Book1.xls contains this autoexec macro:

Sub Auto_Open()
MsgBox ("Macro Auto_Open has launched")
End Sub

My Excel 2002 (10.2614.2625) macro security is set to Medium.

No matter where Book1 resides, Excel’s Enable/Disable macro warning
dialog correctly appears whenever I open it.

*Except* in Excel’s auto-launch directory, C:\Documents and Settings
\Administrator\Application Data\Microsoft\Excel\XLSTART.

In that case, launching Excel automatically launches Book1, as it
should. But security completely fails, and the Sub wrongly launches
and the message displays.

What is wrong? Does Administrator status kill Excel macro security?

Thanks.

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