Given the current business environment, mounting regulatory pressures, and the increased visibility and importance of the accounts payable function, best practices are something with which every professional needs to be conversant. While it has always been good business practice to monitor and manage supplier risks, the stakes have increased in recent years. Now, more than ever, failing to meet regulatory requirements and expectations can mean potentially significant penalties and remediation costs, as well as serious organizational reputational exposures. Integrated into this process is the accounting for, and internal controls over, the Accounts Payable process.
Areas Covered:
- Best Practices Overview
- Verifying Supplier Taxpayer Identification Number (TIN)s
- EPayments and Accounting for them
- Controlling the Master Vendor File Access
- Best Practices in detecting AP Fraud
- How to conduct the effective AP fraud management
- Red Flag and indicators of AP fraud and how to prevent it
- Internal Controls and Other Fraud Prevention Measures
- Vendor/billing fraud schemes
- Fraudulent AP financial reporting
- Evolving Fraud Opportunities and Best Control Practices
- Ensuring Regulatory Compliance
Agenda
DAY 01 (8:00 AM TO 3:00 PM PST)8:00 AM - 8:14 AM: Introduction, Meet & Greet
8:15 AM - 8:59 AM: Best Practices Overview
- Why best practices matter
- Why best practices are changing
- Best and worst practices
- 9:00 AM - 9:44 AM: Verifying Supplier Taxpayer Identification Number (TIN)s
- Verifying TIN information
- IRS TIN Matching
10:00 AM - 10:29 AM: EPayments and Accounting for them
- Phishing and Spoofing
- Business Email Compromise (BEC) Frauds
- Converting vendors to ACH
- Master vendor file best practices
- Vendor Master Analysis
- Good master vendor file access control
- Verifying master vendor file updates
- Fraud Defined
- Software to Detect Fraud
- Using CAATS to detect fraud
- Benford Analysis
12:30 PM - 12:59 PM: How to conduct the effective AP fraud management
- Pervasive Control Deficiencies
- Establishing Proper Environment
- Lifestyle Probes
- Red Flags in Purchasing/Inventory
- Accounts Payable Fraud Red Flags
- Source Documents Fraud Symptoms
2:00 PM - 2:29 PM: Internal Controls and Other Fraud Prevention Measures
- General Controls over Acquisitions
- Processing checks Best Procedure
- Vendor Allowances
DAY 02 (8:00 AM TO 3:00 PM PST)
8:00 AM - 8:14 AM: Day1 Review
8:15 AM - 8:59 AM: Vendor/billing fraud schemes
- Bribes and kickbacks.
- Bid rigging.
- Defective pricing.
- Phantom vendors
- Product substitution.
- Cost mischarging.
- Contract specification failures.
- Duplicate, false, or inflated invoices.
- Split purchases.
- Unnecessary purchases
10:00 AM - 10:29 AM: Fraudulent AP financial reporting
- Life Cycle of Purchases
- Defining Financial Statement Fraud
- Centralize your Accounts Payable processing and reporting
- Threats within attacks
- External threats
- Cybersecurity
- Money Laundering
- Implementing Effective Preventative Measures
- Fraud-combating Strategy
- Techniques to Discourage Fraud
- Using Data Analytics
12:30 PM - 12:59 PM: The changing Regulations
- Governance and Control Models
- National and International regulations
- Penalties and avoidance
- The Taxonomy of Fear
- Data Analysis and Data Mining
- Keeping abreast of changes
2:00 PM - 2:29 PM: Course Summary and Lessons Learned
- Building a structured Architecture
- Where do we start
Course Provider
Mr Richard Cascarino,
CEO ,
Richard Cascarino & Associates Africa and USARichard E. Cascarino, MBA, CIA, CISM, CFE, CRMA Well known in international auditing, Richard is a principal of Richard Cascarino & Associates based in Colorado, USA and Johannesburg, South Africa with over 32 years experience in audit training and consultancy.
He is a regular speaker to National and International conferences and has presented courses throughout Africa, Europe, the Middle East and the USA.
Richard is a Past President of the Institute of Internal Auditors in South Africa, was the founding Regional Director of the Southern African Region of the IIA-Inc and is a member of ISACA, and the Association of Certified Fraud Examiners, where he is a member of the Board of Regents for Higher Education.
Richard was Chairman of the Audit Committee of Gauteng cluster 2 (Premier's office, Shared Services and Health) in Johannesburg and is currently the Chairman of the Audit and Risk Committee of the Department of Public Enterprises in South Africa.
He is also a visiting Lecturer at the University of the Witwatersrand, author of the book Internal Auditing - an Integrated Approach, published by Juta Publishing and now in its 3rd edition. This book is extensively used as a university textbook worldwide. In addition, he is the author of the "Auditor's Guide to IT Auditing" published by Wiley Publishing, now in its 2nd edition and the book "Corporate Fraud and Internal Control: A Framework for Prevention", also Wiley Publishing. He is also a contributor to all 4 editions of QFINANCE, the UItimate Resource, published by Bloomsbury and is the author of "Data Analytics for Internal Auditors" published in 2017 by Auerbach.
Who Should Attend
- Accounts payable manager
- Accounts payable director
- Accounts payable supervisor
- Accounting manager
- Controller
- Assistant controller
- Accounts payable associate
- Accountant
- Accounting manager
- Disbursements manager
- Assistant accounts payable manager
- Payment professionals
- Cash managers
- Treasury professionals
- Internal and External Auditors
- Fraud Investigators
