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New! Free TAPC Audio Conference
December 3, 2008
Best Practices in AP Automation
Featuring Steve Iannarone, AP Automation Expert and Christopher Ryan, Vice President, Marketing, SpringCM.
Register
Earns 1 CEU |
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Fraud and Accounts Payable
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In the Association of Certified Fraud Examiner's 2008 Report to the Nation, check tampering was the second most costly fraud scheme committed within organizations. Lack of internal controls was the most commonly cited control weakness, and occupational fraud was found to continue for years undetected.
The report also stated that anti-fraud controls have a significant impact on an organization's exposure to fraud. In this issue, you will learn how to detect and prevent fraud within accounts payable using internal controls, oversight, and education.
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| Ashley Jones – Editor
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Prevent Payments Fraud |
According to a TAPN poll, most AP departments have a high level of fraud awareness. However, even with strong internal controls and oversight, there are always a few fraudsters that manage to slip from under the radar. Advances in technology have also meant advances in fraud schemes and in these challenging times, most organizations are trying to eliminate costs, not create costs implementing expensive technology or hiring outside auditors.
Preventing fraud from the start is the goal of fraud-aware orgainizations. Key steps for payments fraud prevention include:
- Separation of duties,
- Controlled access to payment processing areas,
- Daily reconciliation of check accounts, and
- Check stock security features.
Check out TAPN's Concise Guide to AP Fraud Prevention & Detection and learn best practices for preventing fraud in your AP department. Earns 3 CEUs.
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Former Treasurer Gets 3 to 6 for Fraud |
A Pennsylvania county treasurer pleads guilty to stealing $250,000 over eight years. Read the story on TAPC.
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Just for Fun |
Every Thanksgiving, many people buy the traditional turkey, stuff it with the traditional stuffing, smother it with the traditional gravy, sit down at their mother's traditional table, and eat it with their traditional family (That is, if the family decides to give it another go after last year's traditional disaster. Sorry Uncle George!).
Check out these 5 Wild and Weird Thanksgiving Turkeys that all have one thing in common: They're not traditional!
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