Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA) FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web. FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware. The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts. FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
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How a company manages its Accounts Payable process affects two very important areas of an organization’s business: Cash Flow and Supplier Relationships
Fraud Impacting One or Both of These Areas is Detrimental. Period.
Internal Controls, Fraud Assessments, and Periodic Audits are Very Important to Discover Issues Sooner Rather than
Payments Name, Address, Phone = Employees Unusual Patterns in Check Amounts Only P.O. Box Addresses Available Improper Locations Over & Under Duplicates, Gaps False
1) Complete Summary of Data & Findingsa) Total by Each Type of Discrepancyb) Aggregate Discrepancy
2) Determine Additional Tests to Run & Perform3) Discuss Findings with Owner Initially & Recommendations4) Complete Interviews with Employees 5) Review Gaps & Control Deficiencies & Provide Recommendations 6) Recommend Management Review for Cost v Benefit & Implement ASAP7) Determine if Client has Fraud Insurance Rider. If not, recommend.8) Contact Insurance Carrier (if applicable) & Begin Claim Process.9) Contact Authorities & File Report.10) Determine if Prosecution is Advisable e.g. Dollar Amount, Management, etc.11) Complete Report (See ACFE.com) 12) Complete Supporting Doc for Insurance Co. & Authorities
Payments Name, Address, Phone = Employees Unusual Patterns in Check Amounts Only P.O. Box Addresses Available Improper Locations Over & Under Duplicates, Gaps False