Valuable learning on how organizations can detect and prevent Accounts Payable fraud

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Of all the business processes organizations employ; the Accounts Payable (AP) is perhaps the one that is most easily vulnerable to fraud, because nearly every kind of fund that flows out of the organization has to pass through the AP first. This leaves this a field wide open for fraudsters who are smart enough know how to assail it.

A webinar that is being organized by TrainHR, a leading provider of professional trainings for the human resources industry, will educate participants about the ways by which they can detect and prevent Accounts Payable (AP) frauds. To understand the ways of preventing AP in all its depth, please enroll for this webinar by visiting TrainHR

The speaker at this webinar is Peter Goldmann, Founder and President of White-Collar Crime 101 LLC. Peter has been the Publisher and Editor of White-Collar Crime Fighter for over 12 years and is recognized as a leading expert in the areas of fraud detection, prevention, investigation and training.  Peter launched the development of FraudAware in 2001. He has written numerous articles on practical approaches to fraud prevention and detection. He is a member of the Editorial Advisory Board of the Association of Certified Fraud Examiners.

Viewing this webinar, its entirety qualifies for a recertification credit hour that may be counted toward SHRM-CP and SHRM-SCP recertification from SHRM. Credit is awarded based on the actual educational time spent in the program.

This webinar has been approved for 1.5 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI).

Understanding how it happens is the foundation

The key to preventing AP frauds is to first understand how it happens. This webinar gives insights into this. The speaker, who brings many years in the area of medical fraud, will give participants an idea of how to detect AP fraud. He will offer an overview of the most common and costly forms of AP fraud today and then focus on the best ways to both detect and prevent such crimes. Numerous case studies will be cited to help illustrate key points.

During this presentation, emphasis will be placed on the practical, “how-to” steps for early detection of red flags of AP fraud and the corresponding anti-fraud controls. When these are properly implemented, they will help to substantially reduce the organization’s risk of falling victim to both internal and external AP fraud.

In concluding, the speaker will offer an introductory discussion about continuous controls monitoring and continuous auditing-two key components of long-term fraud risk mitigation.

Valuable for finance professionals

This webinar is of high value to professionals at various levels who deal with AP, including Internal and External Audit Professionals, Accounting and Audit Practitioners, Senior Financial Management seeking to reduce their vulnerability to costly frauds, Payables Managers, Procurement Managers, Compliance and Ethics Managers, CFO’s/senior Financial Managers, and Security Personnel.

Paul will cover the following areas at this webinar:

  • Understanding the leading types of accounts payable (AP) fraud
  • Most common AP fraud control failures to beware of
  • How to detect the red flags of key AP fraud schemes
  • Training your employees to detect, prevent and report AP fraud
  • How to implement proven anti-fraud controls in Accounts Payable.

 

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Understanding payroll fraud and preventing it

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Payroll fraud is a matter of serious concern to the people affected by it, the organization in which it happens, and to the economy overall. It is estimated that payroll fraud is involved in around an eighth of all workplace frauds and makes up about a twelfth of all occupational frauds worldwide. On average, a payroll fraud case results in loss of $ 48,000 and avoids detection for about three years. Each payroll case fraud costs around $ 72,000.

It is rather unfortunate, but expected that small organizations bear the brunt of payroll frauds. The reason for this is not far to seek: They usually lack the requisite fraud detection mechanisms, making them particularly susceptible to payroll fraud.

Common methods for preventing payroll fraud

Many organizations take a few steps to prevent payroll fraud. Some of these include limiting access to the information relating to payroll, engaging different people for different levels and areas of payroll functions so that it acts as some kind of checks and balances system, conducting thorough background checks of the employees in charge of payroll functions, checking ghost employee accounts, installing automated clearing house (ACH) filters, and a few others.

Section 404 of SOX Act

Additionally, the Sarbanes Oxley Act, which was a landmark legislation aimed at putting checks on large corporate frauds, also requires companies to take a few steps to prevent payroll fraud. Section 404 of the SOX Act requires a few stringent steps:

  • Companies have to include an Internal Control Report in their annual financial reports stating that the management takes responsibility for implementing what SOX terms an “adequate” internal control structure
  • Management has to assess the effectiveness of this internal control structure
  • Deficiencies and discrepancies in these controls must be reported
  • These declarations by the management have to be attested by external registered auditors.

A complete discussion of the ways of preventing payroll fraud

A thorough understanding of all the elements of payroll fraud and the ways of preventing them will be discussed at a webinar that is being organized by TrainHR, a leading provider of professional trainings for the human resources industry. At this webinar, Dayna Reum, who is Payroll Tax Manager at PetSmart Inc. and has been heavily involved in the payroll field over 15 years; will be the speaker.

To get an in-depth idea of payroll fraud and to understand the ways of dealing with it, please register for this webinar by visiting TrainHR

Tools for detecting payroll fraud

The purpose of this session is to help participants gain an understanding of the legal rules around detecting and deferring payroll fraud. Dayna will review tools that companies can use to detect or deter fraud with immediate effect. She will take up Section 404 of the SOX Act for detailed discussion and examine the requirements in it that publicly traded companies have to meet. She will also explain how the provisions of the Act are designed to check payroll fraud.

This webinar will be of high value to professionals involved in payroll functions, such as Payroll Professionals, Compensation Professionals, HR Professionals, and Benefit Professionals. In the course of this webinar, Dayna will cover the following areas:

  • Payroll Fraud Statistic’s-How big of a problem is it?
  • How does payroll fraud occur?
  • Preventing Payroll Fraud
  • Internal Controls
  • Tools (Process Maps, Business Continuity Plans, Process Documentation)
  • Audits
  • Sarbanes-Oxley 404 Requirements
  • Ethical Business Practices.