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Internal Audit: Types of Engagements

Complete Outsourcing
For some clients, KraftCPAs functions as the organization’s internal audit department. This approach is beneficial to clients who want access to the highest level of technical proficiency, experience and expertise without the overhead expense of internal audit employees on the payroll. Many clients engage Kraft for total internal audit outsourcing at a cost savings to the company – when compared to the salaries, benefits, training, office space, payroll taxes and other expenses related to employees.

Likewise, we – and our clients – have found that the efficient, highly trained professionals on Kraft’s internal audit team can, in fewer hours, accomplish the same tasks previously performed by the client’s staff. The combination of lower costs, increased efficiency and specific technical skills makes a fully outsourced arrangement the preferred option for some businesses.

Co-Sourcing
We can partner with clients to perform various types of internal audits under management’s direction. Likewise, clients may opt to use their employees to conduct procedures under the direction of Kraft’s internal audit management team.

Staff Supplementation
Sometimes called “loaned staff,” we can supplement a client’s internal audit team with additional resources for critical audits or to provide specialized skillsets that are lacking on a client’s team, such as IT audit experience. These arrangements are often directed by the client’s management, although we can provide management and training of a client’s staff as well.

Integrated Audits
We can provide a complete team or various resources to supplement a client’s team for performing integrated audits of key business processes. Using business process documentation (which we can help develop, if needed), KraftCPAs can help clients plan and perform more efficient and effective audits of a full business cycle. These fully integrated audits are most cost effective when financial, operational, and IT-related internal controls are tested at the same time.

Special Projects
We can manage and staff special projects as needed by a client’s internal audit department. With varying experiences and skill-sets, we can cover many types of projects from enterprise risk assessments to control design and system implementation or conversion testing.