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Procure-to-Pay Fraud: Detecting and Preventing Purchasing, Receiving and Disbursement Frauds
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
Overview of the webinar
Fraud is growing by a staggering 20% 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.
For many organizations, procure-to-pay cycle offers an 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.
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.
Who should attend?
- Purchasing managers and senior staff
- Accounts payable managers
- Shipping and receiving/supply chain managers
- Accounting and audit practitioners
- CFOs and senior finance staff
- Controllers
- Procurement executives
- Internal and external audit professionals
- Senior financial management seeking to reduce their vulnerability to costly fraud
- Compliance and ethics managers
- Compliance professionals
- CFOs/senior financial managers
- Security personnel
- Internal control professionals
- Finance and accounting management
- Loss prevention and risk specialists
- Security professionals
- Fraud examiners
- Payments professionals
- Procurement/purchasing and payables specialists
Why should you attend?
By attending this webinar Participants will be able to:
- 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
Faculty - Mr.Peter Goldmann
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.
He 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. He 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.
In addition, he has conducted numerous on-site fraud and cybercrime 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.
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) as well as the High-Tech Crime Investigators’ Association (HTCIA). 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.