2007, The Graebel Relocation Services Worldwide (GRSW) operating and financial controls passed a SAS 70 examination with flying colors. SAS 70 is an internationally recognized examination standard developed by the American Institute of Certified Public Accountants. It represents a service organization has successfully undergone an in-depth examination of its control processes, and a client’s auditor can utilize the SAS 70 report to assist in the evaluation of whether the firm has adequate controls in place.
According to the independent Wipfli, LLP examination team report, “Our tests of the effectiveness of controls were sufficient to provide reasonable assurance that the controls in place at GRSW were designed to achieve the specified control objectives. In selecting particular tests Wipfli, LLP reviewed operational effectiveness in 1) nature of items tested; 2) types of available evidential matter; 3) nature of examination objectives to be achieved; 4) assessed level of control risk, and 5) expected efficiency and effectiveness of the test.
Findings revealed no exceptions including, and not limited to, critical services such as: Expense report validation, expense authorization and verification, check issuance, wire transfers, zero balance accounts, and lump sum payments.
According to Mr. Don Watson, Chief Executive Officer of Graebel Relocation Services Worldwide, “The Wipfli examination was comprehensive however our successful SAS 70 evaluation was not a surprise. At Graebel, our core objective is to exceed every customer’s expectations. We achieve this with our highly personalized customer service, advanced technology, and by our strictly followed controls of all processes for all services.”
Watson continued, “The SAS 70 clearly provides significant assistance to our clients in connection with our ongoing due diligence in our operations, and financial controls. Results of our SAS 70 examination clearly demonstrate that our comprehensive compliance to operations and financial controls protect our clients’ best interests. Going forward, we will annually perform a Type II SAS 70, covering a twelve-month cycle. “
About the Examination
Wipfli LLP performed the examination and evaluation of the effectiveness of operating and financial controls of Graebel Relocation Services Worldwide, Inc. The examination was conducted in accordance with the Statement on Examinationing Standards (SAS) No. 70, Reports on the Processing of Transactions by a Service Organization, as amended by SAS Nos. 78, 88, and 98 and in accordance with SAS No. 94, The Effect of Information Technology on the Auditor’s Consideration of Internal Control in a Financial Statement Examination. The SAS 70 is comprehensive and encompassed a six-month evaluation period from November 2006 to April 2007 at Graebel.
Graebel is a global relocation company that provides full relocation management services, domestic U.S. and international moving and storage services, international freight forwarding, move management, and commercial workplace services. Integrated relocation divisions include Graebel Relocation Services Worldwide, Inc., Graebel Movers International, Inc., Graebel Commercial Services, Inc., Graebel Van Lines, Inc., Graebel Movers, Inc. and, Move Management, Inc. The Graebel Companies, Inc. World Headquarters is based in Denver, Colorado.
About Wipfli LLP
With more than 700 associates and 16 offices in Wisconsin and Minnesota, the 75-year old company Wipfli ranks among the largest accounting and business consulting firms in the nation. Clients include manufacturers, health care organizations, financial institutions, nonprofit entities, dealerships, contractors and developers, small businesses, and individuals.