Come up with (2) reasons why it might be necessary to audit workbook formulas in a...

Come up with (2) reasons why it might be necessary to audit workbook formulas in a business.

Would you use Solver, Scenario Manager, or Goal Seek at work or at home (or both)? How would you use these tools?

Expert Solution

It is very much necessary to audit workbook formulas in a business dur to below reasons-:

(i) This will help in creating an error free data. An error is more reliable than data which contains errors. An error prone data may lead to financial loss for the business. Hence through audit of workbook formulas errors can be eliminated.

(ii) This facilitate supervisory review and referencing. This can prepare the list of all named ranges and their specific location in the spreadsheet. Thus complexity is reduced and it is easy for the reviewer to review the file.

Yes, Solver, Scenario Manager or Goal seek are indeed used very often in the businesses.

For example -: Goal Seek is very often used in the businesses to compute effective interest rate on borrowings. If borrowings involves some initial direct costs such as processing fees then to compute effective interest rate this method is used. Excel spreadsheet contains a goal seek formula in which by filling cash inflows and the desired outcome, interest rate can be derived.

ekkarill92 answered 1 year ago

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