
2. Scan formula cells for numeric literals mixed in with references.
3. Move each real assumption out to a labelled input cell and reference it.
4. Re-run the check to confirm only intended constants remain.

Links and outputs

Check external links under Data then Edit Links, and resolve any that are broken or pointing at the wrong file. Then verify the headline outputs tie out: totals reconcile, the balance sheet balances, and cash flows roll forward correctly.

Find buried assumptions with ModelMint

The hardest checklist item to do by eye is finding numbers hidden inside formulas. ModelMint Find Hardcodes scans your selection or sheet and highlights every cell where a formula contains a typed number, so the inputs masquerading as calculations stand out immediately. It turns the riskiest review step into a single pass.