An increased awareness of fraud and the ongoing cost to organizations have created a need to take a proactive stance on performing anti-fraud audits in their Purchasing and Accounts Payable cycles. The Association of Certified Fraud Examiner's (ACFE) 'Report to the Nations on Occupational Fraud and Abuse' published in 2012 predicted that 5% of an organization's revenue is lost to fraud.
Large volumes of data from Purchasing and Accounts Payable can be analyzed and tested for certain elements of possible fraud in small and medium manufacturing enterprises. Accounts Payable is considered the 'checkbook' of the organization, and therefore creates an area that is vulnerable to fraud in the absence of a proper control environment. Internal Audit organizations must analyze the data that comes out of the process to enable the organization to feel comfortable that controls are in place and functioning properly, or that there may be fraud occurring. Understanding the data is the first step in analyzing large volumes of data.
This webinar by Marna Steuart will provide you with a basic understanding of fraud, data analysis tools and tests, and proactive accounts payable anti-fraud example of reviews that can be conducted. The session will explain the use of Audit Control Language (ACL) and how this tool and other tools like it (IDEA) are helpful in the analysis of Accounts Payable and Purchasing data.
This webinar will provide valuable assistance to:
Marna Steuart has been in the audit industry for over 20 years. Ms. Steuart began her career with a Big Four firm as an external auditor, then as an internal auditor in several different capacities within several different industries. Ms. Steuart obtained her Certified Fraud Examiner license in 2007 and was the main fr... More info