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Training Index
Sarbanes Oxley Home Page
Spreadsheet version control (using only Excel's inbuilt tools)
General Rule on spreadsheet version control
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It is critical that spreadsheet version control is maintained,
especially with Sarbanes Oxley spreadsheets as it is extremely easy to create new, or
alternate, versions of the same spreadsheet.
If a good naming convention is used it will be easier to identify
which is the correct version, and to keep an effective audit trail of
the spreadsheet as it changes over time. Software does exist to
address this issue systematically so this is just a manual work
around.
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For SoX critical spreadsheets, a version must be saved and
maintained for each reportable event (e.g. quarter end results, year
end journals etc).
How to implement spreadsheet version control
Combining a naming convention with a discipline of recording and saving
changes reduces the risk of work being lost, provides an audit trail
that is useful in checking the results of changes made, and in aids in recovering
from any loss due to technology problems.
Suggested Naming Conventions for spreadsheet files
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A naming convention should be adopted which will enable the model file
name (e.g. Year End Journals Dec 2005 v3.2.xls) to convey the
following information:
- Model name “Year End Journals”;
- Date “Dec 2005” (you may even need to give an exact date and
maybe a time for frequent changes)
- Version number “3”, a new version being associated with a
significant change to the model e.g. change in method of calculation,
inserting new workbooks etc;
- Edition number “.2”, a new edition being an event defined purely
for the convenience of the user and developer e.g. different sets of
inputs, alternate scenarios etc.
It is equally important to set up a meaningful directory structure to
separate different periods and events. For
long- lived models it may also be helpful to set up separate
directories for different reportable periods or years, and to include
the period and year in the names of files.
The filename and directory of a model should be clearly shown on
all print outs, and may be automated with a formula such as =CELL
(“filename”) or put in the header and footer of the spreadsheet
worksheets. This will make sure that even on printouts you will be
able to see what version is being viewed. The date should also be
shown, e.g. by using a formula such as =NOW () or including it in the
header and footer. |
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Links to our other
Sarbanes Oxley Spreadsheet Controls:
Documentation Control
Access Controls
Input Control
Testing
Version Control
Audit Trails (coming soon)
Change Control
Backup and Archiving
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Quote of the page:
Learn all you can from the mistakes of others. You won't have time to
make them all yourself. - Anon
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