ICAEW has created a framework for understanding and mapping finance practitioners' ability and proficiency when using spreadsheets. We outline the level of skill needed for each competency and mapped competencies we expect are needed for financial modellers working in audit.
A financial modeller working in audit verifies and reviews financial models used for transactions, project finance or corporate planning, assessing them for logical and commercial integrity. They need a strong understanding of spreadsheet modelling methods to review complex models for logical, formulaic and arithmetic accuracy; test assumptions; build parallel models for sensitivity analysis; and identify modelling inefficiencies.
Relevant competencies
Financial modellers in audit require thorough knowledge of modelling methods in spreadsheets and standards, to be able to adequately verify and review financial models being used. As a result, the core competencies relevant to users in this role typically extend beyond those needed to build models, and span skills in explaining how calculations work, a thorough understanding of different functions and formulas, and knowledge of how to effectively review a spreadsheet to identify issues and resolve errors.
To develop their capabilities further, financial modellers may also benefit from knowledge of how to structure data and calculations such that the spreadsheet is flexible and extensible and more broadly, and a strong awareness of how AI might be used to enhance spreadsheet functionality and model development.
The competency framework
ICAEW's Spreadsheet Competency Framework is colour coded to illustrate the relevance of each competency.
- Core competencies form the essential Excel knowledge required for this job role.
- Beneficial competencies are additional skills individuals may choose to develop to strengthen their capability.
- Less relevant competencies remain useful Excel skills but are not as directly applicable to the role and therefore may be given lower priority.
Below is an interactive summary of the core competencies, as well as those beneficial to develop further capabilities, for this job role. Click through each section, in the left-hand column, to explore the framework.
More support
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Explore the framework in more detail and filter it by section, role, level and relevance to learn how it can apply to you or your organisation.
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See the full framework and how it has been applied for other job roles. And access our dashboard which allows users to explore the framework and all our Excel content.
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