Detecting and Preventing Accounts Payable Fraud

  • Accountant
  • CPA (CA)
  • CRMA
  • CPA/CFF
  • CFE
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course 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 which controls are already in place to prevent such crimes. From there, internal audit plans can 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 CPE webinar will guide you through each of these critical steps, leaving you with practical “how-to” guidance for minimizing your organization’s exposure to AP fraudsters with the following key topics:

This online webinar will emphasis on following key topics:

  • Statistical overview of the fraud problem
  • Who commits fraud  
  • Lessons from AP fraudsters
  • COMMON TYPES OF AP FRAUD TODAY
  • Vendor/billing fraud schemes
  • Check fraud and tampering
  • ACH fraud
  • AP-vendor collusion
  • Vendor Email Compromise (VEC)
  • Kickbacks/bribery
  • Conflicts of interest
  • FRAUD DETECTION
  • How to Identify the Red Flags of AP fraud schemes 
  • Additional General Detection Methods 
  • Data analytics and automated auditing  for fraud detection
  • Examples of fraud audit techniques at work 
  • ANTI-FRAUD CONTROLS FOR AP
  • Internal Controls and Other Fraud Prevention Measures:
  • Who Should Manage Anti-Fraud Activities for AP
  • Internal Controls: Dos and Don’ts
  • General controls: Segregation of Duties, Delegation of Authority, Background Investigation
  • Specific AP Operations-Level Controls.

Learning Objectives

  • To explore the “mechanics” of the most commonly committed AP frauds
  • To implement effective AP fraud detection techniques and implement automated audit practices to detect red flags of AP fraud
  • To explore how to implement best-practice Anti-Fraud Control strategies for AP
  • To advise management on fraud risk mitigation through transaction monitoring, technology/information technology tools and low-cost internal controls
  • To recommend better anti-fraud management structure (Board of Directors/Executive Management, Line Management, Compliance, General Counsel, etc.)

Recommended For

  • This online CPE webinar is recommended for CPAs, CMAs, Senior Accountants, Accountants, Accounting staff working for Accounts Payables, and business owners.

Who Should Attend?

  • Accounting and audit managers/practitioners
  • AP managers
  • Auditors
  • Certified Fraud Examiner
  • Certified Management Accountant (CMA)
  • Certified Valuation Analysts
  • CFO/Controller
  • Compliance and ethics managers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Procurement managers and staff
  • Security personnel

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 1 CPD Credit for Certified Financial Forensics (CFF)
  • 1 CPE Credit for Certified Fraud Examiner (CFE)
  • 1 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 1 CPE Credit for Certified Management Accountants (CMA)
  • 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1 CPE Credit for Certified Valuation Analyst (CVA)
  • 1 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 1 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Intermediate
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    Experience In Accounts Payable, Internal Control, Or Auditing

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Peter Goldmann

President, FraudAware

Peter Goldmann is president of FraudAware LLC, the publisher of White-Collar Crime Fighter, a widely read monthly newsletter for internal auditors, controllers, corporate counsel, financial operations managers and fraud investigators. 

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 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 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 numerous webinar sponsoring organizations. These Webinars cover auditing for accounts payable fraud, auditors’ responsibility for detecting and preventing fraud, detecting and preventing business expense fraud, protecting against social media 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, international trade, management strategy, banking and personal finance. He is a member of the Editorial Advisory Committee of the Association of Certified Fraud Examiners (ACFE) as well as an active member of the Institute of Internal Auditors, and the International Association of Financial Crime Investigators (IAFCI).

He has been a regular columnist for the ACFE’s newsletter, The Fraud Examiner and is a frequent contributor to other leading industry publications on anti-fraud 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


Faq

FAQs content

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Detecting and Preventing Accounts Payable Fraud

PREMIUM

1 Credit

Subject Area

Auditing

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