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Expense Reimbursement Fraud: Detection, Prevention and Deterrence
INTRODUCTION
- Statistical overview of the fraud problem generally, and T&E fraud specifically
- Who commits fraud
- Why employees commit fraud (The Fraud Triangle)
- Lessons from T&E fraudsters
COMMON TYPES OF EXPENSE REIMBURSEMENT FRAUD TODAY
- Falsifying T&E reimbursement schemes w/ bogus receipts
- Submitting T&E 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 T&E 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 T&E Fraud Prevention Measures
- Who Should Manage Anti-Fraud Activities
- Internal Controls: Dos and Don’ts
- General controls: Segregation of Duties, Delegation of Authority, Background Investigation
- Specific Expense reimbursement controls and deterrents
Overview of the webinar
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% of all employee fraud. While many of these schemes are considered a cumulative cost of these thefts.
This web session 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.
Who should attend?
- 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
- CFOs
- Security Personnel
Why should you 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.
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.