Accounts Payable Fraud - Ensuring controls for Detecting and Preventing

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					Accounts Payable Fraud - Detecting and Preventing AP Fraud
This 90-minute webinar will guide you through the critical steps in ensuring strong controls for the
accounts payable (AP) function and provide practical 'how to' guidance for minimizing your
organization’s exposure to AP fraudsters.



Description


Why Should You Attend:


According to the Association of Certified Fraud Examiners, businesses suffer an average of $155,000
every time an insider commits fraud. More disturbing: Billing schemes are by far the most common
fraud schemes threatening organizations, making up nearly one-third of the total. Adding to the
problem, check fraud is rising at a rate of 25% per year and criminals are coming up with new high-
tech ways of hijacking corporate ACH (Automated Clearing House) accounts.


In this 90-minute session, participants will learn how to identify the different varieties of AP-related
fraud schemes damaging organizations of all kinds, including small businesses and non-profits. You
will learn to determine how shrewd fraudsters abuse the AP process to embezzle funds for years
before being detected and how to shorten the time before discovery. This training will enable you to
quickly recognize the red flags of AP fraud in your operations and financial records and will assist in
providing cost-effective anti-fraud controls to protect against the growing army of fraudsters both
inside and outside your organizations.


Learning Objectives:


Participants will learn how to


        Conduct a quick and cost-effective Fraud Risk Assessment for client AP operations.
        Implement effective AP fraud detection techniques and build audit practices to detect red flags
        of AP fraud.
        Implement best-practice Anti-Fraud Control strategies for AP.
        Advise management on fraud risk mitigation through transaction monitoring,
        technology/information technology tools and low-cost internal controls.
        Recommend better anti-fraud management structure (Board of Directors/Executive
        Management, Line Management, Compliance, General Counsel, etc.)
Areas Covered in the Seminar:


INTRODUCTION


      Statistical overview of the fraud problem
      Who commits fraud
      Why employees commit fraud (The Fraud Triangle)
      Lessons from fraudsters


COMMON TYPES OF AP FRAUD TODAY


      Vendor/billing fraud schemes
      Check fraud and tampering
      ACH fraud
      Fraudulent AP financial reporting
      Kickbacks/bribery
      Conflicts of interest
      P-Card fraud


RED FLAGS OF AP FRAUD


      Conducting a Fraud Risk Assessment and Recognizing the Red Flags of Internal Fraud
      The Fraud Risk Mitigation Cycle
      Implementing an organization-wide system for detecting, preventing and investigating fraud


FRAUD DETECTION


      How Frauds Are Most Often Detected
      Additional General Detection Methods
      Data Mining/Analytics for fraud detection
      Examples of Fraud Audit Techniques at Work


ANTI-FRAUD CONTROLS FOR AP


      Internal Controls and Other Fraud Prevention Measures:
      Who Should Manage Anti Fraud Activities for AP
      Internal Controls: Do's and Don'ts
      General controls: Segregation of Duties, Delegation of Authority, Background Investigation
      Specific AP Operations-Level Controls.
Who Will Benefit:


        Internal and external audit professionals
        Accounting and audit practitioners
        AP managers
        Senior financial management seeking to reduce their vulnerability to costly frauds
        Procurement and payables specialists
        Compliance and ethics managers
        CFO's/senior financial managers
        Security personnel


Instructor Profile:


Peter Goldmann, has 25 years of experience as a business journalist and trainer, having launched,
edited and published numerous business trade periodicals covering small business, international trade,
management strategy, banking and personal finance. He is a Certified Fraud Examiner (CFE) and a
member of the Editorial Advisory Committee of the Association of Certified Fraud Examiners (ACFE) as
well as an active member of the Institute of Internal Auditors, the High-Tech Crime Investigation
Association and the IOFM Controller Certification Advisory Board. He is a regular columnist for the
ACFE’s newsletter, The Fraud Examiner and is a frequent contributor to other leading industry
publications on anti-fraud topics. He has appeared on Fox Business News, The Wall Street Journal This
Morning, The New York Times and Internal Auditor magazine. Peter Goldmann is president of White-
Collar Crime 101 LLC, the publisher of White-Collar Crime Fighter, a widely read monthly newsletter
for internal auditors, controllers, corporate counsel, financial operations managers and fraud
investigators. Peter is the author of Fraud in the Markets: Why it Happens and How to Fight It,
published by John Wiley & Sons, as well as four other anti-fraud books. Peter also developed
FraudAware, a leading fraud awareness training program

				
DOCUMENT INFO
Description: Detecting and preventing accounts payable fraud will guide how to identify the different varieties of AP-related fraud schemes damaging organizations, including small businesses and non-profits,Implement best-practice Anti-Fraud Control strategies for AP.