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
Why Should you Attend
- 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
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.
Who will Benefit
- 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
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
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.