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Gelco Expense Management— News and Events: Press Releases

Gelco Press Releases

Recent announcements and news.

Gelco Information Network Completes SAS 70 Type II Report

 SAS 70 Type II Report Supports Clients' Sarbanes-Oxley Requirements

MINNEAPOLIS, MN, November 23, 2004— Gelco Information Network, the global leader in outsourcing solutions for expense management, payment solutions for travel expense processing, and trade management and payment solutions for the consumer goods industry, today announced that it has successfully completed its 2004 SAS 70 (Statement on Auditing Standards No. 70) Type II Report. Developed by the American Institute of Certified Public Accountants, SAS 70 is the standard used to measure the reliability of a service organization’s internal controls. Gelco has received an "unqualified opinion" from its independent auditor Deloitte & Touche USA LLP.

"We're very pleased to have received an 'unqualified opinion' from Deloitte," said Karen Beckwith, Gelco Information Network president and CEO. "Clients who realize the benefits of outsourcing their processing to Gelco expect us to ensure that we have the proper controls in place and such an opinion from Deloitte reflects the quality of our processes and controls, our solutions and our organization."

Gelco's SAS 70 report describes client support processes and documents and evaluates the results of Deloitte's tests of controls around those processes - information Gelco clients and their auditors need for Sarbanes-Oxley compliance. In addition to helping clients meet regulatory requirements, the SAS 70:

  • Asserts the quality of the processes and controls built into Gelco's solutions,
  • Affirms the strength of the Gelco operating environment, and
  • Assures clients that transactions outsourced to Gelco are managed and reported appropriately
“Our completion of the SAS 70 report is just one more reason why it makes sense to outsource expense management and trade management processes with Gelco,” Beckwith continued. “Gelco streamlines the processes for our clients and provides a cost effective solution to achieve regulatory compliance and adequate controls over the expense management and trade management processes.”

About Gelco Information Network
 Minneapolis-based Gelco Information Network is a wholly-owned subsidiary of H-G Holdings, a leading provider of transaction and information processing solutions to corporations and public sector agencies. Gelco provides comprehensive services that enable organizations to completely outsource expense, non-core administrative functions while enhancing their information, analytic and control capabilities. Gelco Expense Management Group provides comprehensive expense management services to public sector and corporate organizations helping them control T&E costs and gain processing efficiencies. Gelco Trade Management provides e-business solutions to the consumer goods industry, helping them to manage their trade-spending activities more profitably and efficiently. For more information about Gelco and the SAS-70 Report, please visit the company's Web site at www.gelco.com

For more information, please contact:

Mark Osborn
Gelco Information Network
Trade Management Group
Mark_Osborn@gelco.com

Linda Orwoll
Gelco Information Network
Expense Management Group
Linda_Orwoll@gelco.com

  
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