Accounts Payable Fraud - Detecting and Preventing AP Fraud - Webinar (Recorded)

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 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 Webinar:

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.