For many organizations, the procure-to-pay cycle offers extensive opportunity for increased operational efficiency. However, it also provides potentially numerous opportunities for fraudsters to exploit control deficiencies in all three stages, purchasing, receiving and disbursements.
One common management mistake in the Purchase-to-Pay process is adhering to a reactive anti-fraud posture. A criminal act committed in, for example, the purchasing department through a kickback scheme, may be detected and dealt with on an “emergency” basis. Meanwhile, equally, if not more costly frauds may be going unnoticed in the receiving and account payable areas.
Why Should You Attend:
Fraud is growing by a staggering 20% per year, according to the respected international fraud investigation firm, Kroll. The majority of all fraud, according to the Association of Certified Fraud Examiners is committed by employees.
Because most of the funds flowing out of the organization do so through the procure-to-pay cycle, it stands to reason that much of the growing fraud threat is centered on these critical closely-linked business functions.
Areas Covered in this Webinar:
• Statistical overview of the fraud problem generally, and T&E fraud specifically
• Who commits fraud
• Overview of most common P2P fraud schemes
• Case studies of purchasing, receiving and disbursement fraud
P2P FRAUD DETECTION AND PREVENTION
• Red flags of key P2P frauds
• Conducting a Fraud Risk Assessment report of the P2P Cycle
• Audit techniques to identify P2P fraud red flags
• Digging deeper for indicators of actual fraud
• Reporting to Management
• Understand how the most common procurement, receiving and disbursement fraud are perpetrated, including the latest technology-driven crimes that are costing organizations millions of dollars
• Understand why purchasing, receiving and accounts payable employees commit fraud
• Recognize the all-important red flags of common P2P frauds
• Develop a knowledge base of P2P fraud detection tools and techniques
• Begin creating a framework of effective anti-fraud controls
Who Will Benefit:
• Purchasing Managers and Senior Staff
• Accounts Payable Managers
• Shipping and Receiving/Supply Chain Managers
• Accounting and Audit Practitioners
• CFO’s and Senior Finance Staff
• Internal and External Audit Professionals
• Senior Financial Management seeking to reduce their vulnerability to costly frauds
• Compliance and Ethics Managers
• Security Personnel
Peter Goldmann is founder and President of White-Collar Crime 101 LLC, the parent company of FraudAware and publisher of the monthly newsletter, White-Collar Crime Fighter. Peter has been the Publisher and Editor of White-Collar Crime Fighter for over 12 years and is recognized as a leading expert in the areas of fraud detection, prevention, investigation and training.
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