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If your compliance efforts need to be a little more random, watch Excel Video 194. I’ll start with a quick reminder that I’ve already covered some statistical functions relating to forecasting in Excel Videos 100-103. I won’t cover those function again in this series on Excel functions, so if you want some help with forecasting, please refer back to Excel Videos 100-103.
RANDBETWEEN is an easy function to use. Simply give Excel a bottom and a top range and Excel will calculate a random integer between the top and bottom values. Every time something changes and Excel recalculates the spreadsheet, RANDBETWEEN will generate a new random number. Use copy and paste special like I do in the video to convert the random numbers to set values.
One place RANDBETWEEN might help you is in compliance testing. I’ll show you how to generate a random set of charts to audit and a random set of days to test. Simply copy your RANDBETWEEN formula to as many cells as you need to generate the amount of claims, charts, or whatever else you need to test. RANDBETWEEN won’t make your audits any faster or easier, but it certainly can make the process of choosing an audit sample easier.