On-Site Training Topic Details 

Detecting Fraud Through Vendor Audits 

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.

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 

Procurement officers

Certified Fraud Examiners and other anti-fraud specialists

CPE Credit: 8

Field of Study: Auditing

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

Advanced Preparation: None