How to Detect & Prevent Expense Reimbursement Fraud and Protect Your Organization

Duration: 100 Minutes
One of the easiest ways to steal from a company is through expense reimbursements. This course is designed to review expense reimbursement frauds. We will review various methodologies for detecting expense reimbursement fraud and will discuss developing internal controls to help prevent and detect expense reimbursement fraud.

Detecting and Preventing Employee Fraud
Instructor: Robert Minniti
Product ID: 506638
Examples of actual frauds will be provided so participants can understand how the frauds are being committed and how they were uncovered.

Objectives of the Presentation
  • Review methodologies for detecting expense reimbursement fraud
  • Design internal controls to prevent and detect expense reimbursement fraud
  • Identify the types of occupational frauds occurring most frequently
  • Recognize which industries have the most expense reimbursement fraud per the ACFE
  • Evaluate the most common source of fraud tips
  • Identify what duplicate receipts are an example of
  • Recognize how employees commit expense reimbursement fraud
  • Differentiate components of the COSO Framework for Internal Control
  • Identify the types of occupational fraud which has the longest duration before detection
  • Recognize the most common way occupational fraud is discovered
  • Differentiate which expense reimbursement frauds are used
  • Identify how to detect expense reimbursement frauds
  • Recognize red flags for expense reimbursement fraud
  • Identify risks for expense reimbursement fraud
  • Describe control environments and activities
  • Recognize information and communication control
  • Identify monitoring controls
Why Should you Attend
Employees who have the opportunity to exploit weaknesses in your organization's expense reimbursement processes and procedures can do so. Moreover, anti-fraud experts agree that expense reimbursement fraud can be one of the most difficult types of employee crime to detect and prevent. That is in large part due to the extraordinary variety of ways in which such crimes can be committed and the trust most companies have in their employees.

This webinar will summarize different types of expense reimbursement frauds including several "real life" examples. We will discuss how to identify the red flags of expense reimbursement fraud, offer specific fraud detection techniques and review anti-fraud internal controls.

By attending this Webinar, you will learn how vulnerable your organization may be to expense reimbursement frauds. You'll learn about the common and not-so-common ways that these frauds are perpetrated and, you'll learn how to detect the red flags of these schemes, how to detect them and how to strengthen your controls to prevent and detect expense reimbursement frauds.

Areas Covered
  • Describe the "fraud triangle"
  • List the common types of expense reimbursement fraud schemes, including:
    • Overstated expenses
    • Fictitious expenses
    • Unauthorized expenses
    • Misuse of company assets
    • Double billing
    • Altered receipts
  • Identify methods for detecting expense reimbursement fraud, including:
    • Data analytics
    • Invoice and receipt reviews
    • Vacation and holiday reviews
    • Benford's Law
    • Random price checks
    • Ratio analysis
    • Outlier searches
    • Itemization reviews
  • Recognize red flags, including:
    • Sequential invoice or receipt numbers
    • Excessive cash payments
    • Missing original receipts
    • Employee behaviors
    • Delayed submissions
  • Implement internal controls that prevent and detect expense reimbursement fraud, including:
    • Risk analysis
    • A controlled environment
    • Controlled activities
    • Improved training and communication
    • Monitoring
Who will Benefit
This Webinar will benefit:
  • Accounting and audit practitioners
  • HR managers, business owners, business managers
  • Senior financial management seeking to reduce their vulnerability to costly frauds
  • Payables specialists
  • Procurement managers
  • Compliance and ethics managers
  • CEOs, CFO's/senior financial managers
  • Security Personnel/Fraud Investigators and Examiners
  • Corporate accountants, government accountants and risk management personnel
Topic Background
Expense reimbursement fraud-encompassing the myriad forms of employee travel and entertainment (T&E) schemes as well as Purchasing Card (P-Card) fraud-cost organizations hundreds of thousands, if not millions of dollars per year.

Expense reimbursement fraud schemes are among the most common types of fraud, accounting for 14% of all asset misappropriation fraud schemes, according to the 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE).

While many of these schemes are considered "immaterial"-such as claiming reimbursement for a personal meal, charging a pay-per-view movie to a business-related hotel bill or inflating the cost of a taxi ride, management should not underestimate the cumulative cost of these thefts.
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How it works
Live Session - How it works
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  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
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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
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Bob Minniti is the President and Owner of Minniti CPA, LLC. Bob is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator. Bob is currently pursuing a doctoral degree in business administration at Walden University.

Bob is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, real estate financing, internal control development, business continuation planning, risk management, financial forecasting and Sarbanes-Oxley compliance work. Bob is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants. Bob served on the American Board of Forensic Accounting for 5 years the final two years as Chairman of the Board. He also served on the Board of the American College of Forensic Examiners for two years. Bob is a professor teaching graduate and undergraduate courses in accounting, fraud examination, fraud criminology, ethics, forensic accounting, external audit, internal audit, tax, and real estate finance at DeVry University, Grand Canyon University, Northwestern University, and the University of Phoenix.


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