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Failure to Excel

Spreadsheet auditing tools help strengthen a weak link in the compliance chain.

John Edwards, CFO.com | US
April 27, 2007

More than just tracking changes

In order to truly eliminate or substantially reduce spreadsheet error risk, a more holistic approach is necessary - extending well beyond just tracking changes and version control. Auditors - and spreadsheet users themselves - should employ automated error and risk testing software for their spreadsheets. The Audinator (www.audinator.com) is a good example, but there are several other goods ones out there. Tools such as these will automatically scan and audit an extire spreadsheet for forumula errors and other errors - and do so in a matter of seconds. Everytime a significant change is maded to an important spreadsheet model, just run the spreadsheet audit software tool and all errors and risks are quickly identified - before they can do real harm.

Posted by Jason Stockton | March 26, 2012 09:55 am

Microsoft to launch its own Budgeting & Forecasting tool

Microsoft are actually getting ready to launch their own Budgeting & Forecasting tool called PerformancePoint Planning Server 2007. This gives you the best of both worlds, being the flexibility of Excel combined with robust security, workflow, review & approval and auditing capabilities

Posted by Pierre Naude | May 02, 2007 04:19 am

Very valid comments

I thought your article was extremely timely and accurate. Spreadsheets are here to stay, mainly because of their flexibility and ease of use, but compliance whether driven by Sarbanes-Oxley or because of auditing concerns has become paramount. You mentioned key needs for spreadsheet users tracking cell by cell, and version control. I wanted to point out that a key package that is fast gaining in popularity, partly because it not only offers the above but provides other benefits in the form of tracking formula changes as well as providing formula breakdowns, is ComplyXL. Its popularity is its ease of use, easy to use change management as well as pricing. Not many software companies post their prices on their web pages, but Lyquidity does.

Posted by Seddon | May 01, 2007 04:47 am

Get spreadsheets out whereever possible

At ITM, we've found working with clients in the area of IT compliance and IT financial management that the most effective route is to eliminate spreadsheets when possible. If you support IT compliance programs with a centralized system and do likewise with IT financials (budgeting, planning, etc.), you not only reduce risk, but also end up saving money through improved efficiency and visibility.

Posted by Paul Acevedo | April 27, 2007 02:35 pm

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