Audit kicks offs are a team building exercise in disguise. They allow you to collaborate with the team and can give you insight on other team members potential strengths and weaknesses. 

A little bit of both in my opinion, if they’re done right, then they should be both… but a little too often you find yourself sitting in conference all day with certain team members excluded (who shouldn’t be - i.e., staff)… so, it's a bit hit-or-miss in my experience. I find that the most successful ones are the ones that are led by executives who appreciate the importance of it but also empower everyone in the room and get them engaged.