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Hello fellow AIS students,
After conducting my research for SP3, there are various errors within spreadsheets that become evident with real-world business mistakes. Fidelity is one of the largest mutual fund and financial service providers in the US. The company had estimates miscalculated by $2.6 billion due to an accountants input error. As their accountant is required to transfer the net realized gain/loss from financial records to a separate Excel spreadsheet for additional calculations. However, the accountant “omitted the minus sign on a net capital loss of $1.3 billion and incorrectly treated it as net capital gain on this separate spreadsheet.” (Wailgum, 2007). Evidently, the dividend estimate was off by $2.6 billion, and their share distribution for the month was a little too high ($4.32/share). What do you think could have been done differently to avoid this error?
Reference:
Wailgum, T. (2007, August 17). Eight of the Worst Spreadsheet Blunders. Retrieved March 16, 2018, from https://www.cio.com/article/2438188/enterprise-sof…
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