A focus on the role of spreadsheet models in corporate financial modelling has been a feature of efforts to comply with Sarbox due to the perceived control vulnerability of such models. Explain why requirements of Sarbox have significant implications for corporate financial modelling generally and spreadsheet-based financial models in particular. Hendry and Green (1994) and Stokdyk (2005) have summarised the main weaknesses in spreadsheet-based financial modelling reported by several researchers. What are these issues and illustrate your answer with specific examples of error and poor practice in financial models that have contributed to significant corporate failures, losses or frauds resulting in the perceived need for this legislation.(2500 words)
How far do the Control Principles for spreadsheet models formulated by PriceWaterhouseCoopers in 2004 satisfactorily address these main identified weaknesses?(1000 words)
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