Accounts Receivable - Fraud Detection, Prevention, and Deterrence

Instructor: Chris Doxey
Product ID: 702729
  • Duration: 90 Min

recorded version

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This webinar will cover how companies can deter the likelihood of AR frauds through strengthening internal controls by numerous methods to detect, prevent, and deter frauds. We’ll focus on the most common accounts receivable schemes and the top ten internal controls that prevent fraud.

Why Should You Attend:

Most accounts receivable fraud schemes and any other types of business frauds are successfully perpetuated due to the absence or insufficiency of basic internal controls. Nonetheless, this still doesn’t mean that the implementation of internal controls can make a company or business enterprise totally protected against fraudsters. But having the knowledge of possible fraud schemes and gaining the awareness of key controls can assist in the detection, prevention, and deterrence of fraud.

The most difficult fraud schemes to uncover are those that have rigid internal control standards but are circumvented by way of connivance. In cases like these, fraud is often carried out by way of organized or systematic methodology, and their discoveries are often instigated by whistleblowing acts.

By attending this webinar you will learn how can you deal with AR fraud and what are the internal controls that can be implemented at your organization.

Areas Covered in The Webinar:

  • Key Fraud Risks within the AR Process.
  • Types of AR Fraud
    • Fraud Committed by Employees
      • Lapping
      • Fraudulent Write-offs
      • Stolen Statements
      • Force Balancing
      • Diversion of Payments
      • Fictitious Accounts and Sales
    • Fraud Committed by Customers
      • Phony Customers
      • False Returns and Rebates
      • Diversion of Product
  • 10 Top Internal Controls that Prevent AR Fraud
  • What to do if you suspect a fraud?
  • Case Studies and Examples
  • Questions and Discussion

Who Will Benefit:

  • Financial Officers
  • Controllers
  • Account Receivable Executives
  • Credit and Collection Executives
  • Risk Officers
  • Internal Auditors

Instructor Profile:

Chris, has held senior finance and controller positions at Digital Equipment Corporation, Compaq Computer Corporation, Hewlett Packard, MCI, APEX Analytix, and BSI Healthcare. She has a bachelor's degree in English, a bachelor's in accounting, a master's in business administration, and a graduate certificate in project management.

Chris is a Certified Accounts Payable Professional (CAPP), holds a Certification in Controls Self Assessment (CSA), and is a Certified Internal Controls Auditor (CICA). She had recently joined the Advisory Board of the Institute of Internal Controls (TheIIC), she chairs the Chapter Advisory Board for the Institute of Financial Operations, and she is president of the Washington DC area chapter of the Institute of Financial Operations.

Chris is currently developing a certification program for controllers for the IOFM. She is also compiling a controller’s best practices report and toolkit. Chris has written numerous articles and published two handbooks: AP Leadership Skills and Implementing a Controls Self Assessment Program for Accounts Payable. Chris presents at several conferences and provides a multitude of webinars each year.

Topic Background:

Accounts receivable represent a company’s efforts to generate revenue by providing goods or services to customers who are then allowed to make payments at a later date. Accounts receivable is the money due a company from its customers. A company's accounts receivable process can be manipulated through a variety of fraud schemes that are perpetrated by both employees and customers.

Revenue generation and recognition are critical functions of any company and every company expends significant resources to generate increasing levels of revenue. However, that revenue needs to be converted to cash since cash is the lifeblood of any company. Each dollar of a company’s revenue becomes a receivable that needs to be managed and collected.

Therefore, the staff and processes that manage those receivable assets:

  • Manage 100% of a company’s revenue.
  • Serve as a service touch point for virtually all your customers (Only Sales and Customer Service speak more with customers.)
  • Can incur or save millions of dollars of bad debt and interest expense.
  • Can injure or enhance customer service and satisfaction, leading to increases or decreases in revenue.
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