Software manages lifecycle of spreadsheets.
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Press Release Summary:
Audit and Balancing System for Spreadsheet Compliance ensures integrity and consistency of enterprise information by automating labor-intensive balancing and reconciliation processes that are subject to error when performed manually. Providing system for data import, version control, auditing, collaborative review/approval, and retention management, software also offers system and document-level security and password-protected selective cell locking features.
Original Press Release:
Mobius Introduces Best-In-Class Solution for Spreadsheet Compliance
LAS VEGAS, Jan. 30 /-- Mobius Management Systems, Inc. (NASDAQ:MOBI), the leading provider of software for total content management (TCM), today announced the availability of ABS for Spreadsheet Compliance. The announcement, made at the sixteenth annual Mobius Users Group conference, introduces a new solution that mitigates risk and eases the burden of regulatory compliance by centralizing and managing the lifecycle of business-critical spreadsheets. Spreadsheet management is a new capability of Mobius's Audit and Balancing System (ABS), which ensures the integrity and consistency of enterprise information by automating labor-intensive balancing and reconciliation processes that are subject to error when performed manually.
Sarbanes-Oxley legislation and increased corporate governance scrutiny have heightened awareness of the dangers posed by widespread spreadsheet usage. According to industry analyst firm, Gartner, "Enterprises must recognize that the thousands of uncontrolled spreadsheets their employees use every day represent a significant risk. Poorly managed spreadsheets may -- through negligence, incompetence or deliberate criminal conduct -- result in significant business losses, exposure to legal liability, damage to reputation and unwelcome regulatory attention."(1)
"As a practitioner in forensic accounting, I've seen companies deal with the serious consequences of spreadsheet errors that could have been prevented," said Brian Ong, senior managing director, FTI Consulting. "With the stakes high and with certain studies suggesting that the probability of errors approaches 100 percent for complex spreadsheets, it's clear that there is a need for a comprehensive, integrated approach to improving both the quality and the management of spreadsheets."
Despite the risks, virtually every organization recognizes that spreadsheets will continue to be the primary instrument for developing financial reports and for many other accounting, analytical modeling, operations management and transactional applications with varying degrees of complexity. ABS for Spreadsheet Compliance provides a single automated system for data import, secure access, version control, auditing, collaborative review/approval and retention management. It reduces the costs of eliminating errors and restores confidence in financial reporting by ensuring that spreadsheets are properly controlled, accessed and manipulated.
Key features and benefits of ABS for Spreadsheet Compliance include:
o Ease of installation and minimal user training: Installation and
testing, which can be accomplished by a systems administrator, takes
less than half a day. End users require only a few hours of training.
o Ease of use for spreadsheet creators and reviewers: Users continue to
work almost entirely in Microsoft Excel, with tracking and management
functions taking place in the background.
o Secure user access: Access is based on user permissions and editing
privileges. In addition to system and document-level security,
password-protected selective cell locking prevents key fields, such as
formulas, from being changed.
o Automated change and version control: Changes are tracked from version
to version -- who made the change, when, the precise nature of the
change, and the reason. The system automatically logs the date and
time of each edit, prevents users from disabling the tracking feature
and makes the log easily searchable so you can quickly identify changes
in cells or formulas.
o Controlled review and approval process: Error-prone e-mail review used
in many organizations is eliminated by providing a secure repository
and by enabling a process in which multiple individuals can review a
spreadsheet but only a single person can approve or reject a particular
version. All reviews, approvals and comments are tracked in the audit
log and further changes are prevented once a version is approved.
o Archiving of essential spreadsheets as business records: When
finalized, retention management can be applied for spreadsheets that
have to be retained as critical business records, ensuring their
long-term availability and protecting them from tampering.
"Errors can be either accidental or malicious," said Mitchell Gross, CEO and president of Mobius, "but with the right controls in place, a business can create an audit trail that dramatically reduces the risk of disastrous consequences. ABS for Spreadsheet Compliance is a vital component of any organization's strategy to develop systematic controls that improve the integrity of critical corporate data."
ABS for Spreadsheet Compliance enhances reporting accuracy, enables a replicable compliance process, improves the productivity of the reporting cycle and reduces the costs of auditing and certification. The product is available now. For more information, call 1-800-235-4471.
About Mobius
Mobius Management Systems, Inc. ( www.mobius.com/ ) is the leading provider of integrated solutions for total content management (TCM). The company's ViewDirect® TCM is a comprehensive suite that integrates content across disparate repositories, supports regulatory compliance, and provides content-enabled applications that automate business processes. Mobius solutions have achieved industry-wide recognition for breadth of functionality, breadth of supported formats, and high-volume, high-demand performance. The Mobius customer base is made up of leading companies across all industries, including more than sixty percent of the Fortune 100. The company, founded in 1981, is headquartered in Rye, New York, with sales offices in the U.S., Canada, the United Kingdom, France, Germany, Italy, Sweden, the Netherlands, Switzerland, Australia and Japan, as well as a network of agents in Central and South America, Europe, Middle East, Africa and Asia.
(1) Gartner, "Recognize the Risks of Uncontrolled Spreadsheets,"
Jay Heiser, G00131681, November 8, 2005
Source: Mobius Management Systems, Inc.
CONTACT:
Abby Pinard of Mobius Management Systems, Inc.,
+1-914-921-7323,
apinard@mobius.com
Web site: www.mobius.com/
