Fraud in Accounts Payable: How to Prevent It
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"Fraud and murder have a lot in common. If you've seen even a few detective shows or movies, you know there are three factors for identifying the murderer: means, motive, and opportunity. Alas, the same is true for fraud."—From Fraud in Accounts Payable It's an undeniable fact of corporate life—fraud happensa?'and it is particularly likely to take place in accounts payable because of this department's easy access to the organization's money. Fraud in Accounts Payable is written with a two-fold goala?'to make fraud so difficult within an organization that potential perpetrators give up and take their efforts elsewhere and to provide auditors, controllers, managers, and executives with the best practice tools to detect fraud and get it out of their organizations. A realistic and unflinching look at corporate fraud, this practical guide pulls the curtain back on fraud in accounts payable, revealing that every organization is vulnerable to it, as well as the appropriate steps professionals can take to both detect and prevent it. Myths such as "fraud could never happen to my business" or "I trust my employees—they would never steal from me" are confronted and dissolved with coverage of: Occupational fraud Internal controls and paper checks Check fraud: still a huge problem Electronic payment fraud Petty cash fraud Vendor and invoice fraud Payroll fraud Telecom fraud No organization can afford to take the issue of fraud lightly. This is required reading for every professional, whether their organization is a small business or a large corporation. Fraud in Accounts Payable will help organizations know the appropriate steps to both detect fraud and prevent it in the accounts payable department—before it eats away at the bottom line.
Pt. 1 Where Accounts Payable Fraud Can Happen in Your Organization 11 Profiles of Fraud in the Business World 32 Check Fraud: Still a Huge Problem 173 Check Stock: Stop the Fraudsters' Presses 434 P-Card: Not as Big an Issue as You Might Think 515 Electronic Payment Fraud: Not a Growth Industry - Yet! 616 Desktop Fraud: Few Think About This - But Everyone Should 717 Travel and Entertainment Fraud: Not All Your Employees Are Honest 798 Petty Cash Fraud: Petty Indeed 939 Vendor and Invoice Fraud: Not Every Invoice (Or Vendor!) Is Legit 10110 Master Vendor File Fraud: How Employees Play Games with Your Records 11511 Payroll Fraud: Ghostbusting and More 12312 Telecom Fraud: Yes, It Can Happen to You 133Pt. 2 Strategies to Deter, Prevent, and Detect All Sorts of Accounts Payable Fraud 14313 Best Practices - Not: Tactics that Unintentionally Promote Fraud 14514 Fraud Monitoring Reports: A Necessary Evil 14915 Fraud Detection and Prevention: Simple Tactics You Can Use 16116 Sarbanes-Oxley 169Appendix A Fraud Schemes: Physical and Virtual Checks 181Appendix B 2007 Top Frauds 183Appendix C Segregation of Duties 185Appendix D The Sarbanes-Oxley Act of 2002 Titles 187Resources 191Index 195
