Detecting and Preventing Internal and External Fraud: 2-day In-person Seminar
Peter Goldmann, MSc, CFE, Owner, White-Collar Crime 101 LLC
Thursday, May 22 , 2014 | Friday, May 23, 2014
Thursday, September 25 , 2014 | Friday, September 26, 2014
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.
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
|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)
May 22-23, 2014
Dallas, TX (Venue to be announced shortly)
September 25 - 26, 2014
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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