Detecting and Preventing Internal and External Fraud: 2-day In-person Seminar
Peter Goldmann, MSc, CFE, Owner, White-Collar Crime 101 LLC
Thursday, June 16, 2016 | Friday, June 17, 2016
Thursday, September 22, 2016 | Friday, September 23, 2016
||"Detecting and Preventing Internal and External Fraud" - This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 18 CPE credits upon completion of training.
Organizations of all kinds and sizes are increasingly threatened by fraud. Embezzlement, kickbacks, check fraud, financial statement fraud and vendor billing schemes are just a few of the countless economic crimes committed by employees and outsiders.
This two day interactive in-person seminar will provide auditors and other financial professionals with a strong foundation of practical knowledge about how common frauds are committed using a combination of lecture, exercise and group breakout sessions.
- Understanding the fraud problem
- Identify the red flags of fraud
- How to detect and investigate fraud
- Building an anti-fraud control environment
Key goals of the conference will include learning:
- Common and uncommon internal and external fraud schemes threatening organizations today.
- Who commits internal and external (and collusive) fraud.
- Why employees commit fraud.
- How to detect the red flags of common schemes.
- Essential fraud detection tools and techniques.
- Software tools for auditing for fraud.
- Best practices for developing and implementing anti-fraud controls.
Advance Preparation: None
Delivery Method: Group-Live
Who will Benefit:
- Internal and external audit professionals
- Internal control professionals
- Finance and accounting management
- Compliance professionals
- Loss prevention and risk specialists
- Security professionals
- Fraud examiners
- Procurement/purchasing and Payables Specialists
Seminar Fee Includes:
USB with seminar presentation
Hard copy of presentation
$100 Gift Cert for next seminar
We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at Ph: 650 620 3961; email: firstname.lastname@example.org. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.nasba.org, e-mail email@example.com.
|Day One (8.30 AM – 4.30 PM)
||Day Two (8.30 AM – 4.00 PM)
Registration Process: 8.30 AM – 9.00 AM
Session Start Time: 9.00 AM
SECTION 1: THE FRAUD PROBLEM
Part 1: Introduction
- External versus Internal Fraud—short overview (Fraud Matrix) information security theft and fraud
- Who commits fraud -- The Fraud Triangle (Graphic scenario of presence of all three components)
- Lessons from Fraudsters: (Examples of real-life frauds that can and do affect large not-for-profits (NFP)
Part 2: Common Types of External and Internal Fraud Today
- Vendor fraud (Case studies that show new ways vendor fraud can be committed)
- Check fraud (illustrations of forged/altered checks)
- The growing threat of cyber-crime (hacking/information theft, system sabotage, viruses, etc)
- Social engineering (Phishing, pretexting, smishing, spear phishing)
Q&A and Interactive Discussion
Note:Each category of fraud will be illustrated by real-life recent fraud scenarios/case studies
- Embezzlement (General definition; 2-3 case studies)
- Cash theft (Skimming, lapping)
- T&E fraud/Misuse of company credit card or P-card
- Collusion w/ domestic or international vendors (kickbacks, bribery)
- Identity fraud (Graphic description of ways internal ID theft/fraud is committed
pretexting, using co-worker’s credentials to commit fraud, theft of customer ID)
- Theft/falsification of confidential information (donor personal information, employee data, etc)
- Theft of assets (laptops, physical equipment, software piracy)
- Payroll Fraud (Manipulating payroll systems; ghost employees)
- Procure-to-Pay fraud (Procurement — Receiving—Accounts Payable Cycle)
- Financial reporting fraud
- Counterfeiting and piracy
SECTION 2: THE ALL-IMPORTANT RED FLAGS OF FRAUD
Part 3: Conducting a Fraud Risk Assessment and Recognizing the Red Flags of Internal Fraud
- Fraud Risk Mitigation Cycle - Implementing a Company-Wide System for Detecting, Preventing and Investigating Fraud
- Steps to Conducting a Successful Fraud Risk Assessment
- Embezzlement red flags (Behavioral changes, accounting anomalies)
- Cash theft red flags (anomalies in daily reconciliations, check-for-cash indicators, etc)
- T&E fraud red flags (Unusually high expense claims; photocopies of receipts, etc)
frequent switches in vendors; vendor address is a P.O. box)
- Collusion/kickback/bribery red flags (long-time vendor suddenly replaced, pricing anomalies, etc)
- Identity fraud red flags (internal) (Employees complain of ID theft problems, customer
- Theft of confidential information (Example: Scientific fraud/fraudulent scientific research)
- Theft of assets/industrial equipment (laptops, software piracy, construction materials, equipment, gasoline, confidential/proprietary information)
- Payroll fraud (terminated employees still receiving checks; payroll amounts fluctuate)
- P2P fraud red flags (Suddenly higher costs of supplies or services; low quality of delivered merchandise)
- Financial reporting fraud (Unusually high revenues, odd patterns in receivables, etc)
- Counterfeiting and piracy (Graphic samples of red flags)
SECTION 3: FRAUD DETECTION AND INVESTIGATION
Part 4: Fraud Detection
Red Flags are the Key to Fraud Detection and Prevention. Once you know what red flags to look for you can implement effective detection, investigative and
forensic accounting techniques.
Introduction: How Frauds Are Most Often Detected (General ways: ACFE Chart)
Additional General Detection Methods:
- Whistleblower hotlines: How to set them up and manage them (detailed discussion of do’s and don’ts). Detailed instruction on best practices and mistakes to avoid
Other important fraud detection procedures:
- Monitor Employee Email, other activities
- Surprise Internal Audit
- Regular internal audits, incorporating fraud audit testing
- Ratio analysis
- Physical inspection of inventory
- Manual review of all vendors (to ensure absence of sham vendors)
- Manual review/assessment of payroll sample data (to ensure absence of ghosts)
- Data Analytics (is both detective and investigative. IA can use D-M to screen for red flags) Instruction on basic steps and techniques and how to gather required data.
Examples of Fraud Audit Measures at Work
- Accounts Payable Fraud Auditing (List of fraud-audit/detection measures)
- Payroll Fraud Auditing (List of fraud-audit/detection measures)
Part 5: Investigation Techniques
- Forensic Accounting Investigation - What it Is
- Different from Internal Audit/ When to Call in Forensic Accountant/Auditor/CFE
- Forensic accounting/auditing techniques: Data Mining and Analytics (most powerful forensic accounting investigative tool); ratio analysis;
- Gathering evidence – Document retention, chain of custody, preservation, mistakes to avoid
- Securing crime scene
- Interviewing/interrogating suspects – Detailed steps with examples
- Documenting findings
SECTION 4: ANTI-FRAUD CONTROLS
Part 6: Internal Controls and Other Fraud Prevention Measures:
- Who Should Manage Anti Fraud Activities
- Internal Controls: Do’s and Don’t’s
- Best Practices in Anti-Fraud Controls.
- General controls: Segregation of Duties, Delegation of Authority, Background investigation
- Specific operations-level controls for each fraud category.
Meet Your Instructor
MSc, CFE, Owner, White-Collar Crime 101 LLC
Peter Goldman 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. Mr. Goldman is a Certified Fraud Examiner (CFE) and 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, the High-Tech Crime Investigation Association and the IOFM Controller Certification Advisory Board. He is 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.
He is president of White-Collar Crime 101 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. He 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. He also developed FraudAware, a leading fraud awareness training program.
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Chicago, IL(Venue to be announced shortly)
June 16-17, 2016
Dallas, TX(Venue to be announced shortly)
September 22-23, 2016
What past attendees say:
“This was a very good, productive and interactive seminar. All topics were very interesting. It was my first experience with ComplianceOnline and they did a great job.”
- Data Administrator, The Vanguard Group
“Mr. Goldmann did a very good job of covering the areas as advertised. He had a good mix of examples as well. Fraud risk assessment topic was highly valuable as I am interested in a more formal approach to doing assessments.”
- Vice President of Asset Protection, Best Buy Co., Inc.
“Mr. Goldmann was very knowledgeable on the fraud subject and it was good to hear "war stories" from other delegates. ComplianceOnline website was very useful. It is very easy to access information from their website.”
- Territorial Auditor, The Salvation Army
“Speaker Peter Goldmann was very good and this seminar covered good topics with valuable information.”
- Chief Accounting Officer, Jekyll Island Authority
“Mr. Goldmann was very informative and he was encouraging all participants' involvement during the discussions. Seminar was well coordinated by ComplianceOnline.”
- Assistant Audit Secretary, The Salvation Army
“Seminar was well presented and Peter Goldmann was extremely knowledgeable in all areas discussed. All topics were highly valuable. It was a well- organized event.”
- Branch Manager, Central Square Bank
“It was a great refresher course. Seminar was organized in a wonderful manner by ComplianceOnline.”
- Branch Manager
“Speaker was very knowledgeable. Topics "A/P and A/R frauds" and "Red flags of fraud" were extremely useful.”
- Accountant, Jekyll Island Authority
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Chicago, IL, Local Attractions
Dallas, TX, Local Attractions
One of the more breathtaking scenes on the lake is this tall ship approaching the docks at Navy Pier. The 148-foot four-masted schooner (and its new sister ship, the Windy II ) sets sail for 90-minute cruises two to five times a day, both day and evening. (Because the boats are sometimes booked by groups, the schedule changes each week; call first to confirm sailing times). The boats are at the whims of the wind, so every cruise charts a different course. Passengers are welcome to help raise and trim the sails and occasionally take turns at the ship's helm (with the captain standing close by). The boats are not accessible for people with disabilities.
Adler Planetarium and Astronomy Museum
The building may be historic (it was the first planetarium in the Western Hemisphere), but some of the attractions here will captivate the most jaded video-game addict.
Your first stop should be the modern Sky Pavilion, where the don't-miss experience is the StarRider Theater. Settle down under the massive dome, and you'll take a half-hour interactive virtual-reality trip through the Milky Way and into deep space, featuring a computer-generated 3-D-graphics projection system and controls in the armrest of each seat. Six high-resolution video projectors form a seamless image above your head -- you'll feel as if you're literally floating in space. If you're looking for more entertainment, the Sky Theater shows movies with an astronomical bent; recent shows have included Secrets of Saturn and Mars Now!
Arlington International Racecourse
With its gleaming-white, palatial, six-story grandstand and lush gardens, this racecourse is one of the most beautiful showcases for thoroughbred horse racing in the world. Its storied history stretches back to 1927, and such equine stars as Citation, Secretariat, and Cigar have graced the track. The annual Arlington Million (the sport's first million-dollar race, held in mid-Aug) attracts top jockeys, trainers, and horses and is part of the World Series Racing Championship, which includes the Breeders Cup races. Arlington's race days are thrilling to behold, with all of racing's time-honored pageantry on display -- from the bugler in traditional dress to the parade of jockeys.
Art Institute of Chicago
You can't -- and shouldn't -- miss the Art Institute. (You really have no excuse, since it's conveniently located right on Michigan Ave. in the heart of downtown.) No matter what medium or century interests you, the Art Institute has something in its collection to fit the bill. Japanese ukiyo-e prints, ancient Egyptian bronzes, Greek vases, 19th-century British photography, masterpieces by most of the greatest names in 20th-century sculpture, and modern American textiles are just some of the works on display, but for a general overview of the museum's collection, take the free "Highlights of the Art Institute" tour Saturday and Sunday.
Auditorium Building and Theatre
A truly grand theater with historic-landmark status, the Auditorium gives visitors a taste of late-19th-century Chicago opulence. Because it's still a working theater -- not a museum -- it's not always open to the public during the day; to make sure you'll get in, schedule a guided tour, which are offered on Mondays at 10am and noon.
Designed and built in 1889 by Louis Sullivan and Dankmar Adler, the 4,000-seat Auditorium was a wonder of the world: the heaviest (110,000 tons) and most massive modern edifice on earth, the most fireproof building ever constructed, and the tallest building in Chicago. It was also the first large-scale building to be lit by electricity, and its theater was the first in the country to install air-conditioning. Originally the home of the Chicago Opera Company, Sullivan and Adler's masterpiece is defined by powerful arches lit by thousands of bulbs and features Sullivan's trademark ornamentation -- in this case, elaborate golden stenciling and gold plaster medallions. It's equally renowned for otherworldly acoustics and unobstructed sightlines.
Dallas World Aquarium
Dallas World Aquarium lives up to its name, taking visitors on a global tour of nature and its stunning beauty. The Aquarium section includes species from around the world. Permanent exhibits include fish, jellyfish and coral from around the world. Visitors can walk through a special tunnel that runs through one of the large tanks, where sharks and manta rays swim about. The Dallas World Aquarium also features two gift shops and three restaurants.
Sixth Floor Museum at Dealey Plaza
The Sixth Floor Museum at Dealey Plaza seeks to inform visitors about the assassination of President John F. Kennedy on Nov. 22, 1963 as his motorcade drove through downtown Dallas and turned the fateful curve of Dealey Plaza at midday
Dallas Museum of Art
The Dallas Museum of Art is an internationally recognized institution, showcasing an extensive collection that includes more than 23,000 works of art. You'll see extensive representations of African, Asian, Contemporary, Pacific Islands and European art.
The Dallas Zoo covers 106 landscaped acres and is open every day, except Christmas Day. Dallas Zoo is home to more than 2,000 animals, and today, the Zoo is thriving with new exhibits such as the Koala Walkabout presented by Kimberly-Clark Corporation, SOAR, A Festival of Flight, and the Giants of the Savanna to name a few.
Shop, dine, browse and enjoy great entertainment at the West End, Dallas' dynamic and original downtown shopping area. Now home to award winning restaurants, upscale nightlife spots and unique shops, the West End is a must see during any visit to Dallas.
Six Flags Over Texas
This amusement park features attractions, thrill rides, family rides, entertainment and holiday-themed event. Roller-coaster lovers will find paradise here, since Six Flags boasts 13 coasters and the tallest roller coaster in the state of Texas.
Dallas Heritage Village at Old City Park
The historic Dallas Heritage Village at Old City Park features lush, manicured gardens and a recreated Victorian-era town. Nestled near downtown, the expansive park is accentuated with beautiful homes and establishments. Volunteers demonstrate weaving, cooking and welding among other activities from that time period to those looking for an insight into Texan history.
Get ready to party in the country's fourth largest metro area. You'll find plenty of legendary blues bars, the trendiest themed clubs and intimate hangouts around town.