Accounts Payable Fraud: Detection and Prevention Best Practices

Duration: 90 Minutes
Accounts Payable (AP) is the one business function that, in many organizations, is more vulnerable to fraud than any other. That is because all funds that flow out of the organization must first pass through AP. And over time, dishonest insiders and vendors have created newer and craftier methods of stealing from organizations by exploiting control weaknesses in the AP function.
Accounts Payable Fraud
Product ID: 500244

Result: It is more important than ever for management to allocate professional and financial resources to eliminating these control weaknesses. This almost always starts with learning about the types of AP fraud that can victimize your organization. It is then necessary to determine if proper controls are already in place to prevent such crimes from occurring. From there, internal audit plans must be adjusted to include tests and methodologies for identifying the red flags of possible AP fraud. This enables management to initiate further examination of suspicious findings and ultimately to apprehend offenders and remediate control weaknesses.

This webinar will guide you through each of these critical steps, leaving you with practical “how-to” guidance for minimizing your organization’s exposure to AP fraudsters.

Why Should you Attend:
Businesses suffer an average of $155,000 every time an insider commits fraud according to the Association ofCertified Fraud Examiners. More disturbing: Billing schemes (perhaps the most common form of AP fraud in the financial industry) 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 arate of 25% per year and criminals are coming up with new high-tech ways of hijacking corporate ACH(Automated Clearing House) accounts. Participants will learn how to identify varieties of AP-related fraud schemes damaging organizations of allkinds, including small businesses and non-profits, and determine how shrewd fraudsters abuse the AP processto embezzle funds for years before being detected—and how to shorten the time before discovery.

The webinar will enable them to quickly recognize the red flags of AP fraud in your operations and financialrecords and will assist in providing cost-effective anti-fraud controls to protect against the growing armyof fraudsters both inside and outside their organizations.

Objectives of the Presentation:
  • 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/informationtechnology tools and low-cost internal controls
  • Recommend better anti-fraud management structure (Board of Directors/Executive Management, LineManagement, Compliance, General Counsel, etc.)
Who can 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
$300
Recorded Session for one participant
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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Instructor Profile:
Peter Goldmann is President of FraudAware LLC,the publisher of White-Collar Crime Fighter, a widely read bi-monthly newsletter for internal auditors, controllers, corporate counsel, financial operations managers and investigators. The newsletter is in its 15th year of publication under Peter's leadership. Peter is the author of Fraud in the Markets: Why it Happens and How to Fight It, published by John Wiley &Sons. The book is an in-depth account of the role that fraud played in bringing about the financial crisis of 2008. Peter is also the author of four other anti-fraud books covering accounts payable fraud, accounts receivable fraud, as well as two workbooks on fraud and cyber-risk and control, also published by Wiley.

Peter also developed FraudAware, the leading fraud and cyber-crime awareness training program. A user-friendly learning tool, FraudAware uses seminar, Webinar and E-Learning formats to train employees and managers at all levels in how to detect, prevent and report incidents of fraud, information theft and other forms of financial and electronic suspicious conduct.

FraudAware courses, which are customized for individual corporate, non-profit and government agency clients, reinforces organizations' whistleblowing programs by enabling employees to detect illegal activity that can then be reported to supervisors or managers or by using the organization's confidential hotline in accordance with established policy.

In addition, Peter has conducted numerous on-site fraud and cyber-crime detection and prevention workshops for internal auditors, attorneys, HR executives and compliance officers at Fortune 500 companies including Siemens Corp., Marriott International, Sony Denny's Corp,as well as large not-for-profit organizations. He has also been a guest lecturer for college accounting and auditing courses.

Peter 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, cyber-crime (Cyber-Crime Fighter) 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).

He has been a columnist for the ACFE's newsletter, The Fraud Examiner and is a frequent contributor to other leading industry publications on anti-fraud and cyber-crime topics. He has appeared on Fox Business News, The Wall Street Journal This Morning, The New York Times and Internal Auditor magazine.

Peter holds a Bachelor's degree from the University of Michigan and a Master's from the London School of Economics.
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