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

    /Peter  /Goldmannspeaker of compliance global
    Speaker: Peter Goldmann
    Duration: 90 Minutes
    Product Code: 700164
    Level: Beginner
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For many organizations, the procure-to-pay cycle offers 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 Purchase-to-Pay process is adhering to a reactive anti-fraud posture. A criminal act committed in, 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 be 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

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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Areas Covered

•  Statistical overview of the fraud problem generally, and T&E fraud specifically
•  Who commits fraud
•  Overview of most common P2P fraud schemes
•  Case studies of purchasing, receiving and disbursement fraud
•  Red flags of key P2P frauds
•  Conducting a Fraud Risk Assessment report of the P2P Cycle
•  Audit techniques to identify P2P fraud red flags
•  Digging deeper for indicators of actual fraud
•  Reporting to Management
•  Remediating internal control deficiencies in the P2P process
•  Case studies of procurement, receiving and disbursement fraud

Learning Objectives

•  Understand how the most common procurement, receiving and disbursement fraud are perpetrated, including the latest technology-driven crimes that are costing organizations millions of dollars
•  Understand why purchasing, receiving and accounts payable employees commit fraud
•  Recognize the all-important red flags of common P2P frauds
•  Develop a knowledge base of P2P fraud detection tools and techniques
•  Begin creating a framework of effective anti-fraud controls


•  Purchasing Managers and Senior Staff
•  Accounts Payable Managers
•  Shipping and Receiving/Supply Chain Managers
•  Accounting and Audit Practitioners
•  CFO’s and Senior Finance Staff
•  Internal and External Audit Professionals
•  Senior Financial Management seeking to reduce their vulnerability to costly frauds
•  Compliance and Ethics Managers
•  Security Personnel


Peter Goldmann is founder and President of White-Collar Crime 101 LLC, the parent company of FraudAware and publisher of the monthly newsletter, White-Collar Crime Fighter. Peter has been the Publisher and Editor of White-Collar Crime Fighter for over 12 years and is recognized as a leading expert in the areas of fraud detection, prevention, investigation and training. 

He has written numerous articles on practical approaches to fraud prevention and detection for, among others, Internal Auditor, Investor's Business Daily, Financial Executives Institute and Bottom Line/Personal, Recognizing the vulnerability to fraud posed by a lack of awareness on the part of rank-and-file employees about specific types of economic crime , Peter launched the development of FraudAware in 2001.

Following enactment of the Sarbanes-Oxley Act of 2002, FraudAware began helping companies resolve the unexpected increase in fraud losses, despite the costly implementation of SOX- mandated internal controls. He determined that while internal controls, Tone at the Top and whistleblower hotlines are all essential components of an effective anti-fraud program, the primary reason for continuing losses to internal and external economic criminals was a widespread lack of fraud awareness on the part of corporate rank-and-file employees.

He theorized that if an organization's most valuable asset--its workforce--could be taught to spot and report telltale signs of fraud, investigations could be initiated and perpetrators apprehended before major losses were incurred and negative publicity tarnished the organization's reputation. The theory has proved viable over the past six years, as FraudAware training programs implemented at numerous companies in all major industries, have taught employees how to detect the common and not-so-common red flags of fraud and--most importantly--how to report these incidents through their employer's confidential hotline channels.

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