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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.
Vibato, LLC, the only provider of the fixed-price, best-practice, modular approach to meeting Sarbanes-Oxley (SOX) and SAS-related compliance requirements, is hiring! We are a rapidly growing software and services business with a large portfolio of clients located all over the world. We are in need of an experienced Sarbanes-Oxley tester to join our team to help service our wonderful clients!
REQUIRED PAST EXPERIENCE INCLUDES (please do not apply if you do not meet the following criteria):
* At least 1 year working in the audit department of one of the Big 4 (PwC, KPMG, E&Y, or Deloitte) ideally working as external audit for SOX-related projects.
* Audit work must have been in the finance department - this is not an IT audit job.
* Expansive experience with the Microsoft Office Suite (Excel, Access, Word, Outlook, PowerPoint, etc).
* Strong work ethic and willingness & ability to travel with short notice; potentially internationally (you should already have a passport available).
* This is NOT a 9-5 job. We often work weekends and will expect the same out of the person hired for this job.
* Dedication to customer satisfaction - we NEVER deliver just good enough - you must be willing to go the extra mile and deliver on all promises made.
* Deductive reasoning skills.
* Ability to at least type 50 words per minute.
* At least 4 strong references - 2 must be from the Big 4 experience.
* Ability to pass a background check (educational, criminal, and drug) including credit score check.
* Understanding that you will not be allowed to own our client's stock due to independence requirements.
* All work will either be in the Petaluma office or at the client's location. You will not be allowed to work remotely.
* BS/BA in Finance, Accounting, Business, Economics, Math, or similar.
DESIRED EXPERIENCE
* Graduate degree
* CPA, CFE, or similar
* Ability to speak and write Mandarin or Italian
* Some IT audit experience
The right person would have a significant opportunity for growth within our Company. We are looking for long-term, dedicated employees who want to join our fun and exciting Company!
We are open to 1099 or W-2. Part-time may be considered. Please send your salary history and requirements, resume, and references to tbockwoldt@vibato.com. No phone calls please.
After much thought and reflection, I have decided to step down as CEO of Vibato, LLC and instead, I have been appointed to CIO. I feel this change will allow me to focus on doing what I love to do best; helping our clients meet their day-to-day compliance needs and enhancing our product line rather than focusing on Vibato's business needs. Bill Bockwoldt has taken the helm and in all truthfulness, he has been performing CEO activities for a long time. We all feel this change will allow Vibato to get to the next level in our business efforts and allow us to provide even greater customer support than we already do. Please join me in congratulating Bill on this well earned promotion!
February 18, 2010
Vibato Releases SOX Basic® for Small Companies
Vibato, a provider of Sarbanes-Oxley and SAS-related compliance solutions, has announced the release of SOX BASIC for small companies, delivering a size-specific SOX implementation to smaller reporting companies in just one day.
SOX BASIC is designed specifically for companies with fewer than 25 employees, or who need fewer than 20 internal controls to meet their compliance requirements. SOX BASIC includes the following key features:
- Support, including consulting time to perform the implementation and to help set up a controls testing plan;
- Risk assessment, measuring both quantitative and qualitative factors for determining in-scope processes and identifying the high-risk areas of the business;
- Segregation of duties analysis, analyzing 304 unique segregation conflicts, and identifies the specific resources affected along with suggested remediation strategies;
- Integrated testing and documentation, including test plans and every policy, checklist, form, and other documents necessary to execute each control as written; and
- Control matrix, supporting up to 20 predefined best-practice controls available from the 17 process cycles currently offered by Vibato, covering all key areas of the business.
SOX BASIC is also available for licensing by financial services and public accounting and consulting firms looking for a different approach to assisting their existing and potential clients with their compliance objectives.
Posted by: jjaeger @ 12:24 pm
Read the full article here.
March 3, 2010
Vibato Introduces SOX BASIC for Small Public Companies
By Staff
2010 MAR 6 - (VerticalNews.com) -- Vibato, the only provider of the fixed-price, best-practice, modular approach to meeting Sarbanes-Oxley (SOX) and SAS-related compliance requirements, announced the release of SOX BASIC(R). This revolutionary approach to SOX compliance delivers a size-specific SOX implementation to smaller reporting companies in just one day, and for less than $6,000, a fraction of the cost of competing alternatives and a compelling solution for this under-served segment of the market.
The latest SEC report, "Study of the Sarbanes-Oxley Act of 2002 Section 404 Internal Control over Financial Reporting Requirements," estimates the average cost of outside vendor assistance for companies with less than $75M market capitalization for their 2008 fiscal year to be approximately $82,000 for initial implementation (table 8, pg. 44). This is the result of the traditional time-and-materials approach to scoping and implementing a SOX engagement, but does not align with the budget and resource constraints faced by many smaller public companies today.
With the rapidly approaching deadline of June 15, 2010 for the auditor attestation of internal controls or SOX Section 404(b), non-accelerated filers need a reasonable solution that fits their budget, level of resource availability and ongoing maintenance requirements.
For the first time, a fully-integrated, best-practice approach to establishing and documenting internal controls for smaller public companies, as well as startups or larger companies with smaller initial requirements, is available in the form of a comprehensive toolset that can be implemented in one day and for a fixed price.
"We were impressed with the rapid implementation, thorough integration and cost-effective approach delivered in the SOX BASIC toolset from Vibato," said Rod Meisel, corporate controller, Cereplast, Inc. "The initial implementation was a very straightforward process. It got us on the right track for our year-end audit and met our budget constraints."
View the full article here.
Six Sigma should be utilized in all SOX or process reengineering implementations. Think of it this way, just as you would be expected to be graded when you go to school, you should also expect to grade your process reengineering effort which means you should set expectations ahead of time and then measure the output against these expectations. If an ROI cannot be determined prior to starting the implementation, then perhaps the implementation direction is not clear or perhaps the project is not even necessary. Vibato uses Six Sigma methodologies in all of our products and implementations. Learn more about Six Sigma via this link:
http://www.sixsig.info/six-sigma/category/sarbox-compliance/
Todd Thomas from TheStreet.com, published a number of Vibato's New Year's Resolutions in his "CEO Special Report," which he authored as a special edition of IMPACT Consulting and Development's "Leadership Matters" newsletter.
His report, titled "TheStreet com CEO Special Report" is available via this link.
Lora Bentley of IT Business Edge published the remainder of our New Year's Resolutions. The article can be read via this list:
http://www.itbusinessedge.com/cm/community/features/interviews/blog/vibatos-simple-sarbox-new-years-tips/?cs=38476
Lora Bentley wrote yet another article that included information about our thoughts around our New Year's resolutions surrounding SOX that is viewable here:
http://www.itbusinessedge.com/cm/blogs/bentley/five-new-years-resolutions-for-sarbox-compliance/?cs=38363
Thanks to Lora for speaking with us!
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