Question

Microsoft Excel has been the spreadsheet tool of choice, but there are other options. When evaluating...

Microsoft Excel has been the spreadsheet tool of choice, but there are other options. When evaluating Excel, IDEA, and other spreadsheet or data analytic tools, what are the benefits and limitations? How might you, as an auditor, decide which tool is the best for the task? If you choose an alternative to Excel, how would you “sell” the idea to others in your organization who may not know there are other options?
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Answer #1

Microsoft Excel is the most used spreadsheet software around the world. The spreadsheets present tables arranged in rows and columns and are used to calculate basic and complex mathematical operations and functions.

Disadvantages of Using Spreadsheets for Reinsurance Programmes

  • Collaboration is Limited. ...
  • Lack of controls, vulnerable to fraud. ...
  • No log of change. ...
  • Not prepared for disaster. ...
  • Susceptible to costly human errors. ...
  • Difficult to troubleshoot or test. ...
  • Regulatory compliance challenges. ...
  • Hard to manage data security

Spreadsheets have their advantages as well – they are an excellent tool that allows us to carry out extensive analysis. But for the easy retrieval and updating of data, efficiency, data consistency, data integrity, speed, and security, relational databases are definitely the structure to opt for

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