SpreadsheetJournalControls

SpreadsheetJournalControls - Spreadsheet Controls...

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Spreadsheet Controls
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Spreadsheets are used to: track workflow processes report financial data offer instant and concise snapshots of the organization that often drive critical business decisions. A Act as small, standalone applications that lack system-wide controls Employees are able to create, access, manipulate, and distribute spreadsheet data, as well as introduce critical errors as they manually enter new information or configure existing formulas http://www.theiia.org/intAuditor/itaudit/archives/2008/mar ch/improving-spreadsheet-audits-in-six-steps/
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Mis-recording a number is a material weakness, lose your CEO position http://biz.yahoo.com/ap/050329/redenvelope_guidance.html?.v=3 March 29, 2005 RedEnvelope Cuts Outlook, Shares Fall, CFO Eric Wong Resigns Amid Budget Errors NEW YORK (AP) -- Shares of RedEnvelope Inc. tumbled more than 25 percent Tuesday after the online retailer of specialty gifts drastically reduced its fourth-quarter outlook and said its chief financial officer will resign in April. Stanford Group analyst Rebecca Jones Kujawa said in an interview. "...they were underestimating the cost of goods sold. ...it is likely CFO Eric Wong is being pushed out because of this error, which could demonstrate a material weakness in controls over financial reporting, an issue that usually leads to a lengthy review of accounting practices." RedEnvelope spokeswoman Jordan Goldstein said the budgeting error was simply due to a number mis-recorded in one cell of a spreadsheet that then threw off the cost forecast and was unrelated to the CFO change. Risk: loss of share value, investor confidence, career damage Avoidance: Data quality control http://www.eusprig.org/stories.htm
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1. Identify Critical Spreadsheets for Review identifying the population of spreadsheets to be included on the review. Interviews. Walkthroughs. Create a flowchart or narrative of a business process and note when a spreadsheet is used. This is especially helpful when testing spreadsheets during compliance audits with the U.S. Sarbanes-Oxley Act of 2002 and other similar legislation as the auditor is often required to make assessments at the process level. Tools.
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SpreadsheetJournalControls - Spreadsheet Controls...

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