Once internal control over the process is established within the database, it is much simpler to monitor and audit than with spreadsheets.
If your organization still relies on financial statements consolidated using a spreadsheet, take another close look at the process and either introduce a well documented and periodically tested set of internal controls over the design, use and change management of this process, or better still, perform it in a purpose-built application.
I have advised managers of the need to disclose such material weaknesses, and I have witnessed several occasions when the external auditors insisted on making such disclosures.
When testing the design and effectiveness of an internal control performed in a spreadsheet, and especially consolidations of financial statements, unless there is clear evidence that the spreadsheet is periodically reviewed for accuracy and completeness of design and use, and is under change management control, you can’t help but conclude that there may be a material weakness in this process, one that must be disclosed by publicly traded companies in their annual reports.
Translated in 19 languages including Chinese, Japanese, French, German and many more, Net Suite One World enables each employee to select his or her language of choice.
In addition, Net Suite One World provides a multi-language user-interface that helps bridge communication barriers and provides a flexible hierarchy that allows businesses to run their entire entity structure with ease.
Many of the small and midsize company ERP (enterprise resource planning) software applications offer consolidations within the application database without exporting data to a consolidation spreadsheet.