ICAEW has launched a guide to help eliminate errors and significantly reduce the time wasted on Excel spreadsheets by providing details of best practice
The guide, Twenty principles for good spreadsheet practice, is intended to create a framework for use by businesses. ICAEW says it is useful not only for those directly involved in the design and use of spreadsheets but also for those with managerial responsibility for risk and audit.
Richard Anning, head of ICAEW IT faculty, said: ‘Businesses of all shapes and sizes are very heavy users of spreadsheets and in some cases key business decisions costing millions of pounds rest on spreadsheet modelling. Yet studies suggest that 90% of them contain mistakes.’
‘Smaller businesses also lose money, not only through errors but also through sheer inefficiency caused by poorly designed spreadsheets that lack such basics as integrity checks and documentation. Use of these principles will help organisations reduce risk and improve efficiency of spreadsheet use, saving valuable time and money,’ Anning said.
The guidance was developed by ICAEW’s Excel community advisory committee, which brings together a group of 17 expert Excel users with experience across business and practice, both large and small.
The ICAEW guide is available here: www.icaew.com/Excel20Principles.
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