Enhance Your Audit Function with Expert Guidance
Benefits of a Fractional CAE:
- Boost Internal Audit Effectiveness
- Strategic Audit Leadership
- Cost-Efficiency
Our Approach: How We Elevate Your Audit Function.
A Fractional Chief Audit Executive (CAE) is a seasoned professional who provides part-time or temporary leadership and oversight of an organization’s internal audit function. Their role is multifaceted, focusing on enhancing internal audit effectiveness and contributing to the organization’s overall success.
Role & Responsibilities
Audit Leadership: Fractional CAEs lead the internal audit department, setting the strategic direction and goals for the function. They provide leadership and guidance to the audit team, ensuring audits are conducted efficiently and effectively.
Risk Assessment: They assess and prioritize risks, both financial and non-financial, that the organization faces. This involves evaluating the adequacy of internal controls and identifying areas that require audit attention.
Audit Planning: Fractional CAEs develop an annual audit plan that aligns with the organization’s objectives and risk profile. This plan guides the internal audit activities for the year.
Audit Execution: They oversee the execution of audits, ensuring that audit procedures are thorough and in compliance with relevant standards and regulations. Fractional CAEs often maintain a hands-on approach, reviewing audit work papers and providing guidance to audit staff.
Stakeholder Engagement: They engage with senior management and the board of directors to communicate audit findings, recommendations, and risk assessments. Building strong relationships with stakeholders is essential to the success of the internal audit function.
Quality Assurance: Fractional CAEs establish and maintain quality assurance and improvement programs to ensure that the internal audit function is operating effectively and in adherence to professional standards.
Talent Development: They are responsible for developing and mentoring audit staff, promoting professional growth, and building a high-performing team.
Benefits
Cost-Efficiency: Hiring a Fractional CAE allows organizations to access the expertise of a seasoned professional without the cost of a full-time executive. This is particularly beneficial for smaller businesses or organizations with budget constraints.
Immediate Impact: Fractional CAEs can quickly assess the internal audit function, identify areas for improvement, and implement changes to enhance efficiency and effectiveness.
Objective Perspective: As external consultants, Fractional CAEs bring an objective perspective to the internal audit function. They are not influenced by internal politics or biases, allowing for more impartial audit assessments.
Expertise On-Demand: Organizations can engage Fractional CAEs on a part-time or as-needed basis, making it flexible to scale audit resources in response to changing business needs.
Access to Specialized Skills: Fractional CAEs often have expertise in specific industries or areas, such as IT audit or financial services, which can be valuable for organizations with specialized audit requirements.
Focus on Core Competencies: Organizations can focus on their core business activities while leaving internal audit leadership and expertise to Fractional CAEs.
“Veltiosis has saved us thousands of hours of work and has unlocked insights we never thought possible.”
John Smith
CEO, Smith & Co.