Using Excel As An Audit Software: Application Management Services

Application Management Services
Using Excel as an Audit

Software
Aditya Singhal
Chartered Accountant
Confidential | March 2004 © 2004 IBM

Corporation
© 2005 IBM
Confidential | Corporation
CLASSIFICATION OF EXCEL COMMANDS
 13. Auditing features

 1. Split windows and freeze panes
  14. Sort command
2. Hide and Unhide rows & columns
 15. If function
 3. Moving around a spreadsheet with
Ctrl, Shift, and Arrow keys  16. Sum & If Sum
 4. Name cells/ranges  17. And & Or functions
 5. Toggling among relational and  18. Protecting cells and
absolute references worksheets
 6. Fill down and fill right commands  19. Group and Ungroup
your spreadsheet
 7. Insert Function command
 20. Subtotal function
 8. Paste Special command
 21. Sum Product function
 9. Change the case of text
 22. Auto filter command
 10. Editing multiple work sheets
simultaneously  23. Conditional formatting
 11. Customize tool bars  24. Count function
 12 Shorts cuts Keys  25. Round, Roundup,
Round down functions
 26. Vlookup & Hlookup
 27. Statistics
 28. Pivot table
 29. Attach file in Excel sheet
 30. NPV Functions
2
© 2005 IBM Corporation
1. SPLIT WINDOWS AND FREEZE PANES

-Splitting a window allows you to work on multiple
 Why you parts of a large spreadsheet simultaneously
need to -Freezing the pane allows you to always keep one
know this part of the spreadsheet (e.g., column or row labels)
visible
-Drag the split horizontal and split vertical icons to

 How you the desires positions
use this -Click on the freeze pane icon from the tool bar to
feature freeze the panes
Freeze pane icon

Split screen icons
-Split the screen so that:

 Exercise The row with column labels shows up in the top pane
The column with store names show up in the left pane
-Freeze the panes
3
2. HIDE AND UNHIDE COMMAND

-Allows you hide and unhide particular rows or
 Why you columns
need to Simplifies working with the spreadsheet
know this
Prevent certain information from being seen
-Select the row(s) or column(s) to be

 How you hidden/unhidden
use this -Select Format : Row : Hide/Unhide or Format
feature : Column : Hide/Unhide
 Exercise -Hide the Avg Sale/Ticket column
4
3. MOVING AROUND
Application AServices
Management SPREADSHEET WITH CTRL,
SHIFT, AND ARROW KEYS
-Save you lots of time
 Why you -Move the first or last cell of a contiguous data block
need to without scrolling
know this
 How you -Ctrl-Arrow : Move to the first/last data cell in the

arrow direction
use this
-Ctrl-Shift-Arrow : Selects the cells between the
feature current cell and the first/last data cell
-Select all cells with data using the Ctrl, Shift, and
 Exercise
Arrow keys
5
4. NAME CELLS/RANGES
-Allows specific cells or cell ranges to be referred to
 Why you need
by name
to know this
-Allows you to write equations such as =
Quantity*Cost instead of =$B$12*$C$4
-Select the cell or cell range

 How you
-Select Insert : Name : Define from the menu
use this bar
feature
 Exercise -Define cells A2:A125 as “Sequence”
6
5. TOGGLING AMONG RELATIONAL AND
ABSOLUTE REFERENCES
 Why you
need to know -Saves you lots of time
this
 How you
-F4 key toggles through the different options
use this
feature
7
6. FILL DOWN AND FILL RIGHT COMMANDS

 Why you -Saves you lots of time
need to -Allows for copying of cell content to contiguous
know this cells with a single keystroke
 How you -Select the cell with the content to be copied and
drag to select the cells to which the content should be
use this
copied
feature -Ctrl-R to fill right
-Ctrl-D to fill down
 Caution!! -Double-check your formulas for absolute vs. relative

references!!
 Exercise -Calculate the total daily sales for each store
8
7. INSERT FUNCTION COMMAND

 Why you
need to -What do you do if you do not know what functions
know this are available or how to enter the arguments for a
function?
-Select the cell

 How you -Select Insert : Function from the menu bar
use this
feature
 Exercise -Calculate the median daily ticket count for all the
stores
9
8. PASTE SPECIAL COMMAND

-Saves you lots of time
 Why you Retyping formulas
need to
Converts formulas into values
know this
Reformatting cells
Transposing cells (i.e., convert row-entered data blocks into
column-entered ones)
-Copy the cells of interest
 How you -Place the cursor where you want to past the information
use this -Select Edit : Paste Special from the menu bar
-Select the appropriate options from the dialog box that
feature
appears
-Convert the Rounded Avg Sale/Ticket calculations into

 Exercise values (i.e., get rid of the formulas)
-Copy and paste the entire dataset into a new spreadsheet
in transposed manner
10
9. Change the case of text

Why you
need to For Formatting text
know this
 How you
use this Formula Description (Result)
feature =UPPER(A2) Changes text to all UPPERCASE (NANCY

AVOLIO)
=LOWER(A2) Changes text to all lowercase (nancy davolio)
=PROPER(A2) Changes text to Title Case (Nancy Davolio)
 Exercise Change case of text
11
10. EDITING MULTIPLE WORKSHEETS
SIMULTANEOUSLY
 Why you
need to -Avoid having to redo your work on multiple
know this spreadsheets in a single workbook
 How you -Select the first spreadsheet to be edited

-Hold the Ctrl key while clicking on the additional
use this
spreadsheets
feature -Do your editing
 Exercise -Try it
12
11. CUSTOMIZE TOOL BARS

-How many icons on the tool bar to you use regularly?
 Why you -How often do you have to use the menu bar or mouse
need to
to do something you wish were accessible with a single
know this
click?
-Select View : Toolbars : Customize

 How you -Click on the Commands tab
use this -Drag items on and off the toolbar as you wish
feature
 Exercise -Modify your toolbar as desired
13
12. Shorts cuts keys
Function keys in Microsoft Other than Function Keys

Excel 

Enter data by using shortcut keys
Work in cells or the formula bar by using shortcut keys
 Format data by using shortcut keys
 Edit data by using shortcut keys
 Insert, delete, and copy a selection by using shortcut keys
 Move within a selection by using shortcut keys
 Select cells, columns, rows, or objects in worksheets and
workbooks by using shortcut keys
 Select cells with special characteristics by using shortcut keys
 Select chart items by using shortcut keys
 Move and scroll on a worksheet or workbook by using
shortcut keys
 Work with databases, lists, and PivotTables by using shortcut
keys
 Keys for windows and dialog boxes
 Print and preview a document by using shortcut keys
 Outline data by using shortcut keys
 Keys for toolbars
 Keys for using the Office Assistant
14
13. AUDITING FEATURES

 Why you -Quickly find the cells referenced by a formula and/or
need to quickly find which cells reference a particular cell of
know this interest
-Select View : Toolbars : Customize from the menu

 How you bar. Check the Auditing box from the Toolbars tab
use this -Click on the cell of interest
feature -Select the Trace Precedents or Trace Dependents
icon from the Auditing Toolbar
 Exercise -Find the cells that references the Daily Ticket Count
for the Ansan store
15
14. SORT COMMAND

 Why you -Correctly sorting a series of rows or columns
need to without disassociating the data is critical to many
know this modeling efforts
-Select all cells in the data range to be sorted

 How you -Select Data : Sort from the menu bar
use this
feature
 Exercise -Sort the dataset by ascending store name
16
15. IF FUNCTION
 Why you -Conditional comparisons are used in virtually all
need to spreadsheets
know this -Knowing how to use IF in a nested manner and in
combination with other functions will save hours of time
-IF(Comparison,TrueAction,FalseAction)
 How you -IF(Comparison,TrueAction,) ==> Cell shows 0 if
use this condition is false
feature -IF(Comparison,TrueAction,””) ==> Cell shows blank
if condition is false
-Create a “Seoul” variable

 Exercise 1 if the store is in Seoul
0 if the store is in other places
17
16. SUM AND SUMIF FUNCTIONS

 Why you -SUM is used in virtually all spreadsheets
need to -SUMIF can save lots of time in most spreadsheets if
know this you know how to use the function
-SUM(Range1,Range2,Value1,…)
 How you -SUMIF(Range,”Comparison”,SumRange)
use this If a SumRange IS NOT specified, SUMIF sums the cells
feature meeting the Comparison criteria in the specified Range
If a SumRange IS specified, SUMIF sums the cells in
SumRange where the corresponding cells in Range
meets the Comparison criteria
-NOTE: The “” signs must be used for the
Comparison value
-Calculate the total store space for stores larger than

 Exercise 50 pyungs
-Calculate the total daily sales for all stores larger
than 50 pyungs
18
17. AND & OR FUNCTIONS

 Why you
need to know -Used with the IF function to enable more
this complicated logical comparisons
 How you -AND(Comparison 1,Comparison2,Comparison3,…)

use this -OR(Comparison 1,Comparison2, Comparison3,…)
feature
-Create a variable that calculates daily sales per

 Exercise pyung only for:
KFC stores in Seoul with size larger than 50 pyung
All BK stores
19
18. PROTECTING CELLS AND WORKSHEETS

 Why you -Sometimes you want to give your Excel file to someone else
and prevent them from changing the formulas for seeing some
need to
hidden cells
know this
-Protecting a spreadsheet or workbook involves two steps

 How you Designating which cells to be locked or hidden
use this Protecting the spreadsheet or workbook
feature -Note several weird peculiarities:
The default for all cells in a spreadsheet if LOCKED. So if you
want the receiver of your worksheet to change the content of a
cell, unlock the cell before protecting the spreadsheet
The formulas in a cell can be seen even if the spreadsheet is lock
-- UNLESS you hide that cell before protecting the spreadsheet
-To lock/unlock and hide/unhide a cell, select the cell(s) and
select Format : Cell. Select the Protection tab when the dialog
box appears
-To protect/unprotect a spreadsheet, select Tools : Protection
: Protect Sheet
 Exercise -Protect the dataset spreadsheet

Allow the user to change the data
Lock and hide the formulas you entered
20
19. GROUP/UNGROUP
Application Management Services PARTS OF
SPREADSHEETS
-How often would you like to hide or unhide parts of a
 Why you
complex spreadsheet?
need to
-If your answer is “very often”. You will like to
know this
group/ungroup function instead of the hide/unhide
command, since you will be able to toggle between
hidden or displayed columns or rows.
-Mark the row or column that you would like to “fold”,

 How you I.e. hide for the moment.
use this -Click on Data: Group and Outline: Group
feature -To “fold” click now on the “minus” sign outside of
your column or row
-You may also group or ungroup hierarchically
-Group some parts in your spreadsheet

 Tip -Also try to remove the grouping
-Use the two “arrow” buttons, which you find on the

 Exercise pivot table toolbar (right click on any toolbar and select
PivotTable)
21
20. SUBTOTALS FUNCTIONS

-Want to add lines with subtotals in your P&L or
 Why you
balance sheet, but still need to run the total over all
need to
numbers? Don’t want to get confused with nested
know this
subtotals and totals in your spreadsheet?
-Instead of ‘=sum(range)’ add ‘=subtotal(9, range)’

 How you where you need a subtotal or total.
use this -You may nest this function as you like. Excel keeps
feature track of everything
-Create a simple column with various numbers

 Exercise -Add various subtotals running over various parts of
your spreadsheet and finally over the whole column
22
21. SUMPRODUCT FUNCTION

 Why you
need to -If you need to multiply two column and need the sum
know this of the multiplication, sumproduct comes easy.
 How you
use this -Insert =sumproduct(range1, range2)
feature
 Exercise -Multiply two columns or rows and get the sum of it
23
22. AUTOFILTER COMMAND

 Why you -You have a huge pile of data and quickly want to find
need to some specific information, e.g. all sets that meet a criteria
know this or the top 10 items etc.
-Click into your table or better mark the data area and
 How you select Data: Filter: Autofilter
use this -Using the drop-down boxes per item allows you to
feature display only specific filtered information
-Selecting multiple matches (up to 3 maximum with
autofilter) you can narrow down your search
-Or add your own criteria for filtering by clicking on
the custom criteria
-Find the stores who belong to the top 10% in terms of

 Exercise average sales per ticket AND the top 10 in terms of store
size in pyung
24
23. CONDITIONAL FORMATTING
 Why you -Sometimes you would to color the output of cells in

need to different colors, e.g. negative numbers in red, positive
know this numbers in black, or add a frame, etc.
-Mark the relevant fields and select Format:

 How you Conditional Formatting
use this -Select the criteria for the format and adjust the
feature format. You can actually change the font, the border and
the color
-Click on Add to select additional criteria for the
formatting
-Format a cell to be in red font, with blue background

 Exercise for negative numbers and in bold font with thick border, if
the value is above 10
25
24. COUNT FUNCTIONS

 Why you
need to -Prevents you from wasting time counting items
know this manually or creating dummy variables to count such
items
-COUNT(Range1,Range2,Value1,...) ==> count the

 How you number of cells containing numbers
use this -COUNTA(Range1,Range2,Value1,...) ==> count the
feature number of non-empty cells
-COUNTBLANK(Range) ==> count the number of
empty cells in the range
-COUNTIF(Range,”Criteria”) ==> count the number of
cells in the Range containing the Criteria. NOTE: The “”
signs must be used for the Criteria value
 Exercise -Calculate the number of KFC stores in the dataset
26
25. ROUND, ROUNDUP AND ROUNDDOWN
FUNCTIONS
 Why you -Many situations exist when you need to have exact
need to numbers instead of various fractions in your calculations
know this (e.g., there cannot be 536.235 bank branches)
-ROUND(Number,Digits) ==> Round the number (or

 How you cell) to the specified number of digits
use this
If Digit = 0, then Number is rounded to nearest integer
feature
If Digit > 0, then Number is rounded to the specified
number of decimal places
If Digit < 0, then Number is rounded to the specified
number of digits left of the decimal place
-ROUNDDOWN(Number,Digits) and
ROUNDUP(Number,Digits) work the same way as
ROUND, but the direction of rounding is specified by the
function
 Exercise -Calculate a rounded Avg Sale/Ticket variable,

rounding to the nearest 10 Won
27
26. VLOOKUP AND HLOOKUP FUNCTIONS
(CONTINUED)
-Allows you to automatically lookup a particular cell
 Why you
of data from a larger data range. This is especially
need to
useful when you have
know this
A large data section that contains information for
multiple records somewhere on the spreadsheet (e.g., a
small database)
A calculation area somewhere else, and you need to
refer to some specific data elements for specific
records
28
(CONTINUED)
-VLOOKUP and HLOOKUP allows you to find a specific cell of
 How you data in a larger data range
use this Use VLOOKUP when each row contains a separate record and the
feature associated columns contain data for that one record
Use HLOOKUP when each column contains a separate record
-VLOOKUP(SearchValue,Range,ColumnNumber,Error) ==>
look for a value in the row specified by SearchValue and the
column specified by ColumnNumber
SearchValue indicates the “match key” (i.e., find the row that
contains the SearchValue in the first column)
Range specifies the cells containing the data
ColumnNumber specifies the column that contains the data
element you want
Error determines what happens when Excel does not find the
exact SearchValue you want. FALSE leads Excel to display a
#N/A when an exact match cannot be found. TRUE leads Excel
to display the next smaller value than SearchValue
-HLOOKUP(SearchValue,Range,RowNumber,Error) ==> look
for a value in the column specified by SearchValue and the row
specified by RowNumber
 NOTE: The 1st column of data must be sorted in

ascending order when using VLOOKUP, and the 1st row
of data must be sorted if using HLOOKUP
29
26. Application
VLOOKUP AND HLOOKUP FUNCTIONS
Management Services
(CONTINUED)
-Define a name for the cells containing the data and
use that name as the Range. Do not include the
 Tip row/column label in the named range because this would
break the ascending sort rule above.
-Insert an extra row above your column label to
number the columns
-Use VLOOKUP to find out how many seats are in the

 Exercise Duksung store? How passers-by for the store?
30
Number the
columns to Define a
easily check name for
your cells in your
formulas data Range
Need to sort in
ascending order
for VLOOKUP
function to work
properly
31
27. STATISTICS
Why you
-Calculates various statistics. Regarding data such as
need to
average, high, low, standard deviation, etc. for a set of
Know this numbers.
-In order to calculate statistics in Excel, you will need

 How you
to add a piece of software that comes with the standard
use this
version of Excel. To use this add-in, go to the Tools menu
feature in Excel and select Add-Ins. Then , when prompted, select
the Analysis Tool Pack and press OK. This will add to the
bottom of your Tools menu as item named Data Analysis.
32
28. PIVOT TABLES

-Most powerful tool to arrange huge amounts of data in a
 Why you more structured way than pure sorting. In particular helpful to run
need to quick sums, averages, distributions, etc. in combination with a
know this structure criteria, e.g. total number and average sales per store
size band
-Select Data: PivotTable Report…

 How you
use this
feature
Step 2: Select -Step 3: Drag and drop data

Step 1: Microsoft
the relevant elements on row and column (this is
Excel list
data area your table structure), the data you
want to analyze on the data area
-Step 4: Just press Finish
33
28. PIVOT TABLES

-Draw a distribution chart for the number of stores
per size in pyung bucketed each 10 pyung wide
 Exercise -Arrange the store distribution by store size (each 10
pyung) and daily tickets (each 100 tickets) and show the
number of stores per each category
34
29. ATTACH FILE WITH EXCEL SHEETS
 Why you -Keep working sheets with main file

need to
know this
-Click Insert from tools Bar

 How you -Select Object……
use this -Create from file >>>>>>>>> Browse
feature – Link to file
– Display as icon
-Insert one file into another Excel file

 Exercise
35
30. NPV FUNCTION

 Why you -Of course you can create your own discounting table
need to and then calculate the NPV of your cash flow series or
know this just use the NPV function
-Insert =NPV(discount rate, cash flow numbers, ...)

 How you -The discount rate is in percent
use this -The cash flow numbers are either an array or
feature individual numbers in individual cells
-Attention: The first cash flow number is in period 1,
e.g. the end of the period. If you have for example an
initial investment in period 0, just type =NPV(…)+period 0
payment in your calculation
-Create a list of random cash flows and calculate the

 Exercise
NPV with the NPV function
36
Thanks a
lot……….
Email:- adityaagra@gmail.com
Group:-
http://finance.groups.yahoo.com/group/fresher_
ca/
37

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Using Excel As An Audit Software: Application Management Services

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Application Management Services

Using Excel as an Audit

Confidential | March 2004 © 2004 IBM

 13. Auditing features

1. SPLIT WINDOWS AND FREEZE PANES

-Drag the split horizontal and split vertical icons to

Freeze pane icon

-Split the screen so that:

2. HIDE AND UNHIDE COMMAND

-Select the row(s) or column(s) to be

 Exercise -Hide the Avg Sale/Ticket column

 How you -Ctrl-Arrow : Move to the first/last data cell in the

-Select the cell or cell range

 Exercise -Define cells A2:A125 as “Sequence”

6. FILL DOWN AND FILL RIGHT COMMANDS

 Caution!! -Double-check your formulas for absolute vs. relative

 Exercise -Calculate the total daily sales for each store

7. INSERT FUNCTION COMMAND

-Select the cell

8. PASTE SPECIAL COMMAND

-Convert the Rounded Avg Sale/Ticket calculations into

9. Change the case of text

feature =UPPER(A2) Changes text to all UPPERCASE (NANCY

=PROPER(A2) Changes text to Title Case (Nancy Davolio)

 Exercise Change case of text

 How you -Select the first spreadsheet to be edited

11. CUSTOMIZE TOOL BARS

-Select View : Toolbars : Customize

 Exercise -Modify your toolbar as desired

12. Shorts cuts keys

Function keys in Microsoft Other than Function Keys

13. AUDITING FEATURES

-Select View : Toolbars : Customize from the menu

14. SORT COMMAND

-Select all cells in the data range to be sorted

 Exercise -Sort the dataset by ascending store name

-Create a “Seoul” variable

16. SUM AND SUMIF FUNCTIONS

-Calculate the total store space for stores larger than

17. AND & OR FUNCTIONS

 How you -AND(Comparison 1,Comparison2,Comparison3,…)

-Create a variable that calculates daily sales per

18. PROTECTING CELLS AND WORKSHEETS

-Protecting a spreadsheet or workbook involves two steps

 Exercise -Protect the dataset spreadsheet

-Mark the row or column that you would like to “fold”,

-Group some parts in your spreadsheet

-Use the two “arrow” buttons, which you find on the

20. SUBTOTALS FUNCTIONS

-Instead of ‘=sum(range)’ add ‘=subtotal(9, range)’

-Create a simple column with various numbers

21. SUMPRODUCT FUNCTION

 Exercise -Multiply two columns or rows and get the sum of it

22. AUTOFILTER COMMAND

-Find the stores who belong to the top 10% in terms of

 Why you -Sometimes you would to color the output of cells in

-Mark the relevant fields and select Format:

-Format a cell to be in red font, with blue background

24. COUNT FUNCTIONS

-COUNT(Range1,Range2,Value1,...) ==> count the

 Exercise -Calculate the number of KFC stores in the dataset

-ROUND(Number,Digits) ==> Round the number (or