FUSION 2012 - RISK, CONTROL, COMPLIANCE, FRAUD SESSIONS FUSION 2012 - RISK, CONTROL, COMPLIANCE, FRAUD SESSIONS

Accounts Payable Audit Confirmations: Why Companies Should Control Their Responses

Brian Fox, CPA – Founder and Chief Marketing Officer
Confirmation.com
Presentation Style – Traditional PowerPoint
Auditing – 1.0 Credit
Overview # 2000 – Updated Session
Discipline of Focus:  AP

Audit confirmation responses to an external auditor may seem like a normal business activity, but did you know that an employee falsely responding to an auditor's confirmation request can make your company liable for financial fraud? In fact, fraudsters have been known to coerce or use undue influence with their suppliers, vendors and even customers to confirm false information during a financial audit. 

Some companies have put policies and procedures in place as a way to monitor and control confirmation responses to an external auditor. Do you have the knowledge and tools in place to defend your organization?

 

Accounts Receivable Fraud Detection and Prevention

Chris Doxey
Independent
Presentation Style – Interactive Facilitated Discussion
Management Advisory Services – 1.0 Credit
Advanced # 2070 (Previously 1805) – New Session
Discipline of Focus:  AR

This workshop will focus on detecting and preventing accounts receivable fraud. In order to learn from sharing case studies and the experience of others, this will be an interactive facilitated discussion. Participants will learn about the main types of accounts receivable fraud: skimming, larceny, and accounting fraud or improperly recognizing revenue. The session will address the red flags of accounts receivable fraud and introduce a fraud prevention checklist. Examples of accounts receivable fraud will include some well-known case studies such as Computer Associates and HealthSouth.

A Brazen Accounts Payable Scheme

Craig Simpkins – Director, Shared Services
Johnson Controls Inc.
Presentation Style – Traditional PowerPoint
Management Advisory Services – 1.0 Credit
Overview # 2005 – New Session
Discipline of Focus:  AP

On December 19, 2009, the Koss Corp. headquartered in Milwaukee, Wis., discovered that the chief financial officer and vice president of finance, Sue Sachdeva, had embezzled millions of dollars from the company, over several years. The total amount of the fraud was more than $34 million and ranked No. 1 for 2009, and ninth on the list of top 10 embezzlements in U.S. history. The fraudulent scheme involved payments out of the company bank account for items such as jewelry, shoes, furs, minks, trips to exotic locations, clothing from boutiques in the Milwaukee area, vacation homes, and expensive vehicles. Sachdeva pleaded guilty to six felony counts of embezzlement and was sentenced to 11 years in a federal prison. This presentation will provide the background of the case, the details surrounding the embezzlement scheme, an outline of controls that could have prevented the fraud, the outcome of the case, and an update on the status of the Koss Corp. and its former CFO.

Costco and CPRS Co-Present: Accounting's Overall Role in Profitability  CANCELLED

Amanda Mathes – Vice President
Comprehensive Payment Recovery Service
Overview # 2010 – New Session

Fraud is all Around us  CANCELLED

Shannon Harris – Manager, Accounts Payable
Boise Inc.
Basic # 2015 – New Session

How Clean is Your Supplier Master File? Supplier Authentication and Compliance

Chris Doxey
Independent
Presentation Style – Interactive Facilitated Discussion
Business Management and Organization – 1.0 Credit
Advanced # 2020 – New Session
Discipline of Focus:  AP

Have you ever wondered how clean you keep your supplier master file? Are you concerned it may contain fraudulent suppliers or compliance issues? Are you concerned about missing W-9s and insurance certificates as well as duplicate suppliers? Attendees will learn tools and techniques to improve the supplier management process. We'll even cover the importance of supplier industry coding, spending, and diversity coding. Among key topics we'll discuss:

  • TIN matching, W-9s, and W-8s
  • Beyond OFAC compliance
  • Scrubbing your supplier master file
  • Supplier industry coding and spending analysis
  • The importance of insurance certificates
  • Diversity coding
  • Supplier coding standards
  • Putting it all together

Payment Fraud: What Every Company Needs to do to Protect Itself

Mary Schaeffer – Publisher and Editorial Director
Accounts Payable Now & Tomorrow
Presentation Style – Traditional PowerPoint Presentation
Management Advisory Services – 1.0 Credit
Intermediate # 2030 – Updated Session
Discipline of Focus:  AP

Most people think it couldn't happen in their organization, but the facts say otherwise. Ignorance can be costly. Many organizations don't realize they may have as little as 24 hours to notify their banks of certain frauds or the money is lost forever. The session will focus on check, P-card, and electronic payment fraud. There will be a special emphasis in this session on the skyrocketing problem of ACH fraud, along with practical instructions on what you can do to protect your organization against all types of payment fraud. After this session you will be able to:

  • Identify the weaknesses in your payment process that might enable fraud.
  • Incorporate best practices in your procedures to deter fraud in your payment process.
  • Recognize what is legally expected of your organization when it comes to check fraud prevention.
  • Be cognizant of the latest payment frauds and what needs to be done to guard against them.
  • Use the best processes in payment fraud identification to pinpoint fraud after the fact.

Review Internal Controls: A Practical Application Guide

Alan Wenk, CPA, CIA, MBA – Manager, Corporate Accounts Payable
Performance Contracting Inc.
Presentation Style – Traditional PowerPoint Presentation
Auditing – 1.0 Credit
Advanced # 2035 – New Session
Discipline of Focus:  AP

This session will provide a basic overview of the importance of internal controls in any business. It is important that risk management and control are not seen as a burden on business, rather the means by which business opportunities are maximized and potential losses associated with unwanted events reduced. Attend this session to gain a better understanding of what internal controls are and how they can help your business.

Risk Control Matrixes (RCMs): How to Identify, Monitor, and Control Your Organization's Risks

Alan Wenk, CPA, CIA, MBA – Manager, Corporate Accounts Payable
Performance Contracting Inc.
Presentation Style – Traditional PowerPoint Presentation
Management Advisory Services – 1.0 Credit
Advanced # 2040 – New Session
Discipline of Focus:  AP

The risk control matrix is the easiest and best way to document internal controls in any organization. This advanced session will show attendees how to build RCMs for their organization, and it will discuss the benefits of using RCMs to navigate through the risk universe. It will include detailed discussion about internal controls using the COSO model developed by the Committee of Sponsoring Organizations of the Treadway Commission, as the basis for the need of documenting all potential risks to an organization.

Risk Management and Advanced Technologies

Sam Golbach – VP, Product Management
WAUSAU Financial Systems
Presentation Style – Traditional PowerPoint Presentation
Management Advisory Services – 1.0 Credit
Intermediate # 2045 – New Session
Discipline of Focus:  AR, TAWPI

For industries with heavy check volumes, such as property management and daycare businesses, mobile remote deposit capture (RDC) has become an invaluable tool, saving countless trips to the bank by allowing customers to deposit via camera-equipped smartphones. As RDC becomes more mainstream, the inherent risks involved become exponentially greater, leaving corporations and their financial institutions vulnerable when depositing checks away from the bank. WAUSAU Financial Systems will reveal the recent advances in monitoring capabilities to better control risks associated with RDC and how financial institutions are deploying this technology to protect corporate customers from check-related fraud.

Segregation of Duties (SOD)

Bonnie Parent - Director, Accounts Payable
Fluor
Pat Whoriskey - Program Manager, Finanace Optimization
Day & Zimmermann
Presentation Style – Traditional PowerPoint Presentation
Management Advisory Services – 1.0 Credit
Intermediate # 2055 – New Session
Discipline of Focus:  AP

Attend this session for expert recommendations to establish a segregation of duties policy that is tailored to your organization.  See how user conflicts can be identified and eliminated.  Join the discussion on creating mitigating controls for those conflicts that can not be eliminated for business approved reasons. 

Get a before-and-after picture of how Day & Zimmerman and Fluor tackled this project.  This will be an interactive session so attendees can hear success stories and also share their experiences.  Segregation of duties is a basic, key internal control and one of the most difficult to accomplish.  Especially applicable to SAP users.

Segregation of Duties: Is Your Company at Risk?

Erich Heneke – Senior Finance Manager
Mayo Clinic
Presentation Style – Traditional PowerPoint Presentation
Management Advisory Services – 1.0 Credit
Intermediate # 2050 – New Session
Discipline of Focus:  AP

Most astute business people understand segregation of duties (SOD) at its most basic level. You should never give the same person the ability to order, receive, and pay for the same product. But what about employees given multiple accesses or roles to multiple applications and systems, where the roles may conflict and create a SOD concern? Is your company at risk? Mayo Clinic has developed an internal methodology linking system roles to risks and studying SOD risks. Further, Mayo has automated the process to review SOD risks inside one or across multiple applications, either during periodic review or when requests are received to set up an employee in a system. Come find out how.

T&E Fraud and Malfeasance Red Flags and Prevention

Nat Goodman – President
Goodman & Associates
Presentation Style – Traditional PowerPoint
Management Advisory Services – 1.0 Credit
Intermediate # 2060 – Updated Session
Discipline of Focus:  AP

AP can contribute significantly to lowering the substantial, controllable expense of travel and entertainment expense reporting. Understand how tone at the top can impact its latitude and variation. Evaluate the dynamics of airfare pricing, which represents 45 percent of travel and entertainment spending. Explore the risk vulnerabilities of air ticketing. Employ databasing and benchmarking to showcase frugality and to highlight excesses. Learn about the techniques people employ to take advantage of the organization and what the organization can do in defense.

When "Commercially Reasonable" Collides with "Commercially Available"

Aaron Bills - COO and Founder
3Delta Systems
Presentation Style – Traditional PowerPoint
Management Advisory Services – 1.0 Credit
Intermediate # 2065 – New Session
Discipline of Focus:  AR, TAWPI

A monumental decision by a U.S. district court against Comerica Bank for failing to protect a business customer's account from online fraud has financial institutions scrambling to tighten their technology controls and comply with the latest "commercially reasonable security" guidelines from the Federal Financial Institutions Examination Council. Comerica was ordered to reimburse Experi-Metal for more than $560,000 after the bank approved fraudulent wire transfers totaling more than $1.9 million – the first such ruling to favor the victim. With bank reliance on "commercially reasonable" protection shaken, how should systems be fortified against the growing threat of cyber criminals intent on breaking through authentication safeguards? This session will review the changing payments technology landscape, new FFIEC compliance requirements and methods for ensuring the integrity of customer accounts. Attendees will leave understanding the new FFIEC compliance requirements and methods surrounding this issue and the available technologies to achieve success.