One Week Implementation Effort Produced a One-Year ROI
PETALUMA, Calif. - August 11, 2010 - Vibato announces the completion of a recent process reengineering project for iMergent, Inc. (AMEX: IIG), a leading provider of proprietary e-commerce software platforms and portfolio services with multiple subsidiaries. iMergent engaged Vibato to reengineer their internal control infrastructure, implement best-practice controls, and provide a fully-integrated testing environment. Vibato implemented a high level risk assessment, six process control cycles and a segregation of duties analysis to give iMergent an improved internal control environment for their 2011 fiscal year, ready for testing work, and reviewed the transition for completeness and accuracy with their external auditors. The process was completed in four days, with active participation by iMergent’s finance organization.
“We wanted a revamp of our internal control environment with a focus on controls reduction and an integrated environment by having more direct and precise controls. We were very impressed with the efficiency and scalability of Vibato’s approach, especially considering our business complexity,” said Jonathan Erickson, Chief Financial Officer of iMergent, Inc. “The significant reduction in controls from 339 down to 107, combined with the integrated testing capabilities, will allow us to be more efficient in our processes and testing. This is a great example of Vibato’s value-driven focus and commitment to customer success.”
“Our tools are designed specifically for this type of implementation project, even for complexities in such areas as software revenue recognition” said Bill Bockwoldt, Chief Executive Officer of Vibato. “I believe our success with iMergent is a clear indication that our unique approach to managing internal controls for financial reporting continues to position us as the most cost-effective compliance provider in this area today.”
iMergent, Inc. (AMEX: IIG) provides proprietary e-commerce software platforms and portfolio services, through their StoresOnline and Crexendo subsidiaries, including web design and development, custom programming, SEO services and internet marketing and training to entrepreneurs and businesses, enabling them to sell and market their products or services over the Internet. For more information, please visit www.imergentinc.com.
Vibato, LLC is dedicated to providing the most cost-effective compliance solutions available. Our mission is to help you reduce audit and compliance fees, improve financial transparency and run your business more efficiently.
Vibato is pleased to announce the win of Golden Phoenix Mineral's Sarbanes-Oxley compliance work. Golden Phoenix came as a referral from HJ & Associates out of Salt Lake City, Utah.
Golden Phoenix Minerals, Inc. was formed in 1997 as a publicly traded for-profit corporation. It is headquartered in Sparks, Nevada and trades on the OTCBB under the symbol GPXM. The Company is focused on developing and mining superior high-grade deposits of precious and strategic metals to enhance profitability and return maximum value to its shareholders.
Golden Phoenix had a previous SOX engagement effort with an outcome that did not meet their expectations. This led to the Golden Phoenix team feeling like "SOX is a four-letter word."
Our assessment of Golden Phoenix was that they would benefit from our SOX Basic® toolset, and the referral from their auditors certainly support this idea. We are confident that our robust framework and integrated testing will exceed our client’s expectations for fully documenting their control infrastructure and providing comprehensive testing of their internal controls.
We completed their Risk Assessment and Internal Controls Documentation effort yesterday (in one day) and we were also able to gather testing documentation while we were there. According to their Accounting Manager, "SOX is no longer a four-letter word" and she feels strongly that the implementation will allow her to be more efficient with her monthly activities and she could see a direct correlation with reduced external audit effort. As with all of our clients, we monitor the return on investment and we plan to publish a case study so look for it after their year-end audit!
We look forward to working more with this great client!!
VIBATO Successfully Delivers Small-Scale Sarbanes-Oxley Implementation For ORIGINOIL, INC.
Adoption of
SOX BASIC® Meets SOX Compliance Needs for Smaller Public Companies
Petaluma, Calif. (PRWEB) June 24, 2010 -- Vibato, the only provider of the fixed-price, best-practice, modular approach to meeting Sarbanes-Oxley and SAS-related compliance requirements, today announced OriginOil’s success using SOX BASIC®. A full implementation was completed in less than one day, and Vibato’s efficient remote testing approach achieved successful year-end audit results and SEC reporting requirements for OriginOil’s fiscal year ending December 31, 2009.
Vibato used the integrated SOX BASIC® toolset to complete the risk assessment, set up the best-practice internal controls based on the specific risks mapped across each business process cycle, and identify the segregation conflicts in less than one day. All supplemental documentation to perform each control, as written, was supplied during the implementation process. Remote testing and online document storage were used in combination to complete the testing and review requirements efficiently and off-site, eliminating travel and on-site expenses. This unique approach resulted in the successful completion of OriginOil’s first Sarbanes-Oxley, Section 404(b) audit.
OriginOil, Inc. (OTCBB: OOIL) is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. OriginOil’s patent-pending, breakthrough technology can provide the world with an endless supply of cost-competitive and environment-friendly oil to displace petroleum. As a non-accelerated filer with a $37MM market cap, and with limited internal resources and no formal budget for compliance activities, OriginOil needed a cost-effective solution that could be scaled for the Company’s business needs and was maintainable with limited outside expense.
Using SOX BASIC, OriginOil has already experienced significant benefits, including:
* Successful Results – Fiscal year-end audit review completed. All SEC reporting requirements were satisfied.
* Time Savings – Implementation was performed in less than one day.
* Standardization – Minimized ongoing testing efforts, performed remotely, using Vibato’s highly-integrated framework.
* Reduced Effort – Leveraged Vibato remote testing services, and an online document management service to transfer documentation, review results, and provide remote access for audit review.
* Cost Savings – Initial implementation was less than $6,000.
“As a technology company focused on revolutionizing the energy industry, we are always striving to minimize our ongoing business costs while maintaining all necessary compliance requirements as a public company with outside investors,” said Riggs Eckelberry, CEO & President of OriginOil, Inc. “We found Vibato’s approach to be revolutionary in its own right, and the Company’s insistent focus on cost-effective value delivery really impressed us. I would highly recommend them to anyone who needs to put solid internal controls in place quickly, and for a fraction of the cost and time of alternative methods.”
“We developed
SOX BASIC® specifically for companies like OriginOil, who have limited resources and internal controls needs,” said Bill Bockwoldt, chief executive officer, Vibato. “Our belief is that having a comprehensive, solid, best-practice approach, where you can start very small and scale as you grow, is ideal for any public or private company that wants a simple, proven approach to establishing and maintaining its internal controls. Our unique approach of delivering what you need, including an integrated framework and complete supplemental documentation, rather than simply providing tools for you to figure it out yourself, is what really drives the cost and effort out of establishing your controls infrastructure.”
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.
We are again delighted to announce yet another new client! We have the pleasure of winning iMergent's Sarbanes-Oxley compliance work using our SOX Compliance Made Simple® product suite. iMergent came to us as a referral from our friends at Tatum, LLC. We are very eager to get started!
About iMergent:
iMergent provides e-commerce solutions to entrepreneurs and businesses enabling them to sell and market their products or services over the Internet. The company sells its proprietary software and services to entrepreneurs and businesses, which allows them to sell and market their products and services, accept online orders, analyze marketing performance and manage pricing and customers over the Internet. In addition to software and services, iMergent offers e-commerce enabled web site development and implementation, web site hosting, search engine optimization (SEO) and training. iMergent, StoresOnline and Crexendo Business Solutions are trademarks of iMergent, Inc.
We are again delighted to announce yet another client win for our SOX Compliance Made Simple® product suite! Vibato won ZBB Energy on 3/26/2010 and we are very excited to get started on this great client!
Vibato is delighted to announce that Pizza Inn, Inc has selected us to assist them with their Sarbanes-Oxley / internal controls implementation! We look forward to working with this great client!
Vibato is delighted to announce that Callidus Software has selected us to perform their Segregation of Duties Analysis using our SOX Compliance Made Simple® product suite! View our Segregation of Duties Analysis via this link. We look forward to working with this great client!
Vibato is delighted to announce that we will be implementing our SOX Basic® product at two more facilities in Shanghai, China for Worldwide Manufacturing USA, Inc. This will allow me to stay in China for another week to complete the implementations. As many of you know, our implementations are very quick; less than 1 day per location. I will be staying an additional day at each location to gather testing evidence and then leaving to come back to the states on 3/19.
Vibato is delighted to announce the win of Magnum d'Or Resources Inc. for Sarbanes-Oxley Compliance. Magnum d'Or Resources came to us as a referral from our friends at
MantylaMCREYNOLDS LLC in Salt Lake City, Utah. We are excited to get started at this great company!