Excel and its role in financial compliance has been under the spotlight again, as the UK Financial Services Authority publicly voiced concerns about the uncontrolled use of spreadsheets.
Faced with similar conclusions from market research in the US, Excel expert Kusleika urged accountants to use proper internal controls and stop "maligning the noble spreadsheet".
FSA official Dean Buckner delivered the keynote address at this year's EuSprig conference in Cambridge on 6 July. He commented that financial institutions are beginning to recognise the need to develop risk mitigation and management procedures around their use of spreadsheets. But FSA's visits continue to identify a lack of good training and internal auditing, in spite of all the the good effects of Sarbanes-Oxley compliance.