  Spreadsheet audit and review procedures are an essential part of almost all
City of London financial transactions. Structured processes are used to
discover errors in large financial spreadsheets underpinning major transactions
of all types. Serious errors are routinely found and are fed back to model
development teams generally under conditions of extreme time urgency. Corrected
models form the essence of the completed transaction and firms undertaking
model audit and review expose themselves to significant financial liability in
the event of any remaining significant error. It is noteworthy that in the
United Kingdom, the management of spreadsheet error is almost unheard of
outside of the City of London despite the commercial ubiquity of the
spreadsheet.
