Detecting and Preventing Embezzlement in Your Organization
Peter Goldmann, MSc, CFE, Owner, White-Collar Crime 101 LLC
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Fraud perpetrated by insiders far outstrips fraud by external criminals. And embezzlement ranks at the top of the long list of internal frauds. Even more worrisome, according to the Association of Certified Fraud Examiners, embezzlement is the fastest growing internal fraud.
Whether it’s theft of $100 by colluding with a dishonest vendor or misappropriation of $1 million through a complex billing scheme, embezzlement damages not only the organization’s finances, but its reputation and even its long-term survival.
The Challenge: While there are many ways to detect, prevent and investigate embezzlement, it is not always easy to organize a consistently effective anti-embezzlement strategy.
This seminar will guide attendees through the common and not-so-common forms of embezzlement—with uniquely instructional case studies. It will emphasize the red flags of each and go on to highlight best practices in embezzlement-risk mitigation.
The course will enable participants to understand the step-by-step process of identifying embezzlement risks, detecting fraud indicators, gathering evidence to substantiate suspicions of actual embezzlement and eliminating control weaknesses that allow these crimes to flourish.
- Understand the common and less-common types of embezzlement—at both the employee and management levels
- Identify specific embezzlement scenarios and schemes threatening the organization
- Identify and audit for red flags of the main types of embezzlement
- Pinpoint specific control deficiencies and eliminate them
- Recommend better anti-embezzlement management structure (board of directors/executive management, line management, compliance, general counsel, etc.)
Who will Benefit:
- Internal and external audit professionals
- Senior audit and accounting managers
- Fraud examiners
- Senior financial management seeking to reduce their vulnerability to costly frauds
- Compliance and ethics managers
- CFOs/senior financial managers
- Security personnel
- Loss prevention managers
Day One (8:30 AM - 4:30 PM)
Registration Process: 8.30 AM – 9.00 AM
Session Start Time: 9.00 AM
- Statistical Overview of Fraud and Embezzlement
- Creating a perspective of the fraud threat
- Main Types of Embezzlement
- Description of the mechanics of most common embezzlement schemes with illustrative case studies
- Understanding the Red Flags of Fraud
- Why focus on red flags
- Specific red flags of common embezzlement schemes
- Detecting Red Flags of Embezzlement
- Using the red flags as guidance for adjusting audit and fraud detection techniques
- Anti-Fraud Controls to Prevent Embezzlement
- Specific best practices for mitigating risk of common embezzlement schemes
- Conclusion and Open Discussion/Q&A
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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