Detecting and Preventing Accounts Payable Fraud

01:00 PM ET | 10:00 AM PT | 12:00 PM CT Duration 90 Minutes

This activity has been approved for 1.5 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org

"The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval."

Providing cost-effective anti-fraud controls to protect against the growing army

Description

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.

Why should one attend

Businesses suffer an average of $155,000 every time an insider commits fraud according to the Association of Certified 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 a rate 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 all kinds, including small businesses and non-profits, and determine how shrewd fraudsters abuse the AP process to 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 financial records and will assist in providing cost-effective anti-fraud controls to protect against the growing army of fraudsters both inside and outside their organizations.

Areas Covered

•       Billing schemes by outside AND internal perpetrators
•       Check fraud threats
•       ACH fraud
•       Information security risks
•       Kickbacks, bribery and other corruption
•       Conflict of Interest
•       Red flags of AP fraud
•       Detecting best practices
•       Proven anti-fraud controls for AP

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

Industries who can attend

This 90 minute online course is intended for professionals in the Banking and finance Industry


Speaker Profile

Peter Goldmann

Peter Goldmann is President of FraudAware LLC, leaders in customized anti-fraud training — online and on-site — for organizations of all kinds.

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 and ethics 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.

FraudAware courses, which are customized for individual corporate, non-profit and government agency clients, reinforces organizations’ whistleblowing programs by enabling employees to detect fraudulent 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 detection and prevention workshops and webinars for internal auditors, attorneys, HR executives and compliance officers at Fortune 500 companies and large not-for-profit organizations. He has also been a guest lecturer for college accounting and auditing courses.

He is also the developer of a series of fraud detection and prevention Webinars co-presented with AuditNet.org. These Webinars cover auditing for accounts payable fraud, auditors’ responsibility for detecting and preventing fraud, auditing for financial statement fraud, and others.

Peter has 25 years of experience as a business journalist and trainer, having launched, edited and published numerous business trade periodicals covering small business, internationa

Back to Top