Audit: example use cases - ClusterSeven

Example use cases

Audit

  • Challenge

    Ensuring that you have the visibility of the business critical spreadsheets in use throughout the organization as well as having an audit trail of how they are changing can often be a manual and time consuming task, reliant on multiple people sharing accurate and reliable information that has usually been collated manually.

  • Solution

    ClusterSeven enables an organization to automatically gather the necessary information on the critical spreadsheets in use, including changes made to them, this is required by internal and external audit. The audit team are also able to utilize ClusterSeven to conduct independent in-depth analysis as part of their audits to provide greater understanding of the spreadsheet risks.

  • Benefits

    – Easier to evidence compliance with relevant polices and regulations
    – Increased information transparency and understanding of spreadsheet usage
    – Reduced time to complete spreadsheet audits

Audit use cases

Risk assessment

Challenge

If changes to spreadsheets and other EUCs are inefficiently managed, errors may go unnoticed that could expose the organization to risk.

Solution

Use ClusterSeven to understand the complexity of critical spreadsheets and make quantitative and qualitative risk assessments.

Benefits

  • Improved ability to remediate errors, eg by amending spreadsheet design
  • More scope to improve governance, eg by implementing stronger controls

Policy adherence

Challenge

To meet audit requirements, you must demonstrate that information in business-critical spreadsheets is accurate, verifiable, retrievable and well documented.

Solution

ClusterSeven exposes the sources for data inputs and outputs. It identifies any changes made to a spreadsheet and helps you spot any that don’t meet your organization’s control policy.

Benefits

  • Confidence in the accuracy and validity of spreadsheet data
  • Adherence to internal control policies

COSO

Challenge

The lack of a change control framework for spreadsheets can make it challenging to comply with COSO requirements for a suitable control environment, risk assessment framework and control activities.

Solution

ClusterSeven provides an automated solution that supports COSO requirements around internal controls, and facilitates the risk assessment process.

Benefits

  • Improved control over spreadsheets
  • Simplified compliance with the COSO framework

Data lineage

Challenge

If you don’t know what data sources feed into your organization’s business-critical processes, you can’t be confident that the resulting reports and other outputs are accurate.

Solution

Use ClusterSeven to automate analysis of data flows, identify data lineages across the landscape, and track and monitor data usage using change management processes.

Benefits

  • Assured data quality, accuracy and integrity
  • Auditable transparency for internal and external stakeholders

Attestation

Challenge

Proving to regulators and audit committees that your organization has taken the required steps to comply with regulations can be a challenging and intrusive process.

Solution

ClusterSeven logs completed attestation questionnaires with the user’s login and date/time stamp as proof; and sends reminder emails next time an attestation is needed.

Benefits

  • Organizational peace of mind around attestations
  • Minimal interruption to users’ daily routines

Sarbanes-Oxley (SOX)

Challenge

Regulators and auditors expect you to ensure you have adequate controls over spreadsheets used in accounting and finance processes; but manual controls often fall short.

Solution

Using ClusterSeven to automate your internal control framework around critical spreadsheets helps you meet and evidence all the requirements of SOX more efficiently.

Benefits

  • Active management of high-risk files
  • Demonstrability of your internal control framework

GRC

Challenge

Used in an uncontrolled way, spreadsheets can expose the business to risk. Without visibility of these potential risks, you could fail to meet your GRC commitments.

Solution

ClusterSeven automates spreadsheet management, streamlining reporting of potential failings to ensure data accuracy and risk mitigation across the GRC landscape.

Benefits

  • Understanding of spreadsheet risk and how to manage it
  • Ability to meet GRC commitments more easily
view Business cases

Get in touch

Let's talk about how ClusterSeven can increase transparency and control around your spreadsheets and give you confidence in your business critical processes and the accuracy of your data empowering you to make informed business decisions.

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  • Organizations need solutions like ClusterSeven for spreadsheet and EUC controls that are usable at all levels of the organization, in addition to supporting the needs of audit, risk, and compliance professionals.

    Michael Rasmussen, GRC Economist & Pundit, GRC 20/20 Research, LLC
  • In ClusterSeven, we have complete visibility of every single spreadsheet from creation through to remediation, with full version history and audit trail.  The solution is inherently robust, scalable and reliable.

    BlackRock

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