Accounts Payable Fraud - Detecting and Preventing AP Fraud

Learning Objectives:

Participants will learn how to

• 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/information technology tools and low-cost internal controls.
• Recommend better anti-fraud management structure (Board of Directors/Executive Management, Line Management, Compliance, General Counsel, etc.)

Areas Covered in the Webinar:

INTRODUCTION

• Statistical overview of the fraud problem
• Who commits fraud
• Why employees commit fraud (The Fraud Triangle)
• Lessons from fraudsters

COMMON TYPES OF AP FRAUD TODAY

• Vendor/billing fraud schemes
• Check fraud and tampering
• ACH fraud
• Fraudulent AP financial reporting
• Kickbacks/bribery
• Conflicts of interest
• P-Card fraud

RED FLAGS OF AP FRAUD

• Conducting a Fraud Risk Assessment and Recognizing the Red Flags of Internal Fraud
• The Fraud Risk Mitigation Cycle
• Implementing an organization-wide system for detecting, preventing and investigating fraud

FRAUD DETECTION

• How Frauds Are Most Often Detected
• Additional General Detection Methods
• Data Mining/Analytics for fraud detection
• Examples of Fraud Audit Techniques at Work

ANTI-FRAUD CONTROLS FOR AP

• Internal Controls and Other Fraud Prevention Measures:
• Who Should Manage Anti Fraud Activities for AP
• Internal Controls: Do's and Don'ts
• General controls: Segregation of Duties, Delegation of Authority, Background Investigation
• Specific AP Operations-Level Controls.

Who Will 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