One of the popular sessions at the AICPA's Tech 2006 conference in Austin, Texas, was "Advanced Excel Tips for Accountants", presented by Will Fleenor. With this week's news linking spreadsheets to compliance risk (see News Story #5 below, "Report Links Spreadsheets to Risk of Compliance Failure"), AccountingWEB thought it might be helpful to provide readers with some rules for standardizing spreadsheets, as well as some tips for protecting spreadsheets with passwords or at least adding time and date stamps which can help users track the most recent changes.

Standardizing spreadsheet design "is the key to saving time, reducing the risk of errors and improving the quality of financial analysis spreadsheets," as Fleenor points out. He offers three simple rules which, if followed at all times and without exception, can go a long way in reducing errors and increasing consistency in all spreadsheets. They include:

1. Spreadsheet assumptions should appear only one time in a spreadsheet. (Assumptions are the numbers and labels used in spreadsheet calculations which, because changing an assumption affects all the calculations involving it almost instantly, introduces serious risk in all the calculations that use the assumption and all subsequent calculations based on the initial calculation.)

2. Assumptions should never be embedded in a formula. (Embedded assumptions will never show up in any printout, meaning the underlying information the spreadsheet is based on is unavailable to users who only receive paper reports. In addition, embedded assumptions can be very difficult to find and change when the spreadsheet is being updated because there is no easy way to label numbers included in formulas as assumptions.)

3. Assumptions should be clearly labeled. (Clear labels save time and reduce the risk of error, the practice goes back hundreds of years and it really is just that simple.)

As helpful as standardized spreadsheets are, they are only one part of the equation. The other part of the equation is protecting the spreadsheet or at least knowing the last time it was modified.

Creating a password to protect an Excel spreadsheet prevents those without the password from changing or even opening the file. This is particularly important if the file is saved on a network server or being exchanged via e-mail. When a file is password-protected it is encrypted, and if the file contains confidential information, the only way it should be transmitted over the Internet is if it is encrypted. Excel 2002/2003 offers users stronger encryption options, however, be aware that the default encryption level is low in order to be compatible with older versions of Excel.

A series of keystrokes can be used to easily date and time stamp worksheets. CNTRL+: enters the current time on the worksheet, while CNTRL+; enters the current date. Of course this information doesn't specify what was modified or who made the changes, but at least it provides a starting place.

These tips were excerpted from the handout notes accompanying the "Advanced Excel Tips for Accountants" workshop session presented by Will Fleenor CPA, PhD., Partner at K2 Enterprises in Hammond, Louisiana. Visit K2 Enterprises at www.k2e.com for information on additional courses offered in 2006.

As the mercury soars, AccountingWEB urges all our readers to take extra care to prevent heat-related illnesses. The Centers for Disease Control and Prevention (CDC) offer the following advice:

* Drink plenty of fluids, especially water, throughout the day, regardless of your activity level. Sports beverages can replace the salt and minerals lost through sweating, particularly during exercising. Avoid alcohol and liquids containing caffeine or large amounts of sugar, as these can cause fluid loss. Also very cold drinks may cause stomach cramps.

* Stay indoors and, if possible, in an air-conditioned location, particularly during the hottest parts of the day. Fans may provide comfort but are not sufficient to prevent heat-related illnesses when temperatures exceed 90 degrees Fahrenheit. A cool shower or bath is a better way to cool off.

* Wear lightweight, light-colored, loose-fitting clothing. When outside, a wide-brimmed hat keeps you cooler. Be sure to wear sunscreen of SPF 15 or higher and sunglasses with UVA/UVB protection, as well.

* NEVER leave a person or pet in a closed, parked vehicle, even for a few seconds.

* Limit your outdoor activity to the morning and evening hours. Cut down on exercise.

Everyone is potentially at risk for heat-related illness, particularly during heat waves. Some people, however, are a greater risk, including those 65 and older; infants and young children; individuals with mental illness and those who are physically ill, especially those with heart disease or high blood pressure. Check on high-risk persons regularly (at least twice a day for adults and even more frequently for infants and children) and watch for signs of heat stroke, heat exhaustion and dehydration.

To read more about coping with heat, see "Taking the Heat and Surviving Power Outages in Small Businesses", click here.

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