Before you analyze data, you must first validate it.
Otherwise, your analysis may not be accurate, and you may miss some important insights or errors.
This post is part of the Excel: Basic Data Analytic series.
Before analyzing your data, you need to check the following:
- Duplicate transactions do not exist.
- Required fields/key fields do not contain blanks, spaces, zeroes, unprintable characters, or other invalid data.
- Date fields contain real dates, and the range of dates is appropriate.
- Amount fields don’t contain inappropriate zero, positive, or negative amounts, and the range of values is appropriate.
- Each field is stored in the correct format. This prevents data from being converted on the fly into something else unexpectantly (e.g., user ID JUL15 becomes 15-Jul).
In case you missed it, ACL released the next version of their Acerno product, renamed it ACL Excel Add-in, and made it FREE!
So I thought I’d update my review.
For my original review of Acerno, see A Review of ACL Acerno. It still seems that I’m the only one who ever took the time to review the product (versus marketing blurbs, which are all over the ‘net), which appears to be a statement regarding its popularity.
Despite the poor popularity, since they updated it AND made it free, I decided to dive in for another look.
Note: This add-in is not just for auditors! Any one who regularly reviews data should consider using this simple, EASY-to-use software.
Please take the new & improved poll at the bottom of this post (also free).