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 insiders and vendors have created newer and craftier methods of stealing from organizations by exploiting control weaknesses in the AP function.
Result: 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 AP 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 tests and methodologies 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.
This webinar will guide you through each of these critical steps, leaving you with practical “how-to” guidance for minimizing your organization’
Why Should you Attend:
Businesses suffer an average of $155,000 every time an insider commits fraud according to the Association ofCertified Fraud Examiners. More disturbing: Billing schemes (perhaps the most common form of AP fraud in the financial industry) are by far the most common fraud schemes threatening organizations, making up nearly one-third of the total. Adding to the problem, check fraud is rising at arate of 25% per year and criminals are coming up with new high-tech ways of hijacking corporate ACH(Automated Clearing House) accounts. Participants will learn how to identify varieties of AP-related fraud schemes damaging organizations of allkinds, including small businesses and non-profits, and determine how shrewd fraudsters abuse the AP processto embezzle funds for years before being detected—and how to shorten the time before discovery.
The webinar will enable them to quickly recognize the red flags of AP fraud in your operations and financialrecords and will assist in providing cost-effective anti-fraud controls to protect against the growing armyof fraudsters both inside and outside their organizations.
Objectives of the Presentation:
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/informationtechnology tools and low-cost internal controls
Recommend better anti-fraud management structure (Board of Directors/Executive Management, LineManagement, Compliance, General Counsel, etc.)
Who can Benefit:
Internal and External Audit Professionals
Accounting and Audit Practitioners
Senior Financial Management seeking to reduce their vulnerability to costly frauds
Procurement and Payables Specialists
Compliance and Ethics Managers
CFO’s/Senior Financial Managers