Serving as the internal audit department for a global, private equity-owned manufacturer of baked goods

Dave Watkins, CFO of East Balt Bakeries and recipient of the Chicago Financial Executives International (FEI) 2015 CFO of the Year award, speaks about how collaboration with the like-minded specialists of Baker Tilly and of other Baker Tilly International member firms is critical in East Balt’s efforts to mitigate internal audit risk in the areas of ethics and the Foreign Corrupt Practices Act (FCPA).

East Balt is a private-equity-owned industrial bakery enterprise with 23 bakeries in 12 countries supplying restaurant chains with high-quality buns and artisan rolls. With such a global reach as East Balt, it made sense for them to find a Valued Business Advisor that had a local presence in all the countries they serve to function as their internal audit department. Baker Tilly collaborated with East Balt’s management team to develop an internal audit function that aligned with the company’s strategy and global footprint, including a multi-year internal audit plan, location-specific operational and strategic audits, anti-fraud procedure and training projects, and assisting with ongoing enterprise risk management initiatives. Approachability, food processing knowledge, and international reach were cited as important areas in East Balt’s consideration and ultimate selection of Baker Tilly.