Company delivers scalable solutions to meet compliance for internal controls, reduce audit costs as Sarbanes-Oxley Section 404 deadline approaches
SAN FRANCISCO, Calif. - November 3, 2009 - SOX Professionals, a leading provider of innovative, efficient solutions helping companies of all sizes and industries minimize the costs associated with Sarbanes-Oxley and SAS-related compliance requirements, has changed its name to Vibato and has seen rapid adoption of its SOX Compliance Made Simple (SCMS) toolset. In the last two quarters, more than 10 new implementations have been successfully performed with both accelerated and non-accelerated public company filers representing the bio-technology, clean energy, consumer products and medical devices industries. Vibato offers a product-based approach with its SCMS Suite, allowing public and private companies of all sizes to save money, reduce existing internal control counts and decrease audit-related fees.
Designed to meet the needs of both public filers and audited private companies, SCMS helps scope and document the compliance requirements for SOX Section 404 and SAS 104-111 regulations. With the recent SEC announcement of the final June 15, 2010 deadline for achieving section 404 compliance for non-accelerated public filers, the demand for an affordable and simplified solution is more timely than ever.
The game-changing SCMS tool suite is built on a foundation of proven, best-practice methodologies enabling companies to easily reduce their cost burden associated with implementing and maintaining their internal control infrastructure. Smaller companies now have a solution that fits their budget and larger companies can significantly reduce the ongoing costs associated with maintaining compliance.
Traditionally, companies have had to opt for costly time-and-materials-based solutions for compliance. However, SCMS delivers a comprehensive and integrated software solution based on industry best practices, Six Sigma guidelines, and Fortune 20 procedures benchmarked against the Big Four external audit plans.
The SCMS family of tools includes the following modules:
- Risk Assessment
- Up to 14 unique Process Cycles
- Segregation of Duties Analysis
Companies utilizing SCMS will experience benefits such as:
- Modular Software - supports scalability and you only pay for what you need
- Fixed-Pricing - includes consulting time and you know your costs before you start
- Rapid Implementation - up and running in days versus months
- Standardized Approach - based on best practices, meaning less testing and audit review time
- Supplemental Documentation - complete documentation provided to avoid wasted time creating policies, checklists, and procedures
- Strong Integration - all control matrices and testing procedures are fully integrated to ensure version control and minimal document handling efforts
Solar Power Inc. (OTCBB: SOPW) a leading designer, manufacturer and installer of photovoltaic solar power systems, implemented SCMS to handle internal controls for five of their business divisions in their California and Shenzhen, China locations.
"When we used SCMS I was very impressed by how painless and effective the process was," said Jeff Winzeler, chief financial officer, Solar Power Inc. "We were up and running in a few days, and expect to save more than $100K per year on our ongoing compliance costs through reductions in audit fees. Our internal control infrastructure was documented cost-effectively and efficiently, allowing for greater transparency while streamlining internal activities. Vibato has really delivered a strong ROI for us by making a complex, time-consuming process a simple and effective one."
"For years companies have associated meeting compliance regulations with an arduous and painful review process, but we knew we could deliver a solution that would provide an entirely different experience," said Teresa Bockwoldt, chief executive officer, Vibato. "Why recreate the wheel when there are tried and true best practices that consistently deliver results? We are empowering customers by providing them with a completely different methodology that simplifies the process, gets them up and running quickly, and most importantly saves them time and money."
The SCMS suite is currently available for companies of all sizes and industries. For more information please visit www.vibato.com or call (415) 240-4867.