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Compassoft, a provider of spreadsheet discovery, validation and control solutions for the enterprise, has announced the availability of Compassoft Enterprise v3.5[TM]. The Scotts Valley, Calif., firm claims the product is "the first automated, policy-based software framework that can continuously assess risk factors in every spreadsheet on every laptop, desktop and database within the enterprise."

Using Compassoft Enterprise 3.5, CFOs, controllers and internal auditors can set risk policies based on their business. Compassoft's solution uses these policies to continuously flag potential problems within spreadsheets down to the cell level.

By automating spreadsheet quality control, auditors can immediately detect violations to company spreadsheet policies in new or revised spreadsheets to mitigate financial risk from honest mistakes or fraud. More than 70 rules reflecting the standard industry practices of the Big Four accounting firms are packaged with the 3.5 version, and additional custom rules can be created to reflect corporate policies and industry requirements.

This new feature, introduced in Compassoft Enterprise v3.5, triggers an alert if the contents of a spreadsheet fall outside of acceptable standards and rules set by the companies themselves.

"Spreadsheet control must be a process, not a one-time project, because spreadsheets are continuously being altered, and changes to a single data field inside a spreadsheet can have a profound ripple effect throughout an organization," says Paul Bach, CEO of Compassoft. "Compassoft Enterprise 3.5 comprehensively examines all the financial, analytical and operational spreadsheets within the enterprise system, determining what is high-, medium- and low-risk and rectifying the errors and fraud vulnerabilities in real time."

"The policy-based automation introduced by Compassoft in this release represents a major step forward in the battle to manage spreadsheets," said Philip Howard, research director at Bloor Research.

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Publication:Financial Executive
Date:Dec 1, 2007
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