Yes and No. Most of it will be ok but some of it will require complete object references.
VB Code:
  1. 'VBA:
  2. Sheet1.Cells(1, 1).Value = "Test"
  3.  
  4. 'VB:
  5. Dim oApp As Excel.Application
  6. Set oApp = New Excel.Application
  7. oApp.Workbooks("Book1.xls").Sheets("Sheet1").Cells(1, 1).Value = "Test"