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Accounts Payable Fraud - Detecting and Preventing AP Fraud - Webinar

  • ID: 4871992
  • Webinar
  • June 2019
  • Region: Global
  • 90 Minutes
  • Compliance Online
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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.
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  • FDA and EU requirements for analytical instrument qualification.
  • Most common inspection problems.
  • Terminology, scope and principles of the new USP chapter.
  • AIQ and its relation to method validation, system suitability testing and quality control checks.
  • Essential steps for AIQ: DQ, IQ, OQ, PQ
  • Purpose and contents of equipment qualification phases: design qualification, installation qualification, operational qualification, performance qualification.
  • Recommendations for firmware and software validation.
  • Roles and responsibilities: QA, manufacturer, user.
  • Approach for automated systems (incl. firmware/computer systems).
  • Requalification after equipment changes (move, repair, firmware upgrade, hardware upgrade)
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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.
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