Detecting And Preventing Accounts Payable Fraud

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.

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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 on Auditing is recommended for CPAs, CMAs, CFEs, CFF, CIA, CRMA, CVA, and other professionals who desires to help prevents Accounts Payable fraud
• This Online CPE webinar is also recommended for CPAs in Canada who wants to help their clients better manage the internal control for Accounts Payable

Who Should Attend?

Webinar Qualifies For

• 1 CPD Credit of Auditing for Chartered Professional Accountant (CPA Canada)
• 1 CPE Credit of Fraud for Certified Valuation Analyst (CVA)
• 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
• 1 CPE Credit of Fraud risks for Certified Internal Auditors (CIA)
• 1 CPE Credit of Fraud Risk Assessment for Certified Fraud Examiner (CFE)
• 1 CPD Credit of Fraud prevention, detection and response for Certified Financial Forensics (CFF)
• 1 CPE Credit for Certification in Risk Management Assurance (CRMA)
• 1 CPE Credit for Master Analyst In Financial Forensics (MAFF)
• 1 CPE Credit of Fraud 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
• 1 CPD Credit for CA - ICAEW
• 1 CPD Credit for Chartered Certified Accountants (ACCA)
• 1 CPD Credit for Chartered Accountants - Ireland (CAI)
• 1 CPD Credit for Chartered Accountants - Scotland
• 1 CPD Credit for CPA - Ireland
• 1 CPE Credit for Certified Government Financial Manager (CGFM)
• 1 CRE Credit of Detect and mitigate fraud for Certified Treasury Professional (CTP)

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