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Procure-to-Pay Fraud: Detection and Prevention Best Practice - 6457
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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.

11/3/2016
When: 11:00 AM - 1:00 PM
Where: Webinar/Webcast
United States
Contact: April Deneault

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Acronym ZPGPP2
CPE 2 hours
Category
Fraud
Level Advanced
Vendor The Pros & The Cons, LLC
Who should attend CPAs, bankers, senior financial executives, internal auditors, purchasing managers, AP managers, operations managers, controllers, CFOs, compliance officers, security and risk managers
Prerequisite
None
Fees: Early Bird
Standard
Member N/A
$79
Non-Member: N/A
$79

Description 
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.



Specific topics include:

  • 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

Objectives

  • 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

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