SOURCE: Vibato, LLC

Vibato, LLC

August 24, 2010 08:00 ET

Vibato Implements Robust Internal Control Environment for Golden Phoenix Minerals, Inc.

One Day SOX Implementation for Expanding Gold Mining Company

PETALUMA, CA--(Marketwire - August 24, 2010) -  Vibato recently completed a SOX implementation for Golden Phoenix Minerals, Inc. (OTCBB: GPXM). They are a Nevada-based mining company (www.Golden-Phoenix.com) whose focus is Royalty Mining in the Americas, who engaged Vibato to re-engineer their SOX environment to establish a strong internal control infrastructure for their future growth plans. Vibato delivered a product suite consisting of a risk assessment, segregation of duties analysis, control matrix with complete supplemental documentation, and fully-integrated testing plans, in just one day on-site.

"Our previous experience with SOX had been a disappointment, with six consultants providing an onerous set of documentation that was designed for manufacturing and not mining," said J. Roland Vetter, chief financial officer of Golden Phoenix Minerals, Inc. "But our experience with Vibato could not have been better. They actually got our accounting staff to look forward to working on SOX-related activities again, and we are counting on them to support our SOX testing and expansion efforts as we grow."

"We never like to hear SOX implementation horror stories, but we are always excited when the real value of our approach is recognized," said Bill Bockwoldt, chief executive officer of Vibato. "Companies like Golden Phoenix, who are beginning to experience rapid growth, must be able to rely on their internal controls automation and scalability to facilitate their expansion."

Vibato continues to expand their roster of satisfied clients, while seeking to build stronger relationships with consulting and services firms who offer expertise in the areas of audit, compliance and risk management. Vibato's unique approach has been benchmarked against the Big Four audit plans and has been deployed successfully across a diverse array of industries and companies. Vibato solutions focus on scalability, standardization, modularity, and efficiency to deliver the most compelling compliance tools available for companies of all sizes, across any type of industry.

About Vibato
Vibato, LLC is dedicated to providing the most cost-effective compliance solutions available. Our mission is to help you reduce audit and compliance fees, improve financial transparency, and run your business more efficiently. For more information, please visit us at www.vibato.com or contact us directly at mail@vibato.com.

Contact Information

  • Contact:
    Andrew Wilson
    Vibato
    (415) 240-4867 ext. 2400
    Email Contact

    Lari Marlow
    Golden Phoenix Minerals, Inc.
    775-853-4919
    Email Contact