Checklists

Healthcare Financial Model Checklist

This checklist covers the structural checks specific to healthcare provider financial models, on top of the general financial model audit baseline. It focuses on revenue driver decomposition (volume, case mix, payer mix), revenue cycle gross-to-net mechanics, staffing and clinical cost structure, and sector-specific capital planning. It is intended for lenders, investors, and advisors reviewing a hospital, clinic, or other healthcare provider model ahead of a financing or investment decision.

Income-Producing Asset Model Checklist

This checklist covers the structural checks specific to income-producing (stabilised) real estate asset models, on top of the general financial model audit baseline. It focuses on rent roll integrity, NOI normalization, the discount-rate-versus-exit-cap-rate distinction, and lease-level rollover treatment. It is intended for investment committees, lenders, and advisors reviewing an income-producing asset model ahead of an acquisition, financing, or valuation decision.

Investment Committee Model Checklist

This checklist covers what an investment committee, or the team preparing materials for one, should verify in a financial model before it is used to support an investment decision. It focuses on return calculation integrity (IRR, MOIC), scenario and downside coverage, assumption disclosure, and consistency between the model and the narrative memo built around it. It is intended for investment committees, deal teams, and CFOs preparing a model for committee submission.

Lender Model Review Checklist

This checklist covers the checks a lender, credit committee, or independent reviewer should apply to a borrower's financial model as part of credit approval or financial close. It focuses on covenant calculation integrity, debt sculpting mechanics, cash waterfall priority, and circularity resolution specific to debt-financed models. It is intended for banks, credit teams, and advisors conducting lender-side model review ahead of a financing decision.

Model Handover Checklist

This checklist covers what should accompany a financial model when it is handed over from one builder, team, or firm to another — documentation completeness, named-range and version-control integrity, and confirmation that the receiving party can operate the model independently. It is intended for model developers, advisory firms transitioning an engagement, and CFOs taking ownership of a model built externally.

Model Reviewer Checklist

This checklist structures the independent peer-review stage of a modelling team's internal quality-assurance workflow. It is role-neutral and standard-agnostic — written for whoever is acting as the second, independent reviewer of a model, rather than for a specific external audience such as a lender or investment committee. It complements, rather than duplicates, the audience-specific review checklists elsewhere in this section and the Financial Modelling Best-Practice Checklist used at the construction stage that precedes peer review.

Oil & Gas Project Model Checklist

This checklist covers the verification checks specific to an oil and gas asset or project financial model, on top of the general financial model audit baseline. It focuses on confirming that well-level or facility-level detail is correctly represented, that contract structures (take-or-pay, tariff, processing agreements) are modelled against their actual terms, and that decommissioning is properly provisioned. It is intended for energy developers, EPC contractors, project finance lenders and financial modellers reviewing an asset or project model before it supports a development or financing decision.

PPP Model Checklist

This checklist covers the structural checks specific to public-private partnership (PPP) and concession financial models, on top of the general project finance and financial model audit baseline. It focuses on availability payment mechanism calculations, concession-life and handback assumptions, and demand-risk versus availability-risk allocation. It is intended for government agencies, lenders, sponsors, and advisors reviewing a PPP or concession model ahead of a tender, financial close, or investment decision.

Pre-Financial-Close Audit Checklist

This checklist covers the model-related audit steps and documentation typically required as a condition precedent before a financing transaction reaches financial close. It focuses on audit completion status, model version lock, sign-off documentation, and reconciliation between the audited model and transaction documentation. It is intended for borrowers, sponsors, and advisors coordinating the model audit workstream ahead of a scheduled close date.

Project Finance Model Build Checklist

This checklist is a construction-sequence guide for the model builder, walking through the order in which a project finance model's core modules should be built and the specific construction discipline each one requires, sources and uses reconciliation, construction-period funding mechanics, debt sculpting, reserve accounts, and the cash waterfall. It is distinct from the pre-financial-close audit checklist and the lender model review checklist, both of which verify a model that already exists; this checklist is used while the model is being built.

REIT and Portfolio Model Audit Checklist

This checklist covers the structural checks specific to REIT and multi-asset portfolio models, on top of the general financial model audit baseline and the income-producing asset model checklist. It focuses on FFO/AFFO reconciliation traceability, NAV methodology consistency, and distribution coverage against the mandated payout ratio. It is intended for investment committees, analysts, and advisors reviewing a REIT or portfolio-level model.

Real Estate Development Model Checklist

This checklist covers the structural checks specific to real estate development financial models, on top of the general financial model audit baseline. It focuses on development phasing and cost drawdown mechanics, residual land value calculation, sales and leasing absorption assumptions, and interest during construction. It is intended for developers, lenders financing development, and advisors reviewing a development model ahead of a funding or investment decision.

Real Estate Due Diligence Checklist

Real estate due diligence spans more than the financial model, title and legal review, planning and zoning compliance, physical and environmental condition, and lease or contract review, alongside financial model verification. This checklist sets out the full due diligence scope and how it connects to the financial model checklists elsewhere in this domain, intended for investment committees, lenders, and advisors coordinating a transaction ahead of an acquisition or financing decision.

Renewable Energy Model Checklist

This checklist covers the structural checks specific to renewable energy financial models, on top of the general project finance and financial model audit baseline. It focuses on energy yield and degradation assumptions, availability and curtailment mechanics, and consistency between power purchase agreement (PPA) and merchant revenue assumptions. It is intended for lenders, developers, and advisors reviewing a solar, wind, or storage project model ahead of a financing or investment decision.

Terminal Value Assumption Checklist

Terminal value frequently accounts for the majority of a DCF's total enterprise value, which makes its assumptions disproportionately important relative to the rest of the model. This checklist isolates the terminal value assumption specifically — the normalized terminal-year cash flow, the perpetuity growth rate or exit multiple chosen, the cross-check between the two methods, and the disclosure of terminal value's share of total enterprise value — for a model builder, reviewer, or investment committee member to work through before relying on a DCF's conclusion.

Three-Statement Model Build Checklist

This checklist sets out the specific structural checks that confirm a three-statement model's income statement, balance sheet, and cash flow statement are correctly integrated, once the individual statements and supporting schedules have been built. It is a construction-time self-check, applied progressively as the model is assembled, distinct from a full independent structural audit performed after the model is complete.

Transaction Due Diligence Checklist

This checklist covers the full transaction due diligence process at the workstream and process level — financial, commercial, operational, technical, legal, tax, and ESG coverage, finding-to-resolution traceability, and the investment committee, lender, and independent assurance approval gates. It operates one level above the Financial Model Due Diligence Checklist, which covers the model-specific structural detail this checklist assumes is being separately applied wherever the transaction model itself needs review.

WACC / Discount Rate Assumption Checklist

The discount rate is one of the two assumptions, alongside terminal value, with the largest single effect on a DCF's conclusion, and it is built from several individually judgement-dependent components. This checklist isolates the discount rate build for focused review — the cost of equity build (risk-free rate, beta, equity risk premium, and any size or country premia), the cost of debt build, capital structure weights, circularity handling between WACC and enterprise value, and the sourcing documentation for every input — for a model builder, reviewer, or auditor to work through before relying on the rate.