Detecting and Responding to Accounts Payable Fraud

This webinar on detecting and preventing Accounts Payable (AP) fraud will discuss various ways in which AP fraud can be committed, the telltale signs of AP fraud, and the various options for responding to possible AP fraud once it is recognized.

Why Should You Attend:

For corporate management, it is increasingly important to recognize and properly react to possible AP fraud. The need to identify and then respond to possible AP fraud raises unique operational, supervisory, financial and compliance issues for corporate employees in the financial, internal audit or operational fields. Primary among these issues are how to recognize red flags of possible AP fraud and how to select an appropriate course of action in response to such red flags.

This webinar will discuss the various forms AP fraud may take, the indicia of AP fraud, and the available mechanisms for responding to possible AP fraud. Attendees will understand how to spot possible AP fraud and how a company should respond to it in a way that reflects the particular facts of the case and the company’s particular objectives under the circumstances involved. By attending this webinar attendees will help their corporate employers or clients deal responsibly with the ever-growing risk of AP fraud posed to every company by fraudulent schemes, whether committed against, through or by the company.

Areas Covered in the Webinar:

Introduction

• Who commits fraud
• Company goals in detecting and responding to AP fraud

Common Types of AP Fraud Today

• Vendor/billing fraud schemes
• Check fraud and tampering
• Kickbacks/bribery/FCPA violations
• Conflicts of interest
• False claims of satisfaction of payment prerequisites

Common Techniques of AP Fraudsters

• Bogus vendors
• Conduits
• Check tampering
• False claims of authorization to disburse
• Photoshopping
• Fabricated emails
• False claims of vetting of vendors
• Other circumvention of internal controls

Red Flags of AP Fraud

• Lack of documentation
• Lack of legitimate business purpose
• Suspect ownership or history of vendor
• Suspect quantity or payment amounts
• Suspect endorsement of checks

Fraud Detection

• Data analytics
• Additional detection methods

Response to Fraud

• Tailored internal investigation
• Internal response to internal investigation
• Reporting to law-enforcement authorities
• Exercising victim’s rights

Who Will Benefit:

• Corporate Financial Management
• Corporate Operations Management
• Corporate Compliance Personnel
• Internal Audit Personnel
• Business Managers/Controllers
• Accounts Payable Managers and Staff