Procure-to-Pay Fraud: Detecting and Preventing Purchasing, Receiving and Disbursement Frauds

  • Speaker:Peter Goldmann
  • Date: 29th May 2018 10:00 AM PST | 01:00 PM EST
  • Duration:90Min
  • Product Code:GRC-90316

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NASBA

Group Internet Based | 1.5 (1 CPE for 50 minutes) | Accounting  (1.5 CPE) / Finance (1.5 CPE)Intermediate | Prerequisites - Comfortable working with Excel; some knowledge of sort and filter is helpful, but not required | No advance preparation

Description:

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 P2P cycle 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.

Anti-fraud experts urge a proactive, comprehensive P2P anti-fraud approach. It should be include assessing fraud risks in all three phases ... conducting regular audits that comprise testing for these risks and ... following up with effective internal control design and monitoring.

Why you should attend:
Fraud is growing by a staggering 20 percent 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.

This underscores the urgent need for management to understand the vast variety of frauds in P2P and to apply the necessary detection, audit, reporting and prevention measures.

Participants will be able to:

  • 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 Should Attend:

  • 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
  • CFO’s/senior financial managers
  • Security personnel

Partial Course Agenda

INTRODUCTION

  • 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 of the P2P Cycle
  • Audit techniques to identify P2P fraud red flags
  • Digging deeper for indicators of actual fraud
  • Reporting to Management
  • Remediating internal control deficiencies in the P2P process
  • Case studies of procurement, receiving and disbursement fraud
Instructor Profile:

Peter Goldmann is President of FraudAware LLC, the publisher of White-Collar Crime Fighter, a widely read bi-monthly newsletter for internal auditors, controllers, corporate counsel, financial operations managers and investigators. The newsletter is in its 15th year of publication under Peter’s leadership.

Peter is the author of Fraud in the Markets: Why it Happens and How to Fight It, published by John Wiley & Sons. The book is an in-depth account of the role that fraud played in bringing about the financial crisis of 2008.
Peter is also the author of four other anti-fraud books covering accounts payable fraud, accounts receivable fraud, as well as two workbooks on fraud and cyber-risk and control, also published by Wiley.

Peter also developed FraudAware, the leading fraud and cyber-crime awareness training program. A user-friendly learning tool, FraudAware uses seminar, Webinar and E-Learning formats to train employees and managers at all levels in how to detect, prevent and report incidents of fraud, information theft and other forms of financial and electronic suspicious conduct.

Fraud Aware courses, which are customized for individual corporate, non-profit and government agency clients, reinforces organizations’ whistleblowing programs by enabling employees to detect illegal activity that can then be reported to supervisors or managers or by using the organization’s confidential hotline in accordance with established policy.

In addition, Peter has conducted numerous on-site fraud and cyber-crime detection and prevention workshops for internal auditors, attorneys, HR executives and compliance officers at Fortune 500 companies including Siemens Corp., Marriott International, Sony Denny’s Corp, as well as large not-for-profit organizations. He has also been a guest lecturer for college accounting and auditing courses.

Peter 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, cyber-crime (Cyber-Crime Fighter) 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).

He has been a columnist for the ACFE’s newsletter, The Fraud Examiner and is a frequent contributor to other leading industry publications on anti-fraud and cyber-crime topics. He has appeared on Fox Business News, The Wall Street Journal This Morning, The New York Times and Internal Auditor magazine. Peter holds a Bachelor’s degree from the University of Michigan and a Master’s from the London School of Economics.

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