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Employee Travel and Expense Reimbursement Schemes
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Expense 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 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.
Participants will be able to:
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
Who Should Attend
- 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
Partial Course Agenda
- 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
- 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
- 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
- Internal Controls and Other T&E Fraud Prevention Measures:
- Who Should Manage Anti Fraud Activities
- Internal Controls: Do’s and Don’t’s
- General controls: Segregation of Duties, Delegation of Authority, Background Investigation
- Specific Expense reimbursement controls and deterrents.
Peter Goldmann is President of FraudAware LLC, developers of FraudAware, the leading fraud awareness training program.
(Contact us : 844-267-7299 | 954-947-5671
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