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Model auditors also perform a simple but effective test to find accounts that may not be dealt with properly. The test is called the forecast balance sheet test and consists of using the first forecast balance sheet as the last actual balance sheet in the model to see if the overall results are the same.

Another way to understand the mechanics of this test is to think of the update process where a new last closing balance sheet of actuals is added to the model and the model then creates a new forecast based upon this update.

For this test a new set of actuals is not used, but instead the first forecast numbers from the model all the way from profit and loss statement, the cash flow and the balance sheet, as well as the tax loss balance and any other actuals required to run the new forecast, are used.

The expectation is that the financial statements of the ‘updated’ model will be precisely the same as those of the model prior to the ‘update’. If this is not the case then each difference must be examined, understood and repaired.

In most cases the differences, and therefore errors, will relate to how the modeller is dealing with the last closing balance for any particular account, particularly with respect to accruals and creditors.

The FS_ref and FS_Diff sheets are essential for this test and subsequent analysis.