Today, Vibato released news regarding the recent implementation of a robust internal controls framework for Worldwide Energy and Manufacturing USA, Inc. The framework was implemented at the company’s California headquarters and four additional subsidiaries located throughout China. The products will establish a comprehensive, scalable set of controls and procedures to support Worldwide’s Sarbanes-Oxley, Section 404(a) and (b) compliance requirements.
Vibato performed an on-site implementation that included a risk assessment, best-practice controls implementation and risk mitigation, segregation of duties analysis, and complete supplemental documentation. Training, language translation, and remediation assistance were also provided. This scalable approach provides standardized controls across locations, localization where required, and support for corporate-level controls at Worldwide’s headquarters in San Francisco.
With 17 years of history behind it, Worldwide Energy is an engineering-oriented firm specializing in photovoltaic module, mechanical, electronics and fiber optic products manufacturing. The company’s products service customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries.
Gerald DeCiccio, CFO of Worldwide Energy and Manufacturing USA, Inc., remarked, “We are very pleased with Vibato’s commitment to our success and the value they deliver through their software-based approach. They helped us instill the process understanding and discipline necessary to prepare us for our growth plans, in a very cost-effective manner, and performed valuable client advocacy services with our auditors on our behalf.”
Vibato CEO, Bill Bockwoldt, added, “Worldwide Manufacturing is an excellent example of a fast-growing, multi-location, international company that required a rigorous foundation of internal controls to stay on top of their financial reporting compliance activities across a diverse set of locations. The standardized but scalable approach we offer is ideal for companies with distributed organizations that need a flexible solution to adapt to their unique cultural and organizational characteristics.”
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