Preventing and Detecting Fraudulent Vendor Disbursements
Overview:
Companies and other entities, such as non-profit organizations and government agencies, are vulnerable to a wide variety of internal and external fraud schemes.A prevalent fraud that occurs is improper payments to vendors, fictitious vendors, and related party vendors.A dishonest employee can easily manipulate vendor and accounts payable records to facilitate fraudulent disbursements. The Association of Certified Fraud Examiners claims that nearly two thirds of an entity's fraud exposure involve fraudulent disbursements.Due to the prevailing hazard surrounding fraudulent disbursements, it is imperative that an organization's accounting department, internal auditors, external auditors, and fraud examiners undertake an ongoing robust, cost effective, review of the internal controls over the cash disbursement process. Preventing fraudulent disbursements is the goal with a secondary objective of early detection.
Why should you Attend:
If your company purchases and contracts with vendors for materials, goods, or services, your company is at risk of being a victim of fraud. By attending this webinar you will learn the various methods that fraudsters employ to commit disbursement fraud. In addition, you will learn how a strong anti-fraud policy, understanding the human factor, and performing established audit techniques will minimize disbursement fraud. You will learn the established audit techniques to prevent and detect disbursement fraud, as well as gain an understanding of the criticality of being a professional skeptic when conducting the audits.
Areas Covered in the Session:
- Various Disbursement Fraud Schemes
- Employee Collusion with Vendors
- Countermeasures
- Internal Controls
- Prevention Strategies
- Detection Strategies
- Investigative Strategies
Who Will Benefit:
- Procurement Officials
- CFO's
- Fraud Examiners and Investigators
- Auditors
- Business Owners
- Compliance Officers
- Finance Managers
- Accounts Payable Employees