ABS for Spreadsheet Compliance has been launched by Mobius Management Systems. The target is mitigating risk and ease the burden of the regulatory compliance.

The application centralizes and manages the lifecycle of business critical spreadsheets. The functionality is included in Mobius's Audit and Balancing System.

Mobius claims that the suite will ensure the integrity and consistency of information across the enterprise by automating labour intensive balancing and reconcilliation processes.

The Sarbanes-Oxley Act of 2002 is of course the driver for the new application.

"As a practitioner in forensic accounting, I've seen companies deal with the serious consequences of spreadsheet errors that could have been prevented," said Brian Ong, senior managing director, FTI Consulting. "With the stakes high and with certain studies suggesting that the probability of errors approaches 100 percent for complex spreadsheets, it's clear that there is a need for a comprehensive, integrated approach to improving both the quality and the management of spreadsheets."

Features and benefits include, background tracking and management functions of Microsoft Excel, secure user access, automated change and version control, controlled review and approval and spreadsheet archiving.

Related Articles