This has been a fantastic year for Vibato thus far, and we wanted to update our readers on some of the exciting things that are happening.
Our clients have passed their first year of audits using SOX Compliance Made Simple® and SOX BASIC®, both released last year. These range from large accelerated filers to small public companies representing diverse industries including consumer retail products, biotechnology, clean-tech, and medical device manufacturing.
One example includes a clean-tech client that reduced their existing internal testing costs by 75%, cut their external SOX audit time by 50%, and reduced their internal control count by 15%. We plan to have case studies with some of these companies posted soon to highlight the real cost savings and efficiency gains realized through our unique approach for both new internal controls implementations as well as existing ones.
A recent implementation with a large software provider reduced their existing internal control count from 339 to 107, which represents a 68% reduction, significantly reducing their ongoing testing and audit-related costs.
In addition, we recently delivered SOX Compliance Made Simple® to a large multi-national organization for use with their existing internal control infrastructure that consisted of 145 controls for just one location. We simply mapped their controls and procedures into our process templates, over the course of just a few days, to improve the integration and efficiency of their ongoing controls testing efforts. This project will ultimately include locations across three continents to maximize their annual cost savings and reduce total control counts through a more centralized and integrated approach.
We also continue to expand our partnership activities and have signed agreements with several CPA and Financial Services firms. The latest additions are CFOs2Go in the San Francisco Bay Area, the Q5 Group in Southern California, and HJ & Associates based in Salt Lake City, Utah. Please watch for individual announcements detailing our partnership activities with some of these firms and for the launch of our partner program later this year!
We expect 2010 to be an exciting year as we continue to build momentum for our core products with both clients and partners, and we truly appreciate your support.
