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.
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:
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Meet Your Instructor
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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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