Detecting Fraud Through Vendor Audits
- Oct 26, 2022 8:00 a.m.
- Central Time (GMT-5)
Virtual Seminar
Course Level
Intermediate
Intermediate
Delivered via
Online
Online
Detecting Fraud Through Vendor Audits
Description
Does your organization have an established contractual right-to-audit in your purchasing and vendor contracts? Auditing vendors and suppliers is critical to deterring and detecting fraud. Doing this ensures that your organization is being treated equitably and is not a victim of fraud.
This course will help you to develop a solid foundation for vendor audits. This includes crucial information like identifying which vendors to target, how to prepare for a vendor audit, how to identify, gather and audit relevant vendor documentation and common vendor fraud schemes to look for.
Prerequisites
Familiarity with the contract and procurement process.
You Will Learn How To:
Ensure that contract language supports future audits
Assess the strength of current vendor contracts and audit clause language
Identify and select good candidates for vendor audits
Recognize key parties affected by the vendor audit and obtain their support for the audit process
Identify and collect essential pre-audit background information
Determine and request supporting documentation for audit
Apply the most effective audit tests to detect potential fraud
Recognize the types of fraud and related red flags that might be uncovered during a vendor audit
Respond to identified vendor fraud warning signs
CPE Information
| CPE Credit: | 8 |
|---|---|
| Advanced Preparation: | None |
| Delivery Method: | Group Internet Based |
Credit by Field of Study
| Auditing: | 8 |
|---|
Registration & Fees
Registration Fee:
ACFE Members: $395
Non-Members: $495
Early Registration Deadline: September 26, 2022
Register by the Early Registration Deadline to SAVE $100!
Course Outline
-
8:00 – 9:20 a.m. Contract Terms and Conditions: The Foundation for Good Vendor Audits
Discover the importance of precise contract language, how it supports future audits and how to craft an effective audit clause. You will also review the types of contracts and audit challenges associated with each.
-
9:35 – 10:55 a.m. Identifying and Selecting Audit Candidates
Learn the importance of routinely exercising vendor audit rights and different ways to determine which vendors to audit, such as by amount spent, number of invoices or identified outliers, as well as the pros and cons of using each method.
-
11:10 a.m. – 12:30 p.m. Preparing for a Vendor Audit
In this session, you will examine ways to clearly define the type of audit you will perform and use that to focus the audit plan and outline the expected procedures. You’ll learn how to develop management support for the audit, determine the necessary audit resources, collect pre-audit background information and more.
-
1:30 – 2:50 p.m. Auditing Vendor Documentation
Determine the most effective ways to request and gather documents, understand the types of vendor data that are relevant for the audit, and learn numerous audit tests designed to detect red flags of corruption, billing schemes and other forms of vendor fraud and abuse.
-
3:05 – 4:25 p.m. Finding Fraud in Vendor Audits
This section presents examples of the broad range of vendor fraud, such as schemes involving manipulation of labor, employee travel, materials, equipment and contract rates. Learn to identify the warning signs of common vendor frauds so you can more effectively uncover them.
Presenter
Jeff Matthews, CFE - Speaker
Partner
StoneTurn
Policies
Payment must be received by September 26, 2022 to receive early registration discount.
Event Cancellation Policy
Our cancellation policy is intended to keep costs low for attendees. Due to financial obligations incurred by ACFE, Inc. you must cancel your registration prior to the start of the event. Cancellations received less than 14 calendar days prior to an event start date are subject to a $100 administrative fee. No refunds or credits will be given for cancellations received on or after the start date of the event. Those who do not cancel and do not attend are responsible for the full registration fee. Should an event be cancelled or postponed by the ACFE due to unforeseen circumstances, ACFE will process a full refund of registration fees within 30 days of such circumstances becoming known. ACFE will attempt to notify affected customers by phone and email after it determines cancellation is necessary.
Satisfaction Guarantee
ACFE seminars are unmatched in scope and effectiveness and backed by our unconditional satisfaction guarantee. If you attend an ACFE event and are not completely satisfied, please contact an ACFE Member Services Representative at MemberServices@ACFE.com or call (800) 245-3321 / +1 (512) 478-9000.
Terms and Conditions
The Association of Certified Fraud Examiners, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.