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