Detecting Fraud through Vendor Audits

Learning Objectives

• To identify the different types of business relationships that may be subject to a compliance audit.
• To explore the key contractual provisions in your contracts with critical business partners.
• To know what a business partner audit entails and what both parties to the contract can expect from an audit.
• To discuss examples of findings during these audits and the responses.
• To explain the benefits of a business partner compliance program.

Course Description

Does your organization have an established contractual right-to-audit in your purchasing and vendor contracts? 

Auditing vendors and suppliers are critical to deterring and detecting fraud. Doing this ensures that your organization is being treated equitably and is not a victim of fraud.  

This course will help you to develop a solid foundation for vendor audits. This includes crucial information like identifying which vendors to target, how to prepare for a vendor audit, how to identify, gather and audit relevant vendor documentation, and common vendor fraud schemes to look for.

Conducting audits of your critical business partners can help reduce the chances that your organization is a victim of fraud. Additionally, conducting frequent audits puts your business partners on notice that you have a culture of compliance that doesn’t wait until there are problems to invoke audit clauses

Major Topics Covered:

• Understanding the different types of business relationships susceptible to fraud
• Understanding the key contractual provisions in your contracts with critical business partners
• What does a business partner audit entail and what both parties to the contract can expect from an audit
• Examples of findings during these audits and the responses
• Benefits of a Business Partner Compliance Program

Join this CPE Auditing Webinar and equip yourself with essential skills to safeguard your organization against fraud risks, covering topics such as key contractual provisions, audit preparation, fraud detection, and fostering a culture of compliance.

Overview

• Fraud schemes by industry

  5 mins
• Risks associated with your business partner

  17 mins
• Good business partners

  28 mins
• Business partner payment red fflags

  36 mins
• Internal procedures and behaviors to reduce fraud risk

  48 mins
• Examples of business partner audit findings

  56 mins