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on Accounts Payable Fraud Detection and Prevention

12/12/2016

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O n Accounts Payable Fraud Detection and Prevention

12/12/2016

Description:

Accounts Payable (AP) is the one business function that, in

many organizations, is more vulnerable to fraud than any

other. That is because all funds that flow out of the

organization must first pass through AP. And over time,

dishonest insiders and vendors have created newer and

craftier methods of stealing from organizations by exploiting

control weaknesses in the AP function.

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Accounts Payable Fraud Detection and Prevention

12/12/2016

Result: It is more important than ever for management to allocate

professional and financial resources to eliminating these control

weaknesses. This almost always starts with learning about the types of

AP fraud that can victimize your organization. It is then necessary to

determine if proper controls are already in place to prevent such crimes

from occurring. From there, internal audit plans must be adjusted to

include tests and methodologies for identifying the red flags of possible

AP fraud. This enables management to initiate further examination of

suspicious findings and ultimately to apprehend offenders and remediate

control weaknesses.

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Accounts Payable Fraud Detection and Prevention

12/12/2016

Why You Should Attend:

Businesses suffer an average of $155,000 every time an insider commits

fraud according to the Association of Certified Fraud Examiners. More

disturbing: Billing schemes (perhaps the most common form of AP fraud in

the financial industry) are by far the most common fraud schemes

threatening organizations, making up nearly one-third of the total. Adding

to the problem, check fraud is rising at a rate of 25% per year and

criminals are coming up with new high-tech ways of hijacking corporate

ACH (Automated Clearing House) accounts.

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Accounts Payable Fraud Detection and Prevention

12/12/2016

Participants will learn how to identify varieties of AP-related

fraud schemes damaging organizations of all kinds, including

small businesses and non-profits, and determine how shrewd

fraudsters abuse the AP process to embezzle funds for years

before being detected—and how to shorten the time before

discovery. 

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Accounts Payable Fraud Detection and Prevention

12/12/2016

The webinar will enable them to quickly recognize the red

flags of AP fraud in your operations and financial records

and will assist in providing cost-effective anti-fraud controls

to protect against the growing army of fraudsters both inside

and outside their organizations.

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Accounts Payable Fraud Detection and Prevention

12/12/2016

Areas Covered in the session: Billing schemes by outside AND internal perpetrators Check fraud threats ACH fraud Information security risks Kickbacks, bribery and other corruption Conflict of Interest Red flags of AP fraud Detecting best practices Proven anti-fraud controls for AP

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Accounts Payable Fraud Detection and Prevention

12/12/2016

Instructor Profile:

Peter Goldmann is President of FraudAware LLC, the publisher of White-Collar Crime Fighter, a widely read bi-monthly newsletter for internal auditors, controllers, corporate counsel, financial operations managers and investigators. The newsletter is in its 15th year of publication under Peter’s leadership. 

Peter is the author of Fraud in the Markets: Why it Happens and How to Fight It, published by John Wiley & Sons. The book is an in-depth account of the role that fraud played in bringing about the financial crisis of 2008. 

Peter is also the author of four other anti-fraud books covering accounts payable fraud, accounts receivable fraud, as well as two workbooks on fraud and cyber-risk and control, also published by Wiley. 

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Accounts Payable Fraud Detection and Prevention

12/12/2016

Peter also developed FraudAware, the leading fraud and cyber-crime awareness

training program. A user-friendly learning tool, FraudAware uses seminar, Webinar

and E-Learning formats to train employees and managers at all levels in how to

detect, prevent and report incidents of fraud, information theft and other forms of

financial and electronic suspicious conduct. 

FraudAware courses, which are customized for individual corporate, non-profit and

government agency clients, reinforces organizations’ whistleblowing programs by

enabling employees to detect illegal activity that can then be reported to supervisors

or managers or by using the organization’s confidential hotline in accordance with

established policy. 

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Accounts Payable Fraud Detection and Prevention

12/12/2016

In addition, Peter has conducted numerous on-site fraud and cyber-crime detection

and prevention workshops for internal auditors, attorneys, HR executives and

compliance officers at Fortune 500 companies including Siemens Corp., Marriott

International, Sony Denny’s Corp, as well as large not-for-profit organizations. He

has also been a guest lecturer for college accounting and auditing courses. 

Peter 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, cyber-crime (Cyber-Crime

Fighter) 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). 

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Accounts Payable Fraud Detection and Prevention

12/12/2016

He has been a columnist for the ACFE’s newsletter, The Fraud Examiner and is a

frequent contributor to other leading industry publications on anti-fraud and cyber-

crime topics. He has appeared on Fox Business News, The Wall Street Journal This

Morning, The New York Times and Internal Auditor magazine. 

Peter holds a Bachelor’s degree from the University of Michigan and a Master’s

from the London School of Economics.