OVERVIEWExpense
reimbursement fraud—encompassing the myriad forms of employee travel and
entertainment (T&E) schemes as well as Purchasing Card (P-Card) fraud—costs organizations
hundreds of thousands, if not millions of dollars per year. According to
the Association of Certified Fraud Examiners (ACFE), expense reimbursement frauds
result in a median loss of $26,000 per incident and represent 14.5% of all employee fraud.
While
many of these schemes are considered “immaterial”—such as claiming reimbursement for a personal meal ... charging
a pay-per-view movie to a business-related hotel bill ... or inflating the cost
of a taxi ride—management should not underestimate the cumulative cost of these
thefts.
This
webinar will summarize the main types of employee T&E and expense reimbursement fraud to be
alert of, including several “real life” case studies. It will then explain how
to identify the red flags of possible expense reimbursement fraud, offer
specific fraud-audit techniques and test for these crimes and conclude with a
rundown of proven fraud detection and prevention techniques.
WHY
SHOULD YOU ATTEND
In
one case alone, a senior executive of a major multinational company stole $500,000 by abusing the organization’s travel and
expense policy. While this may not be typical of expense reimbursement fraud,
it does illustrate how employees who have the opportunity to exploit weaknesses
in your organization’s expense reimbursement processes and procedures can do
so.
Moreover, anti-fraud experts agree that expense reimbursement
fraud can be among the most difficult types of employee crime to detect and
prevent. That is in large part due to the extraordinary variety of ways in
which such crimes can be committed.
By
attending this webinar, you will learn how vulnerable your organization is to
expense reimbursement fraud. You’ll learn about the common and not-so-common ways that
these frauds are perpetrated and—most importantly—you’ll learn how to detect
the red flags of these schemes, how to audit for them and how to tighten up
your controls against them through various fraud detection and prevention
techniques.
AREAS
COVERED
INTRODUCTION
- Statistical
overview of the fraud problem generally, and employee T&E and expense
reimbursement specifically
- Who
commits fraud
- Why
employees commit fraud (The Fraud Triangle)
- Lessons
from T&E fraudsters
COMMON TYPES OF EXPENSE REIMBURSEMENT FRAUD
TODAY
- Falsifying
T&E reimbursement schemes with bogus receipts
- Submitting
T&E claims multiple times
- Abuse
of corporate/P-card for personal gain
- Claiming
for expenses just under the limit requiring approval
- Purchasing
more than needed (e.g. office supplies)
- Exploiting
AP/Disbursements control weaknesses
- P-Card
fraud
RED FLAGS OF AP FRAUD
- Specific
red flags of each of the common expense reimbursement frauds
- The
fraud risk mitigation cycle
- Implementing
an organization-wide system for fraud detection and prevention
FRAUD DETECTION
- How
T&E frauds are most often detected
- Additional
general detection methods
- Data
mining/analytics for fraud detection
- Examples
of fraud audit techniques at work
ANTI-FRAUD CONTROLS FOR EXPENSE REIMBURSEMENT
FRAUD
- Internal
controls and other t&e fraud prevention measures
- Who
should manage anti-fraud activities
- Internal
controls: dos and don’ts
- General
controls: segregation of duties, delegation of authority, background
investigation
- Specific
expense reimbursement controls and deterrents
LEARNING
OBJECTIVES
- Understand
the many types of travel, entertainment and internal procurement frauds
- Implement
effective expense reimbursement fraud detection techniques and build audit
practices to detect red flags of these crimes
- Implement
employee expense reimbursement best practices and anti-fraud control
strategies for expense reimbursement fraud
WHO
WILL BENEFIT
- Internal
and external audit professionals
- Accounting
and audit practitioners
- HR
managers
- Senior
financial management seeking to reduce their vulnerability to costly frauds
- Payables
specialists
- Procurement
managers
- Compliance
and ethics managers
- CFO’s/senior
financial managers
- Security
personnel
Use
Promo Code MKT10N and get flat 10% discount on all purchases
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