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

OVERVIEW

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 P2P cycle 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 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 every 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.

AREAS COVERED

INTRODUCTION

• 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

P2P FRAUD DETECTION AND PREVENTION

• Red flags of key P2P frauds
• Conducting a Fraud Risk Assessment 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

WHO WILL BENEFIT

• 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
• CFO’s/senior financial managers
• Security personnel

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Understand how and why Purchasing, Receiving and Disbursement Frauds are committed and learn strategies to prevent them.