Time: April 10, 2018 from 1pm to 2pm
Location: 26468 E Walker Dr, Aurora, Colorado 80016-6104
Street: 26468 E Walker Dr, Aurora, Colorado 80016-6104
Website or Map: https://goo.gl/vXLHVy
Event Type: online, webinar
Organized By: Training Doyens
Latest Activity: Mar 12
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.
P2P FRAUD DETECTION AND PREVENTION
WHO WILL BENEFIT
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