CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

Detecting and Preventing Accounts Payable Fraud

  • CPA (CA)
  • CRMA
  • CFF
  • CFEs
  • CIA
  • CMA
  • CPA (US)
  • CVA
Detecting and Preventing Accounts Payable Fraud

1 Credit

$10

Subject Area

Auditing

Webinar Qualifies For

1 CPE credit of Auditing for all CPAs

1 CPE credit for Certified Management Accountants (CMA)

1 CPE credit for Certified Internal Auditors (CIA)

1 CPD credit (Verifiable) for Canadian CPAs

1 CPE credit for Certified Fraud Examiners (CFEs)

1 CPE credit for Certification in Risk Management Assurance (CRMA)

1 CPD credit (Verifiable) for CPA/CFF

1 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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.)

Who Should Attend?

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