30 June 2014
The FAST Standard Organisation, an independent standards body for financial modelling, has been recognised as the first organisation to be compliant with the ICAEW Principles for Good Spreadsheet Practice
Announced at the launch of the ICAEW guide ‘Twenty Principles for Good Spreadsheet Practice’, the FAST Standard was given recognition for encouraging best practice in spreadsheet modelling.
The ICAEW’s Principles are the culmination of several months’ work carried out under the auspices of ICAEW’s Excel Community Advisory Committee, which brings together a group of 17 expert Excel users with vast experience in a variety of roles across business and practice, large and small.
Speaking at the launch, Richard Anning, Head of ICAEW IT Faculty, said, “Poorly designed spreadsheets can cost businesses time and money but we believe that use of these principles will help organisations reduce risk and improve efficiency of spreadsheet use. We are pleased the Fast Standards Organisations has worked with us to ensure the compliance of the FAST standard with the 20 Principles”.
Commenting on the announcement, Emily Cowan, chief executive of FAST, said, "I am delighted that the ICAEW has recognised the FAST Standard and the work that we have done to advance the professionalism of spreadsheet use and financial modelling. The ICAEW principles, together with the FAST modelling standard will increase the level of rigour in financial modelling. Adopting a common modelling language could have a huge impact on the UK economy, boosting productivity by improving decision making and increasing levels of connectivity between businesses."