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Procure-to-Pay Fraud: Detecting and Preventing Purchasing, Receiving and Disbursement Frauds

By:
Peter Goldmann, MSc., CFE, Owner, White-Collar Crime 101 LLC
Coming soon.. Please contact customer care for new schedule

Course Description:

For many organizations, procure-to-pay cycle offers extensive opportunity for increased operational efficiency. However, it also provides potentially numerous opportunities for fraudsters to exploit control deficiencies in all three stages—purchasing, receiving and disbursements.

One common management mistake in the P2P cycle is adhering to a reactive anti-fraud posture. A criminal act committed in, for example, the purchasing department through a kickback scheme, may be detected and dealt with on an “emergency” basis. Meanwhile, equally, if not more costly frauds may be going unnoticed in the receiving and account payable areas.

Anti-fraud experts urge a proactive, comprehensive P2P anti-fraud approach. It should be include assessing fraud risks in all three phases ... conducting regular audits that comprise testing for these risks and ... following up with effective internal control design and monitoring.

Why you should Attend:

Fraud is growing by a staggering 20% per year, according to the respected international fraud investigation firm, Kroll. The majority of all fraud, according to the Association of Certified Fraud Examiners is committed by employees. Because most of the funds flowing out of the organization do so through the procure-to-pay cycle, it stands to reason that much of the growing fraud threat is centered on these critical closely-linked business functions. This underscores the urgent need for management to understand the vast variety of frauds in P2P and to apply the necessary detection, audit, reporting and prevention measures.

Top 5 reasons to attend this seminar

You will be able to:

  • Understand how the most common procurement, receiving and disbursement fraud are perpetrated, including the latest technology-driven crimes that are costing organizations millions of dollars
  • Understand why purchasing, receiving and accounts payable employees commit fraud
  • Recognize the all-important red flags of common P2P frauds
  • Develop a knowledge base of P2P fraud detection tools and techniques
  • Begin creating a framework of effective anti-fraud controls


Who will Benefit:

  • Purchasing managers and senior staff
  • Accounts payable managers
  • Shipping and receiving/supply chain managers
  • Accounting and audit practitioners
  • CFO’s and senior finance staff
  • Internal and external audit professionals
  • Senior financial management seeking to reduce their vulnerability to costly frauds
  • Compliance and ethics managers
  • CFO’s/senior financial managers
  • Security personnel




Course Outline:

Schedule for Day 1, 8:00 AM - 4:00 PM
8:00 AM to 8:30 AM Registration
8:30 AM to 9:00 AM Introduction, Fraud Statistics/P2P Fraud Statistics & Description of Two Categories of P2P Fraud: Internal & External
9:00 AM to 10:00 AM Procurement Fraud Types-short descriptions and Case Studies
10:00 AM to 10:15 AM Break
10:15 AM to 10:45 PM Group Discussion and Exercise
10:45 AM to 12:00 PM Receiving and Disbursement/Accounts Payable Fraud Types—short description and Case Studies
12:00 PM to 1:00 PM Lunch
1:00 PM - 2:00 PM Interactive Exercise: We will assign a hypothetical P2P fraud scenario (such as procurement kickback scheme or AP embezzlement) and divide group into two “teams”. Each will list 1) who could have perpetrated/participated in the fraud; 2) how it could be concealed; 3) how it could be detected; 4) how it can be prevented from happening again. “Teams” will compare notes to learn from each other. Similar exercise will be conducted on Day 2 after presentations on Detection and Prevention and discussion will focus on what was learned between Day 1 and Day 2
2:00 PM to 3:00 PM “Group Discussion & Exercise Expert Session”
3:00 PM to 3:15 PM Break
3:15 PM to 4:00 PM Q&A
Schedule for Day 2, 8:30 AM - 4:00 PM
8:30 AM to 9:00 AM P2P Fraud Detection: “Fraud Risk Mitigation Cycle” (Includes explanation of Fraud Risk Assessment, listing of red flags for high-risk fraud scenarios, fraud-audit testing and techniques for the red flags, follow-up and report to management and ultimate remediation of internal control deficiencies) I have a graphic summary of this that use in explaining it
9:00 AM to 9:30 AM Detailed procurement fraud detection/audit techniques and Case Studies
9:30 AM to 10:00 AM Detailed receiving fraud detection/audit techniques and Case Studies
10:00 AM to 10:15 AM Break
10:15 AM to 10:45 AM Detailed disbursement/AP fraud detection/audit techniques (TD) and Case Studies
10:45 AM to 12:00 PM Group Discussion & Q&A
12:00 PM to 1:00 PM Lunch
1:00 PM to 2:00 PM Detailed P2P Fraud Prevention Policies, Procedures and Best Practices (TD) with Case Studies
2:00 PM to 3:00 PM Group Exercise: Similar to Day 1, but with benefit of new knowledge (Details TBD)
3:00 PM to 3:15 PM Break
3:15 PM to 3:45 PM Presenter’s Summary and conclusion
3:45 PM to 4:00 PM Final Group Discussion and Q&A




Meet Your Instructor

Peter Goldmann
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. He 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. Peter Goldmann 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. Peter 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. Peter also developed FraudAware, a leading fraud awareness training program.





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