Addressing spreadsheet risks is a matter of providing your staff with the tools and processes to improve controls over their spreadsheets, and reduce the risks associated with spreadsheet use. No matter where you are or the legislation you are trying to comply with, you will need to address the following aspects of spreadsheet use: spreadsheet documentation, input controls, comprehensive testing methodology, version control, audit trails, and change controls.

How Spreadsheet Professional can assist you

Spreadsheets are notoriously difficult to control. The very features that make them so useful, also make them risky i.e. flexibility, ease of use and  transferability. Below we show how Spreadsheet Professional can address the control issues required.
 

Spreadsheet Testing

Spreadsheet Professional is a world leader in testing spreadsheets. By incorporating its tools into a formal testing process you can reduce your testing time by up to 80% and achieve more thorough testing. Use can be made of the following features (see video clip adjacent)

• Maps

• Test reports

• Comparison report

Spreadsheet Documentation

You will need to ensure that the appropriate level of spreadsheet documentation is maintained and kept up-to-date to understand the business objective and specific functions of the spreadsheet.  Spreadsheet Professional provides the following reports that can be run with a few simple clicks:

• Summary report

• Range Names and Links to other workbooks

• Spreadsheet maps

• Translation of all calculations into meaningful words

• Report of all cells that require inputs

• Report of all inputs in the spreadsheet

• Results of general test performed

• Results of detailed tests performed.

• Visual representation of the formula in any cell and all the cells that are used to get the result

• Differences between two versions of a spreadsheet.

Spreadsheet Version Control, Audit Trails, and Change Control

Depending on the longevity of your spreadsheet it may be useful to determine what has changed from version to version. Spreadsheet Professional provides you with a comparison tool that means it will take minutes instead of days.

• Comparison tool

Spreadsheet Input Control

A spreadsheet can only be as good as the inputs it receives. As per the old adage, garbage in means garbage out. See how Spreadsheet Professional can identify all inputs in a spreadsheet and compare them to previous versions of the spreadsheet.

• Maps

• Input cells

• Current version of inputs

• Tracing a formula back to its source cells

• Identify unused input cells

• Spreadsheet painter

Spreadsheet Access Control

Access to critical spreadsheet should be controlled. Excel provides some useful protection devices and control should be maintained over where the spreadsheet is stored. Spreadsheet Professional can assist you to quickly determine if any changes have been made to a spreadsheet using its comparison tool.

• Comparison tool

Our Proposition to you

In order to comply with all the recent legislation it is critical you enable your staff to test and document their spreadsheets. However, spreadsheets are used throughout the organisation and it is recommended that all spreadsheet users should have access to the required tools.

As a result, besides our normal offering of selling Spreadsheet Professional on a license by license basis, you can purchase the right to use the software in entire countries (all staff of the company in that country). And the price will surprise you so ask for a quote by mailing info@AuditExcel.co.za .

You may also be concerned that with all staff receiving the software there could be a logistical nightmare when it comes to training. Included with the software is electronic training material which you can include on your intranet or hand out to staff. Using the material you can set up your own train the trainer classes or let your staff learn for themselves.

To read more on how to address your spreadsheet risks, have a look at our 5 part article on addressing the risks by following these links:

SOX Part 1 - Introduction and rationale

SOX Part 2 - High level analysis of the problem

SOX Part 3 - Spreadsheet review groups

SOX Part 4 - Spreadsheet risk inventory

SOX Part 5 - Controlling the spreadsheet risks