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ExcelTM
Pros and Cons
Microsoft
Excel has its lovers and haters and this page has been designed to help
people decipher the differences.
In
trying to decipher between the pros and cons, you will notice that most
groups that are negative to Excel are not negative on the product but
rather on the freedom it provides to the user. This freedom leads to
potential errors in the development of spreadsheets. To combat these
issues, following software development lifecycle practices is key such as
requirements development and appropriate quality assurance.
This page is dedicated to the pros and cons
of using Microsoft Excel as a business productivity and audit software
tool.
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Case
Studies / Articles
 Can
Excel Double As An Audit Software (ITAudit) -
This
article explores how Excel can act like an audit software showing a
practical example using a data file (also available for download).
An Approach To
Auditing Spreadsheets - HealthSouth
admitted to using a simple spreadsheet in committing their fraud, NASA
found a $650 million dollar spreadsheet error, and there are countless
other examples. In this
article, simple case-study examples and an automated tool are shown to
explain auditing one of the most overlooked financial documents that has
one of the highest risk of errors and fraud....the spreadsheet.
Also, download
the free 30-day demo of the automated Excel audit tool to see
for yourself how easy it is to find spreadsheet errors and fraud.
European
Spreadsheet Risk Interest Group -
Organization dedicated to increasing awareness of spreadsheet errors amongst academia and
industry and to promoting research regarding the extent and nature of the
problem, methods of prevention and detection of errors and methods of
limiting damage. They have various articles on their site, an annual
conference in Europe, and a mail list at: http://groups.yahoo.com/group/eusprig
PriceWaterhouseCoopers
Analysis Of the Risks of Spreadsheet Use (PWC) - whitepaper
explains the risks, mitigating controls, and how to audit
spreadsheets. This whitepaper also specifically focuses on the
requirements of Section 404 of the Sarbanes-Oxley Act.
Spreadsheets
Forever (CFO) -
Talks about why people still turn to
spreadsheets to manage their day-to-day information.
Rational Unified Process (IBM) - Web
page focused on the development of software development methodologies that
can be used in the improved development of Excel spreadsheets.
Spreadsheet vs. Software (Tim Leech) -
Article presenting the pros and cons of using Excel as
a risk management software.
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Tools
/ Links
Using
Excel as an Audit Software (PDF Format: 1.3 MegaByte File) -
Document
explains how to use Excel as an audit software tool. With
this document, users can no longer say that audit software is difficult.
For now, even a tool as simple as a spreadsheet can and should be
used as an audit software.
Many readers have noted that this document showed them what is
possible with audit software in analogous terms they could understand.
With the “curtain exposed” users can now focus their time on the
more critical activities of creatively dreaming up new tests, detecting
control gaps and fraud, as well as, improving
their business intelligence. Also
read related press
release
and
article
on ITAudit. I also
suggest you take a look at ActiveData, an inexpensive Excel add-in that
makes it a fully-functional audit software (Click Here)
An Approach To
Auditing Spreadsheets - HealthSouth
admitted to using a simple spreadsheet in committing their fraud, NASA
found a $650 million dollar spreadsheet error, and there are countless
other examples. In this
article, simple case-study examples and an automated tool are shown to
explain auditing one of the most overlooked financial documents that has
one of the highest risk of errors and fraud....the spreadsheet.
Also, download
the free 30-day demo of the automated Excel audit tool to see
for yourself how easy it is to find spreadsheet errors and fraud.
The need
for Excel auditing for S-Ox compliance -
This short article point to many others focused on the need for better
auditing of Excel spreadsheets.
Create
Powerful Dashboard Reports - Dashboards
are helping companies to better assimilate masses of company data and this
book explains how to do them easily in Microsoft Excel.
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