The passage of Sarbanes-Oxley back in 2002 forced many companies to look deeper into internal Accounts Payable controls. They realized that is was not an easy task. Implementing internal controls takes time, money, and effort. However, if fraud or missteps are uncovered, it will be worth the investment. If not, you have the knowledge that your ship is tight.
There are several approaches you can try to tighten up your A/P operations and thereby perform an internal audit; which in itself will be fruitful for future audits and investigations. These approaches require some data gathering, procedural changes, and employee education. However, the implementation of these changes should not be a burden to you, your staff, or the company.
Internal fraud has been around long before Sarbanes-Oxley and will be with us when we retire. According to the Association of Certified Fraud Examiners (ACFE), it is estimated that 5% of all revenueis lost to occupational fraud every year. Fraud is not completely preventable but there are steps you can take to systemically prevent and detect fraud on an ongoing basis.
• Data gathering
• Establishing the scope and objectives
• Assessing your risk and resources
• Quality of policies, procedures, and limits
• Risk assessment for specific payment types
• Specific incidences to research
• Management approach
This webinar will discuss several key areas to investigate, how to uncover fraud, and put a plan in place to prevent it going forward. We will cover duplicate payments where a simple quarterly scan can uncover potential issues.
Other items discussed will be abnormal payment volumes, check /wire amounts, addresses, and the like. These steps can be taken to monitor, detect, and mitigate fraud in accounts payable.
• Accounts Payable Managers
• Payments professionals
• Operations managers
• Cash management product and sales staff
• Treasury managers
• Commercial bankers
• Corporate treasury professionals
• Payments network providers
• Payments processors
Years of Experience: 30+ years
Areas of Expertise: Banking, Technology, and Finance
Ray Graber has a deep and thorough understanding of banking, technology, and finance. His experience includes banking technology research at TowerGroup; best practices internet policies at FleetBoston, wire transfer operations and product launches at Citibank and BankBoston; and treasury operations for a $325 million public company.
Mr. Graber was an adjunct professor at the Carroll Graduate School of Management at Boston College where he taught E-Banking, the MBA Leadership Course, Corporate Finance, and the Financial Management of Commercial Banks. He also taught Working Capital and Cash Management at the Bentley College Graduate Business Program.
Ray holds a Bachelor of Arts degree in Mathematics and an MBA in Finance and Computer Science from Boston College.View all trainings by this speaker