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.”