Raising the Bar: How Petra’s Internal Audit Function Strengthens Quality and Accountability

At Petra Funds Group, internal accountability isn’t just a checkbox, it’s a core part of how we deliver exceptional service to our clients. That commitment is reinforced through the work of our internal audit team, whose role is centered on ensuring that Petra consistently meets the high standards we set for ourselves and deliver to clients.

We sat down with Kendall Coleman, Director of Internal Audit, to learn how this function supports our teams, strengthens our operations, and reinforces Petra’s values.

Auditing from the Inside Out

At Petra, quality is our top priority. To maintain consistently high-quality work, we focus heavily on the strength and reliability of our internal processes. This means ensuring that our procedures are not only well-designed and effective but also actively implemented and consistently followed across the organization. This disciplined approach ensures that every client deliverable is backed by operational integrity and every Petra team member has the tools and structure they need to excel.

Two key areas underpin Petra’s internal audit function: adherence and quality. Adherence focuses on whether client deliverables are compliant with the terms of our Engagement Letters— completing all required tasks, following Petra’s established processes and procedures, and operating within our defined standards. Quality looks beyond the checklist, evaluating whether the work we produce not only meets expectations but sets a high bar across the industry.

“These two pillars work hand-in-hand,” Kendall notes. “Together, they help us maintain consistency, accountability, and an exceptional client experience.”

By leading comprehensive internal reviews, the internal audit function ensures that Petra’s processes are operating as designed and that the firm’s work product reflects the quality our clients expect.

A Partner, not a Policymaker

While internal audit teams are sometimes viewed as policing, Petra’s approach is rooted in partnership. “We’re all working toward the same goals. We don’t come in with a red pen—we come in as collaborators,” Kendall says.

When an organization hires the right people—those who are open to growth and committed to excellence—they view feedback as an opportunity, not a threat.  “Many team members have said they appreciate the audit process because it shows that leadership truly cares about quality and wants to support improvement. That kind of feedback reflects the culture we’ve built at Petra.”

Collaboration is key in any role, but it is especially essential in internal audit. Rather than pointing out issues, Kendall and her team work alongside Petra employees to identify solutions that are realistic, effective, and mutually beneficial. As a result of this role, Petra is continuing to invest more deeply in employee training and development. A major focus this year has been building out robust training programs that align with our standards and expectations. This shift not only strengthens individual performance but also reinforces Petra’s commitment to employee growth.

What Sets Petra Apart

While many firms tout quality, few take Petra’s proactive approach to internal accountability. “I haven’t seen another fund administrator with a dedicated role like this—a group focused solely on auditing our own teams to ensure we meet the standards we promote,” Kendall shares.

It’s a unique commitment to quality and transparency. By assigning a role to an experienced team within the organization to regularly assess our adherence to internal processes and client expectations, we demonstrate that we’re serious about excellence.  “It’s about holding ourselves to the same level of accountability that we expect from others.”

As Petra continues to grow, the internal audit function is scaling, too. What began with a focus on fund administration is expanding to include other service lines across the firm.

“We’re constantly reassessing and refining our processes to ensure they can scale without sacrificing the high-touch, white-glove service our clients rely on,” Kendall explains. “This role plays a critical part in that evolution—helping to ensure consistency, quality and accountability across every area of the business.