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Detecting & Preventing Expense Reimbursement Fraud
Describe the "fraud triangle"
List the common types of expense reimbursement fraud schemes, including:
- Overstated expenses
- Fictitious expenses
- Unauthorized expenses
- Misuse of company assets
- Double billing
- Altered receipts
Identify methods for detecting expense reimbursement fraud, including:
- Data analytics
- Invoice and receipt reviews
- Vacation and holiday reviews
- Benford's Law
- Random price checks
- Ratio analysis
- Outlier searches
- Itemization reviews
Recognize red flags, including:
- Sequential invoice or receipt numbers
- Excessive cash payments
- Missing original receipts
- Employee behaviors
- Delayed submissions
Implement internal controls that prevent and detect expense reimbursement fraud, including:
- Risk analysis
- A controlled environment
- Controlled activities
- Improved training and communication
- Monitoring
Overview of the webinar
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.
Expense reimbursement fraud schemes are among the most common types of fraud, accounting for 14% of all asset misappropriation fraud schemes, according to the 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE).
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.
Who should attend?
- Accounting and audit practitioners
- HR managers, business owners, business managers
- Senior financial management seeking to reduce their vulnerability to costly frauds
- Payables specialists
- Procurement managers
- Compliance and ethics managers
- CEOs, CFO's/senior financial managers
- Security Personnel/Fraud Investigators and Examiners
- Corporate accountants, government accountants and risk management personnel
Why should you attend?
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 one of the most difficult types of employee crime to detect and prevent. That is in large part due to the extraordinary variety of ways in which such crimes can be committed and the trust most companies have in their employees.
This webinar will summarize different types of expense reimbursement frauds including several "real life" examples. We will discuss how to identify the red flags of expense reimbursement fraud, offer specific fraud detection techniques and review anti-fraud internal controls.
By attending this Webinar, you will learn how vulnerable your organization may be to expense reimbursement frauds. You'll learn about the common and not-so-common ways that these frauds are perpetrated and, you'll learn how to detect the red flags of these schemes, how to detect them and how to strengthen your controls to prevent and detect expense reimbursement frauds.
Faculty - Dr.Robert Minniti
Bob Minniti is the President and Owner of Minniti CPA, LLC. Bob is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator. Bob is currently pursuing a doctoral degree in business administration at Walden University. Bob received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Bob is a professor teaching graduate and undergraduate courses in accounting, fraud examination, fraud criminology, ethics, forensic accounting, external audit, internal audit, tax, and real estate finance at DeVry University, Grand Canyon University, Northwestern University, and the University of Phoenix. He has designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College. He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, real estate financing, internal control development, business continuation planning, risk management, financial forecasting and Sarbanes-Oxley compliance work. Bob is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants.