We're approaching the 10K filing deadline (tomorrow) and it's been a great year for Vibato clients once again for receiving a clean opinion on their internal controls!
We had several new clients over the last year who had the opportunity to significantly reduce their internal control counts as a result of adopting our approach. The two largest reductions, of over 70% and 90% respectively, both passed their audits successfully and filed before the deadline.
In one case the internal control work was being done internally and in the other it was being outsourced. One of the audit firms was also a Big Four auditor - showing once again that our tools and framework are highly regarded by even the largest auditors. It's a big step for both the company and the auditor to recognize and accept a significant reduction in the total number of controls being documented, executed, and tested in a single year.
These reductions also amount to a significant ongoing ROI for our clients based on reductions in staff time, auditor time, and outsourced cost on an annual basis.
We also faced acquisitions, spin-offs, changing auditors, and changing client personnel throughout the year which created some exciting opportunities for us to continue to serve our client needs. We always appreciate the opportunity to see the incredible impact our approach can deliver and we are thrilled that our clients continue to recognize the value in what we do by continuing to utilize our services.
If you would like to find out more about how we can help reduce your costs, streamline your efforts, and improve the robustness of your internal controls framework then please contact us directly!