Food Product Company: Launching an Internal Audit Department

With a cheese-making heritage that began with the Company’s European born founder, this food products company is focused on delivering unsurpassed value-added products and services to dairy producers, pizzerias, and food products manufacturers around the world.

After initial success with a risk management approach limited to fraud risk assessment, the Company determined it was time to expand the scope and increase the value it received from risk management. Although the goal was clear—build a successful in-house internal audit function—the “how” needed further definition. After meeting with national, regional, and boutique providers it became clear to the Company that Wipfli Risk Management Services would bring the thought-leadership, technical competence, and cultural fit to expedite the growth of the emerging internal audit function to the next level.  

Wipfli actually began building the Company’s knowledgebase of the internal audit well before the formal engagement by listening first, coaching second, and selling last. Once selected, Wipfli wasted no time in bringing the right toolset and technical expertise to the engagement. Wipfli’s professional guidance included:

• Using a top-down, risk-based approach to help the Company define the future scope and priorities of its internal audit department by creating a multi-year audit plan. Wipfli's insights and understanding helped the Company formulate a well-conceived plan that will serve as a guide over the next three years.
• Delivering onsite training and rapid ramp-up for the Company’s internal audit resources. Wipfli conducted a formal training session with the in-house staff to share best practices, techniques and tools. The audit-specific training enhanced Company’s in-house skill set by bringing them quickly up to speed on the most efficient audit approach.
• Serving as mentor and providing a significant knowledge transfer to the Company’s internal audit team. This knowledge transfer continues with ongoing coaching and answers that are only a phone call away.

This Company could have worked on its own to gradually make its internal audit department a reality. Instead, Wipfli expedited the Company’s process. As a result the learning curve was accelerated and efficiencies were maximized along the way. By receiving focused training, the right tools, and expert technical guidance, the Company was able to confidently conduct audits right out of the starting gate. This Company continues to grow in its confidence and risk assessment capabilities thanks to Wipfli’s ongoing support and mentoring.