Preventing and Detecting Fraudulent Vendor Disbursements
In this webinar you will learn the established audit techniques to prevent and detect disbursement fraud, as well as gain an understanding of the criticality of being a professional skeptic when conducting the audits.
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Companies and other entities, such as non-profit organizations and government agencies, are vulnerable to a wide variety of internal and external fraud schemes.A prevalent fraud that occurs is improper payments to vendors, fictitious vendors, and related party vendors.A dishonest employee can easily manipulate vendor and accounts payable records to facilitate fraudulent disbursements. The Association of Certified Fraud Examiners claims that nearly two thirds of an entity's fraud exposure involve fraudulent disbursements.Due to the prevailing hazard surrounding fraudulent disbursements, it is imperative that an organization's accounting department, internal auditors, external auditors, and fraud examiners undertake an ongoing robust, cost effective, review of the internal controls over the cash disbursement process. Preventing fraudulent disbursements is the goal with a secondary objective of early detection.
Why should you Attend:
If your company purchases and contracts with vendors for materials, goods, or services, your company is at risk of being a victim of fraud. By attending this webinar you will learn the various methods that fraudsters employ to commit disbursement fraud. In addition, you will learn how a strong anti-fraud policy, understanding the human factor, and performing established audit techniques will minimize disbursement fraud. You will learn the established audit techniques to prevent and detect disbursement fraud, as well as gain an understanding of the criticality of being a professional skeptic when conducting the audits.
Areas Covered in the Session:
Who Will Benefit:
- Various Disbursement Fraud Schemes
- Employee Collusion with Vendors
- Internal Controls
- Prevention Strategies
- Detection Strategies
- Investigative Strategies
- Procurement Officials
- Fraud Examiners and Investigators
- Business Owners
- Compliance Officers
- Finance Managers
- Accounts Payable Employees
John E. Grimes III, CFE, CFI has over 45 years of law enforcement, criminal investigation, loss prevention, fraud examination experience, and teaching experience. John began his law enforcement career with the Baltimore City Police Department where he became a Detective in the Criminal Investigation Division (CID). John left Baltimore and became a Special Agent with the newly formed Amtrak Police Department Fraud and Organized Crime Unit and was later promoted to Captain of the CID.
In 1993, John joined the Amtrak Office of Inspector General/Office of Investigations as a Special. He was promoted to Supervisory Special Agent and Regional Supervisory Special Agent. 1999, he was appointed the Chief Inspector. John retired from service in 2011. John spent most of his career with the OIG investigating procurement fraud.
John is currently the proprietor of Fraud and Loss Prevention Solutions. He consults and provides training and speaks on a variety of fraud topics including Procurement Fraud, Fraud and Loss Prevention Strategies, and Forensic Interviewing and Interrogation. John also speaks about Ethics and Leadership.
In addition, John is an Adjunct Professor of Forensic Studies at Stevenson University. John re-developed and teaches the graduate level course, Investigative Interview Techniques. In addition, he is an Advisory Committee member for the Center for Forensic Excellence at Stevenson University. He also developed and taught an introductory Loss Prevention Course for Blue Ridge Community College in Hendersonville, NC.
John is the Immediate Past President of the Maryland Chapter of the Association of Certified Fraud Examiners. John has been recognized as a Certified Fraud Examiner since 1997. John is also recognized as a Certified Forensic Interviewer by the Center for Interviewer Standards and Assessments, Ltd.
He is a member of the Reid Institute on Interviewing and Interrogation and is al a member of the Loss Prevention Foundation.
John holds an AA n Criminal Justice from The Community College of Baltimore County, a BA in Business with an emphasis in Accounting from the Notre Dame of Maryland University, and an MS in Forensic Studies from Stevenson University. Additionally, John is a 1987 graduate of the New England Institute of Law Enforcement Management at Babson College.