Accounts Payable Risk
and Fraud Prevention

07 – 09 September 2022
Sandton Centre, Johannesburg - South Africa

Register Now! Limited Seats Available!

Public R13, 999.00

Online R9, 999.00

Online R9, 999.00

Public R13, 999.00

Online R9, 999.00

Course overview:

Payment fraud is expanding on all fronts. It’s both internal and external and without the proper controls in place, organizations can be hit using a variety of approaches. In this workshop, we look at the types of fraud and then offer recommendations on best practices to minimize check fraud, p-card fraud, T&E fraud, and electronic payment fraud. Because electronic payment fraud is relatively new and the number of ways it can be committed is so varied, we spend quite a bit of time on that topic.

Learn how to empower your accounts payable department to prevent overpayments and minimize fraud risk while enriching the work experience of your team. This workshop will focus on:

  • Identifying risks associated with all key activities of the accounts payable function
  • Learning the advantages of effective compliance training for the accounts payable team
  • Exploring accounts payable controls needed to enhance control environment and mitigate opportunities for fraud
  • Motivating critical personnel to enhance your control environment
  • Implement effective AP fraud detection techniques and build audit practices to detect red flags of AP fraud.
  • Implement best-practice Anti-Fraud Control strategies for AP.
  • Advise management on fraud risk mitigation through transaction monitoring, technology/information technology tools and low-cost internal controls.
  • Recommend better anti-fraud management structure (Board of Directors/Executive Management, Line Management, Compliance, General Counsel, etc.)

Who Will Benefit:

  • Internal and External Audit professionals
  • Accounting and Audit practitioners
  • AP Managers
  • Accounts Officer
  • Senior Financial management seeking to reduce their vulnerability to costly frauds
  • Procurement and Payables Specialists
  • Compliance and Ethics Managers
  • Senior Financial Managers
  • Security Personnel

Course Outline:

Introduction

  • Statistical overview of the fraud problem
  • Who commits fraud
  • Why employees commit fraud (The Fraud Triangle)
  • Lessons from fraudsters

Common Types of AP Fraud Today

  • Vendor/billing fraud schemes
  • ACH fraud
  • Fraudulent AP financial reporting
  • Kickbacks/bribery
  • Conflicts of interest
  • P-Card fraud

Red Flags of AP Fraud

  • Conducting a Fraud Risk Assessment and Recognizing the Red Flags of Internal Fraud
  • The Fraud Risk Mitigation Cycle
  • Implementing an organization-wide system for detecting, preventing and investigating fraud

Fraud Detection

  • How 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 Account Payable

  • Internal Controls and Other Fraud Prevention Measures:
  • Who Should Manage Anti Fraud Activities for AP
  • Internal Controls: Do’s and Don’ts
  • General controls: Segregation of Duties, Delegation of Authority, Background Investigation
  • Specific AP Operations-Level Controls.

Sophisticated ways fraudsters are targeting your Accounts Payable department especially during the current global pandemic

  • Fraud during COVID-19 and mitigating the risk
  • Business Email Compromise, the associated red flags, and how to prevent it
  • Working in partnership to prevent fraud in AP

Critical Anti-Fraud Audits under Procurement and Accounts Payable

  • A basic understanding of fraud and the different types of fraud that can occur
  • The fraud triangle and statistics from the ACFE
  • Different data analysis tools that can be utilized (ACL vs. IDEA or just Excel)
  • Understanding the data that A/P or IT can provide for analysis
  • Different data analysis tests that can be performed on accounts payable data
  • Examples of proactive accounts payable anti-fraud reviews
  • Different data analysis tests that can be performed on purchasing data

Electronic Payment Fraud Prevention Best Practices

  • Identify the types of ACH payments
  • Differentiate between six types of ACH payment fraud, including the two fastest growing types
  • Understand and address the issues around the BYOD issue as it affects your organization’s payment process
  • Navigate around the limited legal protection from your bank
  • Instruct your bank to use certain products to protect your company
  • Implement best payment process practices that affect ACH payments to protect your organization

New Fraud to be aware off in 2022/23

  • Phishing: How Organizations Can Immediately Protect Their People From This Dangerous Threat
  • Training plans are needed to train employees on how to recognize phishing emails.
  • Add internal controls such as multi-factor authentication by calling the recipient and confirming the bank account information. For all wires, add a verbal approval with your bank.
  • Stop giving special treatment to C Levels. Always follow the process that has been put into place, because they are put into place to protect not only the company but also the employee.
  • Passwords
  • Enable Multi-Factor Authentication on each eligible account. This can be via SMS (text message) or via a separate security device (key fob) or software that generates a single-use authorization code.
  • Password Managers – especially if MFA is not possible.
  • USB Flash Drives

USB flash drives are being used by Cybercriminals. How? They can be loaded with malicious code, and that code can imitate a keyboard, entering commands when you plug them in. all it takes is one innocent team member plugging a USB drive.

  • Disabling USB flash drives in company-owned devices.
  • Some companies fill the drives with Epoxy glue to fill the USB connections
  • Employees need to be trained to not pick-up random USB flash drives. (Or charging cords, etc. at airports)

IN HOUSE AND ONLINE TRAINING

While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.

For Registration and other Training arrangements,
contact us on the detail below.
SOUTH AFRICA Tel: +27 11 057 6001
TANZANIA Tel: +255 769 688 544
KENYA Tel: +254 11 353 1082
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com