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Help meet Sarbanes-Oxley compliance requirements

Many public companies are discovering that some of the processes at greatest risk for Sarbanes-Oxley non-compliance are the complex spreadsheet systems that are mission critical to financial operations.

According to PricewaterhouseCoopers, errors traced to un-audited spreadsheets have contributed to billion-dollar misstatements in financial reports sent to Wall Street. These unsecured, un-auditable, error-prone spreadsheets are found throughout every enterprise and because of their sheer number and complexity, defy attempts to replace them by server-based applications.

ComplyXL can help meet compliance requirements by providing control over workbooks without affecting existing processes and procedures or relying upon Excel users taking the steps needed to control workbooks.

ComplyXL provides a layer that is invisible to users but provides the tools needed by managers and users to review changes, approve workbooks, add version control making non-compliant desktop spreadsheet systems a thing of the past.

ComplyXL supports many of the PricewaterhouseCoopers 12 'controls' required to properly remediate spreadsheets:

  1. Change Control
  2. Version Control
  3. Access Control (e.g., Create, Read, Update, Delete)
  4. Input Control
  5. Security and Integrity of Data
  6. Documentation
  7. Development Lifecycle
  8. Back-ups
  9. Archiving
  10. Logic Inspection
  11. Segregation of Duties/Roles and Procedures
  12. Detective Analytics

PricewaterhouseCoopers' Whitepaper "The Use of Spreadsheets: Considerations for Section 404 of the Sarbanes-Oxley Act", introducing the concept of Spreadsheet Remediation and the 12 controls for Sarbanes Oxley compliant spreadsheet deployment, can be found here .

If you want to find out how ComplyXL achieves these goals, please email us at info@lyquidity.com or call. We'll then send you our brochure 'ComplyXL and Sarbanes Oxley' to show you the next steps.