Objectives of the Presentation
There are several approaches you can try to tighten up your A/P operations and thereby perform an internal audit; which in itself will be fruitful for future audits and investigations. These approaches require some data gathering, procedural changes, and employee education. However, the implementation of these changes should not be a burden to you, your staff, or the company.
Why Should you Attend
Internal fraud is has been around long before Sarbanes-Oxley and will be with us when we retire. According to the Association of Certified Fraud Examiners (ACFE), it is estimated that 5% of all revenue is lost to occupational fraud every year. Fraud is not completely preventable but there are steps you can take to systemically prevent and detect fraud on an ongoing basis.
This webinar will discuss several key areas to investigate, how to uncover fraud, and put a plan in place to prevent it going forward. We will cover duplicate payments where a simple quarterly scan can uncover potential issues. By identifying some strategic areas to review, you can educate your staff on what to look for and modify some applications, either internal or vendor developed, to identify potential hazards. With these two steps alone, you may be able to pinpoint leakages that otherwise may go unnoticed.
Other items discussed will be abnormal payment volumes, check /wire amounts, addresses, and the like. These steps can be taken to monitor, detect, and mitigate fraud in accounts payable.
Who will Benefit
- Data gathering
- Establishing the scope and objectives
- Assessing your risk and resources
- Quality of policies, procedures, and limits
- Risk assessment for specific payment types
- Specific incidences to research
- Management approach
- Accounts Payable Managers
- Payments professionals
- Operations managers
- Cash management product and sales staff
- Treasury managers
- Commercial bankers
- Corporate treasury professionals
- Payments network providers
- Payments processors