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 1-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 other upcoming seminars.
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
Full Course Outline
Detecting fraud through vendor audits
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DAY ONE
|
| 7:30 a.m. - 8:00 a.m. |
Registration - Breakfast Pastries |
| 8:00 a.m. - 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 a.m. - 9:35 a.m. |
Break |
| 9:35 a.m. - 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 a.m. - 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 p.m. - 1:30 p.m. |
Group Lunch |
| 1:30 p.m. - 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 p.m. - 3:05 p.m. |
Break |
| 3:05 p.m. - 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.
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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.
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.
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