Spreadsheet Controls

1) Companies trying to comply with Sarbanes-Oxley found that spreadsheets posed a significant risk due to their manual nature and lack of controls. BNSF Railway overhauled its spreadsheet controls over a four month period in response to auditor guidance. 2) BNSF took an inventory of its 100 key spreadsheets, tested them, and established procedures to monitor changes. It also restricted access and used analysis software to help identify changes. 3) Proper spreadsheet controls are important to ensure financial statement accuracy and compliance with Sarbanes-Oxley. Companies need to manage spreadsheets in a controlled, process-based manner rather than allowing uncontrolled emailing of versions.