The Vibato Internal Control Suite™ includes a pre-defined, best-practice-based internal control matrix for up to 19 different business process areas. This includes processes specific to industries including biotechnology, non-profits, software, and financial services.
Examples of the proprietary business process control topics available within the Vibato Internal Control Suite™ include:
Financial Statement Close Process
This process includes detailed closing procedures, journal entries, reconciliations, accruals, judgments and unusual items, related-party transactions, flux analysis, consolidations, disclosures, and financial reporting requirements.
This process includes controls related to the organization's integrity and ethical values; board of directors/committee responsibilities; management's philosophy and operating style; organizational structure; financial reporting competencies; authority and responsibility; financial reporting objectives; financial reporting risks; assessment of fraud risks; information technology; financial reporting information; internal control information; and ongoing and separate evaluations (COSO 1 - 5).
This process includes controls surrounding option granting, ASC 718 Compensation - Stock Compensation (FAS 123R), access controls, option terminations, employee stock purchase plans, issue/repurchase activities, stock exercising.
This process includes controls surrounding inventory security, storage, and segregation; access controls; approvals; documentation; quality; costing reviews; counts; adjustments; returns and warranties; and deliveries.
Information Technology General Controls (ITGCC)
This process includes controls surrounding your SSAE No. 16 SOC 1 (SAS 70); data retention, storage and backup; systems access; software development, change management, staffing, and other IT-related activities.
This process includes controls around all payment types and associated general ledger coding, check runs, access controls, vendor master file maintenance, and bank statement reconciliation.
This process includes controls surrounding product pricing; assignment and maintenance of customer credit limits; customer master file maintenance; contract signing; order monitoring; shipping; customer postings; credit memos; VIE; and revenue recognition.
This process includes controls surrounding product pricing; maintenance of customer data; credit limits; contract signing; order monitoring; shipping; allocation of costs (ASC 985); customer postings; credit memos; revenue recognition (SOP 97-2); VIE; and VSOE review.
This process includes controls surrounding product pricing, customer credit limits, customer master file maintenance, contract signing, cash receipts including donation payment procedures, shipping, customer postings, credit memos, and revenue recognition.
This process includes controls surrounding investments, loan repayment activities, and ASC 220 Comprehensive Income (FASB 130) & 830 Foreign Currency Matters (FAS 52).
This process includes controls surrounding review and approval of the tax provision, FIN 48, due diligence, sales & use obligations, Nexus, and transfer pricing.
Includes controls surrounding review and approval of the tax provision, ASC 740 Income Taxes (FIN 48), due diligence, sales & use obligations, Nexus, transfer pricing, and required non-profit-specific taxation forms.
This process includes controls surrounding hiring budgets, on boarding, access controls, employee master file maintenance, payroll, withholdings, employer contributions, benefits, and commissions.
This process includes controls surrounding 830 Foreign Currency Matters (FAS 52), currency translation, and foreign currency exchange rates.
This process includes controls surrounding mergers and acquisitions including due diligence, access controls, ASC 805 Business Combinations (FASB 141), and ASC 350 Intangibles-Goodwill & Other (FASB 142).
This process includes controls surrounding asset additions and depreciations, impairments, access controls, fixed asset tagging, disposals and counts, leasehold improvements, and capitalizations.
Loan & Lease Loss
This process includes controls surrounding transaction loan approvals, appraisals, payments received, disbursements, adjustments and loan sales.
This process includes controls surrounding the clinical development, testing, and release of new drugs and treatments for the pharmaceutical and bio-tech industries.
Board of Directors
This process includes controls designed to address the reporting needs and concerns of the Board of Directors and the Audit Committee for public, private, and nonprofit companies.