March 3, 2010
Vibato Introduces SOX BASIC for Small Public Companies
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."