Find external links in Excel (and why they are risky)

An external link is a formula that reads from another workbook, such as =[Rates.xlsx]FX!B2. The value depends on a file outside the one you are reviewing.

Why it matters

• The linked file may have moved, changed or been replaced by a newer version.
• Values update only when the link is refreshed, so the number you see may be stale.

How to find it manually in Excel

1. Data → Edit Links lists linked workbooks.
2. Search formulas for "[" or ".xls" with Ctrl + F.

How DraftReview detects it

DraftReview counts the external link parts stored in the workbook and flags each formula that references another workbook.

How to fix it

1. Confirm the source file and version are approved.
2. If the values are final, replace the link with pasted values and note the source.

Related checks

• Hard-coded numbers in formula columns
• Inconsistent formulas
• Broken references (#REF!)