This webinar will summarize the main types of reimbursement fraud to be alert to, including several "real life" case studies. It will then explain how to identify the red flags of possible reimbursement fraud, offer specific fraud-audit techniques and test for these crimes and conclude with a rundown of proven anti-fraud controls.
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.
Objectives of the Presentation
By attending this webinar, participants will be able to:
Why Should you Attend
- 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 best-practice Anti-Fraud Control strategies for expense reimbursement fraud
This 90-minute webinar will summarize the main types of reimbursement fraud to be alert to, and include an analysis of several "real life" case studies. It will explain how to identify the red flags of possible reimbursement fraud, offer specific fraud-audit techniques and test for these crimes and conclude with a rundown of proven anti-fraud controls.
- Statistical overview of the fraud problem generally, and T&E fraud 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 w/ 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 detecting, preventing and investigating fraud
- 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
Who will Benefit
- Internal Controls and Other T&E Fraud Prevention Measures
- Who Should Manage Anti Fraud Activities
- Internal Controls: Do's and Dont's
- General controls: Segregation of Duties, Delegation of Authority, Background Investigation
- Specific Expense reimbursement controls and deterrents
- 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/Fraud Investigators and Examiners
Expense reimbursement fraud-encompassing the myriad forms of employee travel and entertainment (T&E) schemes as well as Purchasing Card (P-Card) fraud-cost 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.