Vendor Fraud - How to Prevent Them for Large scale Companies | Webinar

Topic ID: 000000197-web

Start Date: Sep 22, 2015

Start Time: 10 AM PST | 1 PM EST

Name of Event: Vendor Fraud - How to Prevent Them for Large scale Companies | Webinar

Details: Accounts Payable (AP) is the one business function that, in many organizations, is more vulnerable to fraud than any other. That is because all funds that flow out of the organization must first pass through AP. And over time, dishonest vendors have created newer and craftier methods of stealing from organizations by exploiting control weaknesses in the AP function.

It is more important than ever for management to allocate professional and financial resources to eliminating these control weaknesses. This almost always starts with learning about the types of vendor-perpetrated schemes fraud that can victimize your organization. It is then necessary to determine if proper controls are already in place to prevent such crimes from occurring. From there, internal audit plans must be adjusted to include testing for identifying the red flags of possible AP fraud. This enables management to initiate further examination of suspicious findings and ultimately to apprehend offenders and remediate control weaknesses.

Areas Covered In The Session:

Introduction
Statistical overview of the fraud problem
Who commits vendor fraud
Lessons from fraudsters
Common Types of Vendor Fraud Today
Billing fraud schemes
Shell company schemes
Vendor master file schemes
Double billing schemes
Internal manipulation of vendor master file
Internal perpetration of shell company/pass-through vendor schemes
Kickbacks/bribery
Conflicts of interest
Red Flags of Vendor Fraud
Conducting a fraud risk assessment and recognizing the red flags of vendor and collusive fraud
The fraud risk mitigation cycle
Implementing an organization-wide system for detecting, preventing and investigating fraud
Fraud Detection
How vendor 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 Vendor Fraud
Internal controls and other fraud prevention measures
Who should manage anti-fraud activities for AP
Internal controls: Dos and Don’ts
General controls: Segregation of duties, delegation of authority, background investigation
Specific AP Operations-level controls for foiling vendor schemes.

Speaker: Peter Goldmann, has 25 years of experience as a business journalist and trainer, having launched, edited and published numerous business trade periodicals covering small business, international trade, management strategy, banking and personal finance. He is a Certified Fraud Examiner (CFE) and a member of the Editorial Advisory Committee of the Association of Certified Fraud Examiners (ACFE) as well as an active member of the Institute of Internal Auditors, the High-Tech Crime Investigation Association and the IOFM Controller Certification Advisory Board. He is a regular columnist for the ACFE’s newsletter, The Fraud Examiner and is a frequent contributor to other leading industry publications on anti-fraud topics. He has appeared on Fox Business News, The Wall Street Journal This Morning, The New York Times and Internal Auditor magazine. Peter Goldmann is president of White-Collar Crime 101 LLC, the publisher of White-Collar Crime Fighter, a widely read monthly newsletter for internal auditors, controllers, corporate counsel, financial operations managers and fraud investigators. Peter is the author of Fraud in the Markets: Why it happens and How to fight it, published by John Wiley & Sons, as well as four other anti-fraud books. Peter also developed FraudAware, the leading fraud awareness training program. A user-friendly learning tool, FraudAware uses workshop, Webinar and E-Learning formats to educate employees and managers at all levels in how to detect, prevent and report incidents of fraud or suspicious conduct.

For more details call Complystream at: (+1) 844 498 6361