Procure-to-Pay Fraud: Detection and Prevention Best Practice
For most organizations, the procure-to-pay cycle (P2P) offers extensive opportunity for increased operational efficiency. However, it also provides numerous opportunities for fraudsters to exploit control deficiencies in all three stages-purchasing, receiving and disbursements.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Goldmann will show you..
- Who commits fraud in each segment of the P2P Cycle and why they do it
- Inside secrets from actual fraudsters
- Vendor billing schemes
- Vendor Master File frauds
- Shipment diversion/theft schemes
- Shipping document falsification
- Latest payments schemes (ACH hijacking, social engineering and more
- Check fraud and tampering
- How easy it can be for Procurement to collude with vendors in costly kickback schemes
- Abusing the competitive bidding process for personal gain
- Conflicts of interest
At the conclusion of the webinar you will be able to..
- Conduct a quick and cost-effective Fraud Risk Assessment of Procurement, Receiving and AP
- Implement effective P2P fraud detection techniques and build audit practices to detect the red flags of the many frauds threatening your P2P operations
- Implement best-practice anti-fraud control strategies for P2P
- Advise management on fraud risk mitigation
- Recommend a better anti-fraud control structure
CPAs, bankers, senior financial executives, internal auditors, purchasing managers, AP managers, operations managers, controllers, CFOs, compliance officers, security and risk managers
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.