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


Peter Goldmann is Keynote Speaker at ComplianceKey. He is president of FraudAware 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. 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, as well as four other anti-fraud books. Peter also developed FraudAware, the leading fraud awareness training program. A user-friendly l........

Overview

For many organizations, the procure-to-pay cycle offers an 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 to, 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 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 should you attend this webinar?

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.

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Webinar Id: CICPP001

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Duration: 60 mins

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