How Internal Audit Is Able to Manage Spreadsheet Risk at The AES Company

How Internal Audit Is Able to Manage Spreadsheet Risk at The AES Company

Many of our customers hail from the Internal Audit side of the business. It makes sense. Internal Audit needs to help manage spreadsheet risk and is often tasked with two major projects having to do with spreadsheets; auditing critical or material finance spreadsheets and creating an inventory of those spreadsheets.

One of our customers, the global internal audit group at AES, annually conducts a general spreadsheet review. The audits are focused on the formulas developed by the business to drive spreadsheet calculations as well as general security controls governing the spreadsheet, including how it was protected and stored.

AES also uses the software to ensure currencies are consistent, scan for how formulas are structured, potential data input errors within a formula, spreadsheet outliers, drag and drop errors, and for hidden sheets, rows, and cells.

According to AES Internal Audit Director, David Taylor:

“With the automation Incisive has provided, we have been able to significantly increase the efficiency of our audits, and get them done much more quickly than in the past. The software has allowed us to reduce our overall audit periods from several weeks to as quick as a week.”

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Incisive software solutions helps internal audit manage spreadsheet risk. The solutions find spreadsheets on the network, scan them for risk and error so Internal Audit can recommend changes to the business, and then help manage and monitor the status of those changes.

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About Diane Robinette

Diane RobinetteDiane Robinette is President and CEO at Incisive Software, a company helping risk executives reduce exposure in critical business and financial processes. Prior to Incisive, Diane served in executive and senior level positions at companies including BroadVision, Contivo (acquired by Liaison Technologies), Covigna (acquired by ProQuest/Snap-on), Perfect Commerce and Proximex (acquired by Tyco). She also held management positions at KPMG and EY. Diane believes that by taking a modern and automated approach, risk teams can move towards a risk resilient posture that allows them to anticipate and reduce exposure, no matter what is thrown their way.