The best and most cost effective way is to create and implements controls in the usage of spreadsheets. Controls such as input, integrity, security, logic needs to be created. These are very easy to create and implement using the excel itself.

Though seems ludicrous, inherent risk associated to the use of spreadsheets can be substantial. You will find plenty of news articles associated to error and mishaps related to spreadsheets usage. Thus, controls must be designed and implemented. .

omasliebling: do you have any solution about to create SAP SoD matrix? I have to do the same in the company for security reason. Thanks, Sandor

Ok I will check.

Very Informative.

Thank you all for your insights! Pardon me for being late, but I am doing research on SOX compliance, and this conversation raises some very challenging issues. On one hand, SOX compliance is there to protect the shareholders, and having controls in place benefits the bottom line. On the other hand, does non-compliance automatically mean there is wrongdoing, or do prohibitive costs create a necessity for essentially ethical people to find an alternative? Are smaller reporting companies, start-ups, etc., subject to the same sophisticated controls as a company as large as Apple? What are the ramifications of non-compliance? Are there penalties involved, or merely the hold up of audit sign-off until in compliance? Is “going private” a means of avoiding the scrutiny and oversight placed upon public companies, or just a means of avoiding the costs? Our audit fees are already exorbitant, and just the thought of increased cost makes my head pound. Your feedback is greatly appreciated!

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