This training program will primarily focus on analytical and accounting red flags in purchasing schemes, bid rigging, billing schemes, personal purchase schemes, product substitution and all other kinds of corporate fraud.
Maybe you are the controller, you’re in the compliance department, you’re part of the management purchasing the services or product, you’re in accounts payable or maybe you’re on the audit and finance committee -all of you touch upon vendors in your work and have a responsibility to your organization to spot fraud red flags and take action to minimize financial losses and reputational damage to the organization. The ACFFE’s research shows that at least one red flag was identified in 92% of fraud cases, and, in 64% of cases, the fraudster displayed two or more behavioral red flags.
This course will discuss vendor corruption schemes, vendor asset misappropriation schemes, behavioral red flags, and internal control weaknesses.
Why Should You Attend:
According to the Association of Certified Fraud Examiners, frauds that are allowed to linger for 5 years had a median loss of nearly $1 million. The longer frauds last, the more financial damage they cause. Passive detection methods such as external audits tend to take longer to bring fraud to management’s attention, which allows the related loss to grow. Consequently, proactive detection measures - such as tips and management review procedures - are vital in catching frauds early and limiting their losses.Maybe you are the controller, you’re in the compliance department, you’re part of the management purchasing the services or product, you’re in accounts payable or maybe you’re on the audit and finance committee -all of you touch upon vendors in your work and have a responsibility to your organization to spot fraud red flags and take action to minimize financial losses and reputational damage to the organization. The ACFFE’s research shows that at least one red flag was identified in 92% of fraud cases, and, in 64% of cases, the fraudster displayed two or more behavioral red flags.
This course will discuss vendor corruption schemes, vendor asset misappropriation schemes, behavioral red flags, and internal control weaknesses.
Areas Covered in the Webinar:
Vendor Corruption Schemes - Types and How to Spot Them
- Conflicts of Interest
- Purchasing Schemes
- Bid Rigging
Vendor Asset Misappropriation Schemes - Types and How to Spot Them
- Billing Schemes
- Personal Purchase Schemes
- Product Substitution
- Shell Company/Fictitious Vendor
Collusion and the Combination of Corruption Schemes and Asset Misappropriation Schemes
- Collusion helps employees evade independent checks and other anti-fraud controls, enabling them to steal larger amounts
- Combination adds a powerful mix that facilitates the fraud for years
- Behavioral Red Flags
- Lifestyle Red Flags
- Analytical and Accounting Red Flags
- Internal Control Weaknesses and Tips
- In Summary - Is it Fraud or a Red Flag?
- Real Cases
Who Will Benefit:
- Management
- Compliance Professionals
- Controllers
- Purchasing Professionals
- Accounting and Finance Professionals
- Audit and Finance Committee Members
- Risk/Compliance Officers
Course Provider
Anne M McFadden,
