Employee Expense Reimbursement Fraud: Detection, Prevention and Deterrence



Speaker : Peter Goldmann

Peter Goldmann, has 25 years of experience as a business journalist an |  more...

Topic ID : 53

Duration : 90 Mins

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Course Description:

Expense reimbursement fraud—encompassing the myriad forms of employee travel and entertainment (T&E) schemes as well as Purchasing Card (P-Card) fraud—cost 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 90-minute webinar will summarize the main types of reimbursement fraud to be alert to, and include an analysis of several “real life” case studies. It will 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.

Course Objective:

Employees who have the opportunity to exploit weaknesses in your organization’s expense reimbursement processes and procedures can do so. Moreover, anti-fraud experts agree that expense reimbursement fraud can be among the most difficult types of employee crimes to be detected and prevented. That is largely because of the extraordinary variety of ways in which such crimes can be committed.

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.

By attending this Webinar, you will learn how vulnerable your organization is to expense reimbursement fraud. You’ll learn about the common and not-so-common ways that these frauds are perpetrated and — most importantly — you’ll learn how to detect the red flags of these schemes, how to audit for them and how to tighten up your controls against them.

Course Outline:

Introduction

  • 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.
Common Types of Expense Reimbursement Fraud Today
  • 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.
Red Flags of AP 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.
Fraud Detection
  • 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
  • Anti-Fraud Controls For Expense Reimbursement Fraud
  • Internal Controls and Other T&E Fraud Prevention Measures:
  • Who Should Manage Anti-Fraud Activities.
  • Internal Controls: Do's and Don’ts.
  • General controls: Segregation of Duties, Delegation of Authority, Background Investigation.
  • Specific Expense reimbursement controls and deterrents.

Target Audience:

  • 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

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