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Detecting Fraud Through Vendor Audits


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  CPE Credit: 8
Course Level: Intermediate
Prerequisite: Familiarity with the contract and procurement process


 

The potential for fraud is not solely an internal threat; the businesses that provide an organization with goods and services can engage in fraudulent behavior as well. One of the ways to mitigate these external risks is to establish a contractual right-to-audit in purchasing and other vendor contracts. Auditing vendors and suppliers can be a critical fraud deterrent and detection device for management to ensure they are being treated equitably and are not victims of fraud.

The ACFE Detecting Fraud Through Vendor Audits seminar is a one-day course designed to explain how to develop a solid foundation for vendor audits; how to identify which vendors to target; how to prepare for a vendor audit; how to identify, gather, and audit relevant vendor documentation; and what common vendor fraud schemes to look for.

 

Upcoming Courses 

No courses are scheduled at this time. Please view our Calendar of Events for additional learning opportunities.

 

You Will Learn How To:  

Ensure that contract language supports future audits

Assess the strength of current vendor contracts and audit clause language and why it is vital to do so

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 

  
Who Should Attend:  

Internal and external auditors

Forensic accountants

Controllers, CPAs and other accounting professionals 

Government auditors and investigators

Procurement officers

Certified Fraud Examiners and other anti-fraud specialists

Fees 

Members: $295
Non-Members: $395

CPE Credit 

8

 

Field of Study
Auditing 

 

Course Level
Intermediate

 

Prerequisite
Familiarity with the contract and procurement process 


Advanced Preparation 

None

  

Delivery Method 

Group-Live
  

  Day One  
7:30-8:00 a.m.   Registration & Continental Breakfast   
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.

9:20-9:35 a.m.  Break 
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.

10:55-11:10 a.m.  Break  
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.

12:30-1:30 p.m.  Group Lunch  
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.

2:50-3:05 p.m.  Break  
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.

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.

 

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.

 

NASBA CPEThe 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.learningmarket.org 
 

 

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