A financial model review checklist is a structured framework used to validate the accuracy, logic, and reliability of financial models. It helps analysts systematically review model structure, inputs, formulas, data integrity, outputs, and assumptions before using the model for decision-making. Given that spreadsheet errors are common and often go undetected, using a checklist ensures consistency, reduces risk, and improves confidence in model outputs.
A strong checklist includes sections for model structure, assumptions, calculation logic, reconciliation checks, output validation, scenario analysis, and documentation. It also supports transparency and collaboration by making models easier to audit and reuse. The most effective approach is to tailor the checklist to the type of model while maintaining standard quality controls across all reviews.