Fraud in accounts payable : how to prevent it by Mary S. Schaeffer PDF

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By Mary S. Schaeffer

Praise for Fraud in debts Payable

"Fraud in money owed Payable is an insightful publication that takes an in-depth examine the 3 most often devoted fraudulent money disbursement schemes without delay relating to your debts payable functionality. Mary presents colourful and poignant tales exhibiting how effortless it may be to scouse borrow from either inside and outdoors a company. however the actual great thing about this ebook is that Mary illustrates methods you could instantly start enforcing potent and effective controls to lessen the possibilities for fraud inside your organization."
—Matthew D. Storlie, CFE, Fraud & Forensic prone Virchow, Krause & corporation, LLP

"Mary has introduced one other ebook packed with particular feedback for making improvements to debts payable strategies. Fraud in bills Payable is an easy-to-read advisor that identifies real-world difficulties and gives functional strategies. Her books and articles have speedy turn into a few of my middle resources."
—Stephanie okay. O'Cain, leader monetary Officer Municipal organization of South Carolina

"Fraud might by no means occur in my debts payable department."

"My staff could by no means scouse borrow from me! I belief them an excessive amount of . . ."

Sound familiar?

The definitive source for each money owed payable division, Fraud in debts Payable provides you a bird's-eye view of what is rather happening on your money owed payable division and the way you could guard it opposed to each power kind of fraud, together with money fraud, payroll fraud, and T&E fraud.

Written by way of Mary Schaeffer, America's so much finished debts payable specialist, this thorough and hugely readable advisor is stuffed with authoritative assistance, suggestions, and recommendation on:

  • Uncovering hidden wallet of weak spot the place your company is vulnerable

  • Getting rid of these undesirable practices that let every kind of frauds to flourish

  • Setting up antifraud safeguards

Reminding us to "never say never," Fraud in money owed Payable explains in simple English the right way to defend your bills payable division so it becomes—and stays—financially healthy.

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Extra info for Fraud in accounts payable : how to prevent it

Example text

By appropriately addressing the issue of where your checks are at every step of the cycle, you will have made it all the harder for them. And, hopefully, they will turn their eyes to some other firm. 34 CHECK FRAUD: STILL A HUGE PROBLEM WIRE TRANSFERS Occasionally, when check fraud occurs, the company is left scratching its proverbial head trying to figure out how the forger got its bank account number. The answer is simple. Call any treasury or accounts payable department, tell them you are getting ready to wire money to the company, and ask for the company’s wire instructions.

Who Else Is Concerned? Obviously, banks are concerned about check fraud. But they aren’t alone. The federal government has its concerns as well. The Bank Fraud Working Group is composed of regulatory and law enforcement agencies that either regulate financial institutions or investigate fraud committed against them. The group seeks to improve coordination between agencies and regulators in the investigation and prosecution of financial institution fraud. S. S. Secret Service Clearly, this is an issue of concern.

So, if the inefficiencies in your accounts payable operation haven’t convinced you to prohibit rush checks, the increased risk for fraud should. WHY RETURNING CHECKS TO REQUISITIONERS CAN BE A PROBLEM Checks should not be returned to requesters for two simple reasons: it’s inefficient and it opens the door to fraud. I could write a million words explaining the inconveniences to accounts payable caused by requests to return checks that might make some impact on a few. I could write about the potential for fraud in theory and not make half the impact of the following real-life tale in the words of the professional who shared the story: A former employee, who was in charge of all the trade show planning, would request checks to be processed, payable to the trade CHECK FRAUD: STILL A HUGE PROBLEM 36 shows.

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