Lyquidity ComplyXL
Date:
By: Philip Howard
Classification: Product Evaluation
ComplyXL is a tool for gaining insight and
greater understanding of your spreadsheets.
However, this has a potentially greater benefit
than merely ensuring that you comply with
regulations such as Sarbanes-Oxley. For
example, HM Customs and Excise describes in
its “Methodology for the Audit of Spreadsheet
Models” cases when auditors need to do no
more than a routine audit of spreadsheets
and, conversely, when spreadsheets require
more detailed (and extremely laborious and
expensive) testing: thus the use of a tool such
as ComplyXL can directly impact on auditors’
fees to reduce costs. Further, because the
spreadsheet is better understood it is easier
to spot errors within a spreadsheet and
thereby eliminate or reduce the consequential
costs that occur when erroneous business
decisions are made based on the faulty
information provided by error-prone
spreadsheets.