Excel and Presentation QA

Excel and Presentation QA

Quality assurance skill for auditing financial models and presentation decks. Invoked after model generation or when a user asks to review an existing model.

Trigger Conditions

Activated when:

• A command has generated an Excel model and needs QA before delivery
• User asks to audit or debug an existing model
• User asks to review a presentation for consistency

Business Context

Financial models in real estate are high-stakes deliverables. A formula error in an IC memo model or a number mismatch between a slide deck and the underlying model can destroy credibility and lead to bad investment decisions.

Model Audit Checklist

Structure

• Assumptions are separated from calculations (dedicated assumptions tab/section)
• No hardcoded numbers in formula cells (except true constants like 12 months/year)
• Consistent time periods across all tabs (same column = same year)
• Clear flow: Assumptions → Revenue → Expenses → NOI → Cash Flow → Returns

Formulas

• No circular references
• All formulas reference assumptions cells, not hardcoded values
• Growth rates applied consistently (not manually typed per year)
• IRR/NPV calculated by validated code, not Excel formulas (for institutional models)
• Sum checks: totals match sum of components

Data Integrity

• Rent roll total ties to revenue projection year 1 (within 2%)
• T-12 total ties to expense projection year 1 (within 2%)
• Debt service ties to stated loan terms
• Exit value ties to stated exit cap rate and terminal NOI

Sources & Assumptions

• Sources & Assumptions tab exists and is populated
• Every assumption has a source or is labeled "management estimate"
• As-of dates documented for all data inputs

Presentation Consistency (if reviewing slides)

• Numbers on slides match the underlying model
• Cap rates, IRRs, and multiples are consistently rounded
• Property name, address, and size are consistent throughout
• Charts/tables reference the same data period

Common Errors to Flag

1. Vacancy applied twice (at rent roll level and again at revenue level)
2. Expense growth but not revenue growth (or vice versa, without explanation)
3. Exit cap rate < going-in cap rate without stated appreciation thesis
4. Missing capital reserves (common in seller pro formas)
5. Debt service during IO period uses amortizing payment (or vice versa)
6. Year 1 NOI used for exit valuation instead of forward/terminal NOI
7. Lease commission on existing leases that aren't rolling

Output

• List of issues found, categorized by severity (Error / Warning / Note)
• For each issue: location (tab/cell reference or section), description, suggested fix
• Overall assessment: Clean / Minor issues / Material errors found