mis-using excel spreadsheets could be dangerous
auditing spreadsheets has become a major issue, says randy johnston at k2 enterprises.
robert w. scott reports in the latest accounting technology:
through mid-february, johnston had performed seven consulting engagements and he noted that “auditing spreadsheets has come out everywhere i’ve been.”
what audit teams are telling the cfos and ceos about the changes is that they must take control of the process.
“when you tell them their final financials are prepared in excel and are not tied back to their accounting system,” he says, “they start to realize they are the ones that could be in jail.”the fact that excel can create problems in generating and distributing financial information has long been known. but it took the new generation of regulation to put some urgency in doing something about overuse of excel.
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