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Preventing and Detecting Fraud in your Procure to Pay (P2P) Process

By:
Chris Doxey, CAPP, CCSA, CICA, CPC, Consultant, Internal Controls and Business Process Best Practices
Coming soon.. Please contact customer care for new schedule

Course Description:

Even with the intense attention to supplier management internal controls due to the impact of the Sarbanes Oxley Act of 2002 and other regulatory compliance requirements, there are still situations in which contracts are established and invoices are paid to fictitious suppliers or suppliers on government watch lists. How can a contract be established with a new supplier without any due diligence or validation? How is it possible that "legitimate" suppliers have a private mailbox at the local UPS Store, a private residence, or even a prison address? Or that invoices a few weeks apart with consecutive numbers both get paid? Or "invoices from a "supplier" whose address happens to match that of a company employee get paid?

A 2014 Aberdeen study indicated that 40% of the respondents reported the Procure to Pay (P2P) process as having some of the most significant internal control and fraud challenges. To detect and prevent P2P fraud, the instructor will spotlight the three critical corporate controls, the standards of internal control for P2P, and the top twenty controls for AP.

This workshop will educate P2P executives, audit, compliance, ethics and financial staff about how P2P fraud threatens them and their organization's assets. By case study analysis, you'll learn to identify the red flags of P2P frauds, best practices in detecting these indicators, your role in conducting a P2P fraud investigation and essential anti-fraud controls to mitigate fraud risk throughout the P2P process. We'll also identify the top ten best practices for your supplier management process - the foundation of the P2P process.



Learning Objective:

  • Definition of Internal Controls how they apply to the Governance, Risk, and Compliance (GRC) Universe
  • Fraud Awareness 101 and Fraud Statistics
  • Examples of P2P Fraud and Case Studies
  • The Three Critical Corporate Controls
  • The Standards of Internal Control for the P2P Process
  • The Top Twenty Controls for AP
  • The Top Ten Supplier Management Best Practices
  • How to Protect Your Supplier Master File
  • Special Topics and Trends in P2P and AP
  • What to Do If You Suspect a Fraud?

Seminar Fee Includes:

Lunch
AM-PM Tea/Coffee
Seminar Material
USB with seminar presentation
Hard copy of presentation
Attendance Certificate
$100 Gift Cert for next seminar


Course Benefits:

  • Understand the three corporate critical controls and how to implement the policies and procedures to enforce them.
  • Apply internal controls concepts to your Governance, Risk, and Compliance (GRC) Universe
  • Be able to identify the control risks and "fraud flags" within the P2P process.
  • Obtain a complete toolkit that contains the standards of internal controls for the P2P process.
  • Be able to define and implement the Top Twenty Controls for the accounts payable process.
  • Define the regulatory requirements that impact the P2P process.
  • Obtain the ten best practices for the supplier management process to establish a foundation of internal control for your P2P process.
  • Define an action plan on how to implement a new or enhanced P2P internal controls program that will detect and prevent fraud.
  • Learn how to protect your supplier master file by implementing a comprehensive supplier management process.


Who Will Benefit:

This practical best practices seminar will benefit professionals interested in improving the P2P internal controls program and preventing the risk of fraud for their companies. This includes:

  • CFOs
  • Controllers
  • Risk Managers
  • Internal Audit Executives
  • Internal Control Professionals
  • Shared Service Executives
  • Accounts Payable Managers and Directors
  • Procurement Managers and Directors




Course Outline:

Day One (8:30 AM – 4:30 PM) Day Two (8:30 AM – 4:30 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

  1. Overview of the Course Material
  2. Learning Objectives
  3. Introduction to the Purchase to Pay (P2P) Business Process
  4. Fraud Awareness 101 and Fraud Statistics
  5. Examples of P2P Fraud and Case Studies
  6. The Three Critical Corporate Controls
    1. Delegation of Authority (DoA)
    2. Segregation of Duties (SoD)
    3. Systems Access
  7. Introduction to Standards of Internal Control
  8. Component 1: Procurement Standards of Internal Control
    1. Contract Management and Controls
    2. Requisition Management
    3. Purchase Order Management
  9. Component 2: Receiving Process Standards of Internal Controls
    1. Evaluation Receipt Settlement (ERS)
    2. Purchase Order Matching
  10. Day 1 Wrap-Up
  1. Recap of Day 1
  2. Component 3: The Accounts Payable (AP) Process Standards of Internal Control
    1. The Top Twenty AP Controls
    2. The Top Ten Supplier Management Best Practices
    3. Supplier Master File
    4. Invoice Processing
    5. Disbursements
    6. P-Cards
    7. Accounting and Closing Controls
  3. Component 4: Special Accounts Payable (AP) Topics Regulatory Compliance Topics
    1. The Impact of Regulatory Compliance on Your Supplier Master
    2. Anti-Corruption Controls and the Foreign Corrupt Practices Act (FCPA)
    3. Trends in P2P Internal Controls
      1. Continuous Controls Monitoring (CCM)
      2. Controls Self-Assessment (CSA)
      3. Automation
  4. Course Wrap-Up
  5. Questions and Discussions




Meet Your Instructor

Chris Doxey
CAPP, CCSA, CICA, CPC, Consultant, Internal Controls and Business Process Best Practices

Chris Doxey, CAPP, CCSA, CICA, CPC spent most of her career implementing “top gun” leadership teams and processes in her quest to fight fraud and implement internal controls at Digital Equipment Corporation, Compaq Computer Corporation, and Hewlett Packard. She held senior finance and accounting positions which allowed her to develop and implement standards of internal control for all aspects of financial operations – focusing on the procure to pay (P2P) process. She was recruited to assist WorldCom (MCI) with the implementation of internal controls, policies, and corporate governance in 2003.

Chris uses her background and passion as a management consultant and helps her clients implement internal controls and leading practices across financial operations. She is a published author and sought after speaker. She also writes articles, blogs, and whitepapers for professional organizations and solution providers and provides several webinars and presentations throughout the year. Chris holds a BA in English, a BS in Accounting, a Master’s in Business Administration, and a Graduate Certificate in Project Management. She is a Certified Accounts Payable Professional (CAPP), holds a Certification in Controls Self-Assessment (CSA), is a Certified Internal Controls Auditor (CICA), and is a Certified Professional Controller (CPC).





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