Do all auditors insist on clients producing financial statements in Word?
Mine do and I really don't see the point as I can and do produce perfectly good financial accounts using Excel utilising the exact same data as my management accounts. I then have to produce Word versions of what I already have in Excel. Seems pointless to me.
Anyway this year there is no way round the issue. I have been instructed to keep the auditors happy. Has anyone developed a slick way of of creating Word Finacial Accounts from a version in Excel?
Our auditors (Big 4) don't insist on using Word. In fact, they seem to prefer receiving the excel versions as there are fewer errors and it is easier to tie everything back to the TB - but visually they are exactly the same as Word Financials. Our current approach is to do the first half in Word and the second half in Excel (i.e. all of the wordy section up to the primary statements in Word, and the primary statements and disclosures in Excel).
I'm afraid I can't suggest anything too slick for linking Word & Excel. I would create a page in Excel with all of the disclosure tables, copy them one by one, and in Word I would paste link as a Microsoft Excel Worksheet Object (Alt, E, S --> Paste Link --> Microsoft Excel Worksheet Object).
You can then refresh all tables in one go Ctrl A, and then F9, if the numbers change in the Excel document.
Hope this helps.
I like your approach and what sensible auditors. Which firm is it? Ours are KPMG
I had considered doing what you suggest with the tables. The only draw back ios that our accounts are tagged for the benefit of HMRC so I am not sure that would work out too well.
I worked for a client that spent days copying / pasting data from Excel to Word for quarterly external reporting (in a very prescribed format in Word). I automated this using the link feature in Word - linking data cell by cell (1. Copy in Excel, 2. Paste special in Word ("Paste Link" & select "Unformatted Unicode Text")). The update is then almost instantaneous.
(I'm using Microsoft Office 365 ProPlus)
p.s. I would welcome any feedback from anyone else that has used this functionality.
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I think, that all auditors insist on clients producing financial statements in Word