With apologies to Mark Twain, rumors of the spreadsheet’s demise have been greatly exaggerated.

It has been nearly four years since PricewaterhouseCoopers published its wake-up call of a white paper, “The Use of Spreadsheets: Considerations for Section 404 of the Sarbanes-Oxley Act.” Alas, the paper landed in the inboxes of a Corporate America swept up in a flood of new and apparently more pressing Sarbanes compliance concerns.

The PwC paper also gave a set of recommendations most companies would find impossible: a detailed inventory of what spreadsheets they have (no easy task in itself, given spreadsheets’ ubiquity), and a slew of ...