Fraud Detection: 5 Ways Accounts Payable Can Help

Feature Story

Fraud Detection: 5 Ways Accounts Payable Can Help

Start by building a solid foundation in fraud awareness

by John Brocar, CFI, Vice President, Fraud Risk Solutions, APEX Analytix

Every year the Association of Certified Fraud Examiners publishes a Report to the Nation, stating that 5 percent of a typical organization's total revenue is lost due to fraud and abuse. That can amount to millions or even billions of dollars at Fortune 1000 companies. But ask most top execs and they'll say, "We have internal controls in place to prevent that type of activity" or "That can't happen here -- maybe at the company down the street." Read more ...

Editorial Corner

Hot off the Presses -- Your Latest Issue of The Cheat Sheet

John Hiatt

The Cheat Sheet, sponsored by Apex Analytix, focuses on the latest developments in fraud detection and mitigation. Once a quarter, The Cheat Sheet serves as a guide to help you protect your company, better manage your staff and get more done in less time.

In the last issue, we showed how internal auditors uncover only a small percentage of fraud, how to "partner" with internal audit to create a "win" for accounts payable and why a vendor risk analysis helps everyone get a good night's sleep. In this issue's feature story, we'll share five ways accounts payable can help build a comprehensive fraud detection program -- and how it all starts with training your staff in fraud awareness.

Your opinion matters a lot. Please let us know how successful we are at including relevant articles, by taking a one-minute reader survey. We want to make this publication as valuable to you as possible. And while we're at it, here's wishing you and yours a happy holiday season and a healthy, prosperous new year!

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APEX Analytix Hires New VP to Head Fraud Protection Initiatives

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Publications

STORES Magazine

Chain Store Age

Supermarket News

Business Finance Magazine

Financial Executive

eWeek

Associations

ACFE - Association of Certified Fraud Examiners

IIA - Institute of Internal Auditors

AICPA - American Institute of Certified Public Accountants

IQPC - International Quality and Productivity Center

VCF - Vendor Compliance Federation

IOMA - Institute of Management Association

Resources

The Balance Sheet

The APEX Analytix quarterly publication that provides insights and best practices for A/P, shared services and recovery audit professionals.

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Kroll Global Fraud Report

ACFE Report to the Nation

Archive

Issue 6

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Solving the Vendor Master File Conundrum

Is your vendor master file out of date and riddled with duplicates? Does it fail to give you a clear view of which vendors are related to each other under the same corporate entity? In this white paper, you will learn the tips and techniques of how to successfully execute the process of cleaning up your vendor master. You’ll also read about best practices to implement to keep your vendor master clean, including the use of a Vendor Portal and Supplier Registration tool, and the extra benefits you will find from having a clean vendor master file.

Scam Alert

Tone Deaf at the Top: Former Executives Charged With Accounting Fraud

The Securities and Exchange Commission recently charged Diebold Inc. and three former financial executives with engaging in a fraudulent accounting scheme to inflate the company's earnings. Separately, the SEC is seeking reimbursement of certain financial benefits the company's CEO received while Diebold was committing accounting fraud.

The SEC alleges Diebold's financial management received "flash reports" comparing the company's actual earnings to analysts' forecasts, along with "opportunity lists" showing ways to close the gap between the company's actual financial results and the analysts' forecasts. Many of the opportunities listed were fraudulent accounting transactions that improperly recognized revenue or otherwise inflated Diebold's financial performance.

Diebold -- an Ohio-based company that manufactures and sells ATMs, bank security systems and electronic voting machines -- agreed to pay a $25 million penalty to settle the SEC's charges. Diebold's former CEO Walden O'Dell agreed to reimburse cash bonuses, stock and stock options under the "clawback" provision of the Sarbanes-Oxley Act.

The SEC's case against Diebold's former CFO Gregory Geswein, former Controller and later CFO Kevin Krakora, and former Director of Corporate Accounting Sandra Miller is ongoing.

Risk Management : Guard against devastating financial losses

Latest Fraud Threat: Personal Data on Social Networks
Survey finds millions of Americans exposed to fraudsters
by Penny Crosman - Bank Systems & Technology

SOX Compliance Pays Dividends, Reduces Risks
Benefits include increased efficiency and effectiveness
by Scot Glover - P&C National Underwriter

Process Management : Implement new processes & manage you staff

Convergence Moves Closer Than You Think
FASB and IASB push five projects forward
by Marie Leone - CFO Magazine

Combating Spreadsheet Sprawl
New audit guidelines for user-developed applications
by Hilary Johnson - Treasury and Risk Magazine

Time Management : Balance your work and life

Setting Goals and Getting Results the Agile Way
Hint: Don't confuse activities with outcomes
by J.D. Meier - Expert Access

Relationships: Key to Improved Passion and Performance
Don't let energy-drainers stand in your way
by Pat Heydlauff - My Article Archive

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