How to Recognize Analytical and Accounting Red Flags in Purchasing Schemes

Tuesday, May 09, 2017 at 11:30AM - 2:30PM
Fremont, CA

Event Details

This training program will primarily focus on analytical and accounting red flags in purchasing schemes, bid rigging, billing schemes, personal purchase schemes, product substitution and all other kinds of corporate fraud.

Objectives Of The Presentation
  • Vendor Corruption Schemes - Types and How to Spot Them
    • Conflicts of Interest
    • Purchasing Schemes
    • Bid Rigging
  • Vendor Asset Misappropriation Schemes - Types and How to Spot Them
    • Billing Schemes
    • Personal Purchase Schemes
    • Product Substitution
    • Shell Company/Fictitious Vendor
  • Collusion and the Combination of Corruption Schemes and Asset Misappropriation Schemes
    • Collusion helps employees evade independent checks and other anti-fraud controls, enabling them to steal larger amounts
    • Combination adds a powerful mix that facilitates the fraud for years
  • Behavioral Red Flags
  • Lifestyle Red Flags
  • Analytical and Accounting Red Flags
  • Internal Control Weaknesses and Tips
  • In Summary - Is it Fraud or a Red Flag?
  • Real Cases
Why Should you Attend
According to the Association of Certified Fraud Examiners, frauds that are allowed to linger for 5 years had a median loss of nearly $1 million. The longer frauds last, the more financial damage they cause. Passive detection methods such as external audits tend to take longer to bring fraud to management's attention, which allows the related loss to grow. Consequently, proactive detection measures - such as tips and management review procedures - are vital in catching frauds early and limiting their losses.

Maybe you are the controller, you're in the compliance department, you're part of the management purchasing the services or product, you're in accounts payable or maybe you're on the audit and finance committee -all of you touch upon vendors in your work and have a responsibility to your organization to spot fraud red flags and take action to minimize financial losses and reputational damage to the organization. The ACFFE's research shows that at least one red flag was identified in 92% of fraud cases, and, in 64% of cases, the fraudster displayed two or more behavioral red flags.

This course will discuss vendor corruption schemes, vendor asset misappropriation schemes, behavioral red flags, and internal control weaknesses.

Who will Benefit
  • Management
  • Compliance Professionals
  • Controllers
  • Purchasing Professionals
  • Accounting and Finance Professionals
  • Audit and Finance Committee Members
  • Risk/Compliance Officers
For Registration

Note: Use Promo code WE3PL and get 10% off on registration (Valid till MAY 31st 2017)

Organization Details

Online Compliance Panel (OCP) creates and delivers comprehensive industry relevant training sessions. These sessions are simple, interactive and cost effective. We are a predominantly web based information exchange forum. Live interactions on compliance training make the process holistic and effective. OCP largely emphasizes in offering regulatory compliance training to compliance professionals on varied topics. These primarily include risk management, quality management, corporate compliance and other regulatory compliances. Some of our primary areas of focus include advancement and updates in regulatory compliance, best practices and market trends.

We strive to incorporate high standards in developing a culture facilitating exchange of ideas resulting in functional excellence. OCP believes in nurturing ideas and thought processes through innovative e-learning methodologies. Our products and services are designed to offer customized solutions to industry and market. We bridge the gap between experience and knowledge thus delivering original and creative content.

Our objectives of employing interactive mediums ensure effective communication and mutual exchange of ideas. OCP closely follows best practices and regulatory trends in the global compliance scenario. We also observe and communicate trends witnessed in FDA, ISO regulations, process and design validation. All updates and additions to important laws can be accessed by our customers in real time.

Our mission is to empower compliance professionals through effective online training sessions. Our world class training methodologies stem from comprehensive understanding of client requirements. The content conforming to FDA and ISO standards is developed by well qualified and experienced industry leaders. Our offerings will exceed expectations and add value to your investment.

The content in various categories such as medical devices, pharmaceuticals and biotechnology will raise the bar in terms of quality already on offer .We hope to contribute to the creation of responsible organizations creating benchmarks in quality, integrity and transparency.

Online Event
38780 Tyson Lane, Apt 210
Fremont, CA 94536

Starts May 09, 2017 at 11:30AM - 2:30PM

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Contact Information

Organization: Online Compliance Panel LLC

Event Contact: OCP Panel

Phone: 15108575896