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Practical Financial Modelling: The Development and Audit of Cash Flow Models 3rd edition [Minkštas viršelis]

3.50/5 (4 ratings by Goodreads)

Jonathan Swan (Operis TRG Limited, London, UK)

Formatas: Paperback / softback, 336 pages, aukštis x plotis: 229x152 mm, weight: 530 g
Išleidimo metai: 24-Aug-2015
Leidėjas: Butterworth-Heinemann Ltd
ISBN-10: 0081005873
ISBN-13: 9780081005873

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Formatas: Paperback / softback, 336 pages, aukštis x plotis: 229x152 mm, weight: 530 g
Išleidimo metai: 24-Aug-2015
Leidėjas: Butterworth-Heinemann Ltd
ISBN-10: 0081005873
ISBN-13: 9780081005873

Kitos knygos pagal šią temą:

Pastovi nuoroda: https://www.kriso.lt/db/9780081005873.html

Raktažodžiai:

Business enterprises - Finance - Mathematical models

Practical Financial Modelling, 3e is a book on model development and model assurance. It enhances the modelling process by emphasizing controls and checks for accuracy and reliability. New content on validation and verification, model use and sensitivity analysis is presented alongside a modelling methodology that underpins the various proprietary standards used in financial modelling today. It provides more details than other books and yet is general enough for applying its methodology to many applications. This book isn’t just about the details of building cash flow models, it’s about building better cash flow models.

This new edition increases the number of worked examples and introduces new material on the audit sheet and audit workbook methodologies, and the delta sheet approach to sensitivity analysis.
It provides the developer with a toolkit of modelling techniques and a framework of error controls to reduce the risk of spreadsheet error.
The methodology and structure conforms with the modelling principles defined by the Institute of Chartered Accountants of England and Wales; and the model assurance processes ensure compliance with the UK public sector Macpherson Report and regulatory requirements such as Sarbanes-Oxley.

Recenzijos

"The 3rd edition of Practical Financial Modelling by Jonathan Swan is a must-read for any organization engaged in corporate modelling in the Excel environment. This well-forged edition offers practitioners important insights and methods to develop models that are useful to the key decision-makers, free of errors, and maintainable for the future by implementing industry standards in model development. Few books in financial modelling even touch on the importance of technique. This book offers a compelling guide to ensure model competence." --John C. Banko, University of Florida

"Jonathan Swan has provided an excellent financial modelling resource, written in a practical way that will appeal to practitioners and academics alike. The book very effectively addresses the essential topic of quality assurance and is bursting with invaluable advice on avoiding errors and improving controls." --Rob Powell, Edith Cowan University

"Practical Financial Modelling provides a great coverage of topics for a book on process modelling. It successfully guides the reader in an innovative practical approach through model use, validation and sensitive analysis. This is a very valuable material to any practitioner, student, or researcher in the modelling process framework." --Leandro Maciel, University of Campinas

Daugiau informacijos

Teaches developers how to build better cash flow models while improving quality control

About the Author

xvii

Preface to the Third Edition

xix

Preface to the Second Edition

xxi

Preface to the First Edition

xxiii

Acknowledgements

xxv

About Operis Group

xxvii

Introduction

xxix

Part I The Modelling Environment

1 Quality Assurance

(16)

The Modelling Environment

(1)

The Project Finance Sector

(1)

The Regulatory Environment

(1)

It Doesn't Affect Us, Does It?

(1)

Case Study: The Macpherson Report

(1)

Case Study: ICAEW's 20 Principles

(1)

Modelling Standards

(1)

Quality Assurance

(2)

Senior Responsible Owner

(1)

Modelling Compliance Officer

(1)

Modelling Environment

(1)

Model Audit and Model Review

(3)

Risk Assessment

(1)

Risk Controls

(1)

Access Control

(1)

Input Control

(1)

Change Control

(1)

Version Control

(1)

Quality Assurance and the Modelling Methodology

(2)

2 Quality Control

(48)

Introduction

(1)

Understanding Error

(1)

Pointing Errors

(1)

Input Errors

(1)

Omission Errors

(1)

Commission Errors

(1)

Alteration Errors

(1)

Calculation Errors

(1)

Timing Errors

(1)

Competence Errors

(1)

Domain Errors

(1)

Error Recognition

(1)

Audit Tools and Techniques

(1)

F2 Edit Cell

(1)

Trace Precedents

(1)

Ctrl+[ and F5 Combination

(1)

F2 and F5 Combination

(1)

View Formulas

(1)

Formula Auditing Ribbon Group

(1)

Evaluate Formula

(1)

The Watch Window

(1)

Error Checking

(1)

Error Values

(1)

#VALUE!

(1)

#REF!

(1)

#NAME?

(1)

#DIV/0!

(1)

#NUM!

(1)

#N/A

(1)

Debugging Error Values

(1)

Printing without Errors

(1)

The `Break-and-Make' Technique

(1)

The Model Reviewer and the Review Plan

(1)

Printing

(1)

Issues Reporting

(1)

The Audit Sheet

(1)

The Purpose

(1)

The MUT

(1)

Layout

(2)

Environmental Checks

(1)

Time Stamping

(1)

Iteration Status

(1)

File Links

(1)

R1C1 Reference Style

(1)

Structural Checks

(1)

Location of Inputs

(1)

Hard-Coded Values

(2)

References to Blank Cells

(1)

Left-to-Right Consistency

(1)

3-D or Cross-Sheet Calculations

(1)

Errors

(1)

Hidden Columns and Rows

(1)

Hidden Sheets

(1)

Merged Cells

(1)

Array Formulas

(2)

Arithmetical Checks

(1)

The Audit Check Formula

(2)

Financial Checks

(1)

Principle

(1)

Balance Sheet

(1)

Cash Flow

(1)

Income Statement

(1)

Other Financial Checks

(1)

Ratios

(1)

Internal Rate of Return

(1)

The Audit Chart

(1)

Change Checks

(1)

Model Comparison

(4)

Model Map

(2)

Using the Audit Sheet

(1)

The Audit Workbook

(1)

Layout

(1)

Alignment of Timelines

(2)

Key Results

(1)

Reconstruction

(3)

Sensitivities and Deltas

(5)

Third Party Model Audit Tools

(3)

3 Model Structure

(34)

Introduction

(1)

Choosing the Right Tool

(2)

The Three Principles

(1)

Two Approaches

(1)

Purpose

(1)

Structure

(1)

Version Control

(1)

Periodicity

(1)

Accuracy

(1)

Colour

(2)

Workbook Structure

(1)

The Inputs or Assumptions Sheet

(1)

Absence of Calculations

(1)

The Workings or Calculations Sheet

(1)

Logic Cascade

(1)

The Size of the Sheet

(1)

No Numbers

(1)

Outputs

(1)

Rationale

(4)

Audit or Control Sheet

(1)

Variations

(3)

Documentation

(1)

Inputs

(1)

Comments and Text Boxes

(4)

Key Information

(1)

Microsoft Backstage

(2)

File Properties

(1)

General

(1)

Summary

(1)

Statistics

(1)

Contents

(1)

Custom

(1)

Printing and Reporting

(1)

Print Area

(1)

Group Mode

(1)

Page Setup

(1)

Fit to Page

(1)

Headers and Footers

(1)

Print Titles

(1)

Reports and Custom Views

(2)

Model Development

(1)

New File

(1)

Saving

(1)

Grouping

(1)

Layout

(1)

Units and Base Columns

(1)

Number Formatting

(1)

AutoComplete

(1)

Printing

(1)

Data Entry

(1)

Cell Comments

(1)

Fill Right

(1)

Sign Conventions

(1)

Navigation

(1)

Ctrl+PgUp/Ctrl+PgDn

(1)

Alt+PgUp/Alt+PgDn

(1)

Right-Click Scroll Tab Buttons

(1)

Home/Ctrl+Home

(1)

Ctrl+End

(1)

Ctrl+arrow

(1)

Go To

(1)

Name Box

(1)

Ctrl+[

(1)

Hyperlinks

(4)

Part II The Modelling Process

4 Referencing and Range Names

101

(30)

Relative and Absolute References

101

(1)

R1C1 Referencing

102

(2)

Range Names

104

(1)

Natural Language Formulas

104

(1)

Geographical Precision

105

(1)

Speed

105

(1)

Poor Teaching

105

(1)

A Rule of Thumb

106

(1)

The FAST Viewpoint

106

(1)

The Principle

107

(1)

Name Conventions

107

(2)

Benefits

109

(1)

Reusable Code

109

(1)

The Certainty of Names

110

(1)

One Dimension versus Two Dimension

110

(4)

Creating Names

110

(2)

Defining Names

112

(1)

Name Manager

112

(1)

Using Names

113

(1)

Individually Named Cells

114

(1)

Paste Name

115

(1)

Formula AutoComplete

115

(1)

Applying Names

115

(1)

Editing Range Names

116

(1)

Deleting Names

117

(1)

Removing Names

117

(2)

Extending Ranges

119

(1)

Moving Named Ranges

119

(1)

Names and Functions

120

(1)

Additional Name Functionality

121

(1)

Combination Names

121

(1)

Intersection Formulas

121

(1)

Sheet Level or Local Names

122

(1)

Three-Dimensional or Cross-Sheet Names

123

(1)

Relative Names

124

(1)

Mixed Absolute and Relative Names

125

(1)

Naming Values and Formulas

126

(1)

Dynamic Range Names

127

(1)

Listing Names

128

(1)

Empty Ranges

129

(1)

Multiple Names

129

(1)

External Name References

130

(1)

Phantom File Links

130

(1)

5 Mainly Formulas

131

(26)

Introduction

131

(1)

Bodmas or Pemdas

132

(1)

Timing

132

(1)

Time Dependency and Time Independency

133

(1)

Left-to-Right Consistency

133

(1)

Base Column

134

(1)

Corkscrew

135

(2)

Technical Formulas

137

(1)

Masks

137

(1)

Flags

138

(1)

Switches

138

(1)

Coercion

139

(1)

Counters

139

(1)

Changing Periodicity

140

(1)

Quarterly to Annual

140

(1)

Rolling Total

141

(2)

Relative Totals

143

(2)

Circularities and Iteration

144

(1)

Debugging Circularities

145

(1)

Trial and Error

146

(1)

Error Tracking

147

(2)

Handling Circular Code

149

(5)

Advanced Formulas

154

(1)

Array Formulas

154

(3)

6 Mainly Functions

157

(50)

Introduction

157

(1)

Late Binding Functions

157

(1)

Error Handling

158

(1)

I FERROR and I FNA

159

(1)

I FERROR Problem

159

(2)

Good Old IF

159

(2)

Using AND and OR

161

(1)

A MAX/MIN Solution

161

(1)

Starting Again

162

(1)

The Logical Mask

162

(3)

Putting it into Practice

165

(10)

Revolving Credit

172

(3)

Lookup

175

(1)

Good Old VLOOKUP and HLOOKUP

175

(3)

Lookup Without Using LOOKUPS

178

(2)

INDEX

180

(2)

MATCH

182

(1)

MATCH and INDEX

182

(6)

The Concept of the Pool

184

(4)

Fixed Schedules

188

(1)

OFFSET

189

(4)

Dates

193

(1)

NOW()

193

(1)

DATE (Year, Month, Day)

194

(2)

Financial

196

(1)

NPV

196

(1)

XNPV

197

(3)

Other Useful Functions

200

(1)

LARGE and SMALL

200

(1)

RAND

201

(1)

ISTEXT

201

(2)

203

(1)

Concatenation

203

(1)

TEXT

204

(1)

INT and MOD

204

(3)

7 Model Use

207

(24)

Introduction

207

(1)

Risk Controls

207

(1)

Access Control

207

(1)

Input Control

207

(1)

Change Control

208

(1)

Version Control

208

(1)

Protection

208

(1)

Sheet Protection

208

(2)

Workbook Protection

210

(1)

Password Protection

210

(4)

Grouping and Outlining

211

(2)

Data Inputs

213

(1)

Data Validation

214

(1)

Custom Validation

214

(1)

Problems with Validation

215

(1)

Drop-Down Lists

215

(1)

List and Combo Boxes

216

(6)

Conditional Formatting

219

(3)

Problems with Conditional Formatting

222

(5)

Custom Formatting

223

(4)

Styles

227

(1)

Reporting

228

(1)

Currency

228

(1)

A Type of Conditional Format

228

(1)

Charting

229

(1)

F11 and Alt+F1

229

(1)

Updating Charts

230

(1)

8 Sensitivity Analysis and Scenarios

231

(24)

Introduction

231

(1)

Model Interrogation

231

(2)

Sensitivities

233

(1)

Goal Seek

233

(2)

Data Tables

235

(1)

The One-Way Data Table

235

(1)

The Two-Way Data Table

236

(1)

Observations

236

(1)

Table Recalculation

236

(4)

Scenarios

238

(1)

Scenario Manager

239

(1)

CHOOSE

240

(2)

LOOKUP

242

(1)

INDEX

243

(1)

Issues with the Function Approach

243

(1)

Multiple Input Sheets

244

(1)

The Cell Reference Method

244

(1)

The Range Name Method

245

(1)

Using Multiple Inputs Sheets

246

(1)

Printing Scenarios

247

(5)

Delta Sheets

248

(2)

Solver

250

(1)

Risk

250

(2)

Monte Carlo Simulation

252

(2)

Risk Analysis Using Data Tables

254

(1)

9 Automation

255

(28)

Introduction

255

(1)

Macro Security Settings

256

(1)

Personal ·xlsb

257

(1)

Recorded Macros

257

(1)

Recorded Macro Options

257

(1)

Iteration Macro

258

(3)

Assigning Macros

261

(1)

Keyboard Shortcuts

261

(1)

Workbook Buttons

262

(1)

Adding Macros to the Ribbon

263

(2)

Written Macros

264

(1)

Branching Macros

265

(1)

Writing the Macro

266

(4)

Quarterly/Annual Macro

267

(1)

Error Handling

268

(1)

Debt Sculpting

269

(1)

Workbook Formulas

270

(4)

Debt Sculpting Macro

274

(2)

Debugging

275

(1)

Step Mode

276

(1)

Breakpoints

276

(1)

Locals Window

277

(1)

The Immediate Window

277

(2)

User-Defined Functions

278

(1)

Tax Calculator

279

(2)

Local Range Names

281

(1)

Managing UDFs

282

(1)

Appendix 1 Good Modelling Practice

283

(6)

Appendix 2 Keyboard Shortcuts

289

(2)

Index

291

Jonathan Swan's work has encompassed a range of consultancy and development assignments with investment banks and others in the City and throughout Europe. He is currently Director of Training at Operis Group plc, the UK's leading independent financial modelling consultancy.

Practical Financial Modelling: The Development and Audit of Cash Flow Models 3rd edition [Minkštas viršelis]

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