Employee Expense Reimbursement Fraud: Detection, Prevention and Deterrence

  • Speaker:Peter Goldmann
  • Date: 15th December 2017 10:00 AM PST | 01:00 PM EST
  • Duration:75Min
  • Product Code:GRC-90201

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Expense reimbursement fraud—encompassing the myriad forms of employee travel and entertainment (T&E) schemes as well as Purchasing Card (P-Card) fraud—costs organizations hundreds of thousands, if not millions of dollars per year

According to the Association of Certified Fraud Examiners (ACFE), expense reimbursement frauds result in a median loss of $26,000 per incident and represent 14.5 percent of all employee fraud.

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. 

This webinar will summarize the main types of reimbursement fraud to be alert to, including several “real life” case studies. It will then explain how to identify the red flags of possible reimbursement fraud, offer specific fraud-audit techniques and test for these crimes and conclude with a rundown of proven anti-fraud controls.

Why you should attend:

In one case alone, a senior executive of a major multinational company stole $500,000 by abusing his expense account privileges. While this may not be typical of expense reimbursement fraud, it does illustrate how 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 among 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.

By attending this Webinar, you will learn how vulnerable your organization is to expense reimbursement fraud. You’ll learn about the common and not-so-common ways that these frauds are perpetrated and—most importantly—you’ll learn how to detect the red flags of these schemes, how to audit for them and how to tighten up your controls against them.

Learning Objectives:

Participants will be able to:

•        Understand the many types of travel, entertainment and internal procurement frauds

•        Implement effective expense reimbursement fraud detection techniques and build audit practices to detect red flags of these crimes

•        Implement best-practice Anti-Fraud Control strategies for expense reimbursement fraud

Who Should Attend:

•        Internal and external audit professionals

•        Accounting and audit practitioners

•        HR managers

•        Senior financial management seeking to reduce their vulnerability to costly frauds 

•        Payables specialists

•        Procurement managers

•        Compliance and ethics managers

•        CFO’s/senior financial managers

•        Security personnel

Partial Course Agenda

INTRODUCTION

•        Statistical overview of the fraud problem generally, and Travel and Entertainment fraud specifically

•        Who commits fraud  

•        Why employees commit fraud (The Fraud Triangle)

•        Lessons from Travel and Entertainment fraudsters

COMMON TYPES OF EXPENSE REIMBURSEMENT FRAUD TODAY

•        Falsifying Travel and Entertainment reimbursement schemes w/ bogus receipts

•        Submitting Travel and Entertainment claims multiple times 

•        Abuse of corporate/P-card for personal gain

•        Claiming for expenses just under the limit requiring approval

•        Purchasing more than needed (e.g. office supplies)

•        Exploiting AP/Disbursements control weaknesses

•        P-Card fraud

RED FLAGS OF AP FRAUD

•        Specific red flags of each of the common expense reimbursement frauds

•        The Fraud Risk Mitigation Cycle

•        Implementing an organization-wide system for detecting, preventing and investigating fraud

FRAUD DETECTION

•        How Travel and Entertainment 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 EXPENSE REIMBURSEMENT FRAUD

•        Internal Controls and Other Travel and Entertainment Fraud Prevention Measures:

•        Who Should Manage Anti Fraud Activities 

•        Internal Controls: Do’s and Don’t’s

•        General controls: Segregation of Duties, Delegation of Authority, Background Investigation

•        Specific Expense reimbursement controls and deterrents. 


Instructor Profile: 

Peter Goldmann is president of FraudAware 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 and Sons, as well as four other anti-fraud books. 

Peter also developed FraudAware, the leading employee fraud awareness training program. A user-friendly, customized 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. 

Peter holds a Bachelor’s degree from the University of Michigan and a Master’s from the London School of Economics 

Available Options

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