Unless Congress acts swiftly, public companies with a market capitalization of less than $75 million will have to meet Sarbanes-Oxley 404(b) compliance requirements beginning June 15. And if what Vibato CEO Teresa Bockwoldt has told me holds true, few will be adequately prepared to do so since they've been putting it off for years.
But that's where a relationship with a company like Vibato comes in handy. Last week, the SAS and Sarbanes-Oxley compliance solutions provider released a new product designed specifically for public companies with fewer than 26 employees or companies that need fewer than 20 controls to meet their compliance obligations. According to Vibato's Web site, SOX BASIC is "a size-specific SOX implementation... in just one day, and for less than $6,000."
The package includes support consulting time, a risk assessment, a segregation-of-duties analysis, integrated documentation and testing, and a matrix that supports up to 20 best-practice controls. The matrix includes, among other things, the following features:
Bockwoldt says of the new offering, "Our belief is that having a solid best-practice approach to use as a guide while a company grows will give companies an advantage from the start. SOX BASIC allows a company to start very small and scale as they grow."