Detecting Fraud Using AI in Procure to Pay - 2 CPEs
Securing the Procure to Pay Process Events
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CPE Internal Audit Training Courses for the IIA member, CPA, CFE and CISA. Best source for real world internal training workshops
Are fraud and errors flowing through your procurement to payment business process?
According to an ACFE Global Fraud Study, 5% of a typical organization's annual revenue is lost due to fraud.
Learn how artificial intelligence algorithms can spot and help remove from your spending the leakage due to fraud, duplicate payments, errors and non-compliance.
This CPE course looks at using an AI-powered procurement to pay auditing solution which gives your finance team the details they need to effectively control all spending.
This training seminar looks at how world class organizations are reducing their costs using state of the art AI algorithms.
This seminar offers practical advice for adding AI algorithms to the procure to payment function. It is relevant for all types and sizes of organizations: the private sector, the public sector, the not-for-profit or charitable sectors, local and national governments, and international organizations.
Some firms that have a recovery audit process in place designed to recover spend leakage, ranging from errors, waste, fraud, and non-compliance are so 20th century. Forward thinking CFO operations use the power of AI to keep the disbursement from never leaving the organization in the first place.
An AI platform will automatically review and assess the relative risk of every vendor change, purchase order, receiving report, invoice and disbursement in the procure to pay business process. The finance team will be presented with high-risk adds, changes and approvals for manual review.
An effective set of AI powered analytics on top of your existing rule-based controls makes it possible to reduce spending by two or three times want you get by old style recover audits.
This timely, CPE training seminar is designed for the CFO, controller, accountant or internal audit director who wants to approach improving the procure to payment function and reducing spend leak.
Links to details on this internal audit training course:
. Seminar Highlights
. Learning Objectives
. Key Issues on the Agenda
The cost of this internal audit training course is $120.00 for the first attendee from a single organization. Discounts are available for more than one attendee from each organization: (2) $230.00 (3) $325.00 (4) $410.00 (5) $510.00.
To reserve your space, click here on "SIGN-UP NOW!". You have to complete the registration form and use the corresponding "Submit Registration Form and Move to Payment Options Page" button for filing the registration and moving to the payment page.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.
Program Level of Understanding: Basic
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
Testimonials concerning this internal audit training course:
Detecting Fraud Using AI in Procure to Pay Events
Procure to Pay CPE CPA CIA IIA GAO CISA Internal Audit Fraud AI Oversight P2P eprocurement risk training course workshop compliance sox 404 COSO ICFR ITGC COBIT NIST Principles framework standard writing write report fraud best analytic workpapers NASBA
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Internal Auditor Seminar Highlights
Look at how world class procurement organizations pursue a broader organizational agenda and leverage their organization to do some things significantly better than those in the middle of the industry average. Recent studies have found that world class companies can have well over three quarters of their spending under management and ultimately deliver nearly ten percent cost savings as a percentage of overall spending.
This seminar is focused on procure to pay business process improvement to drive costs down and enhance the investigation of procure to payment issues.
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Internal Auditor Learning Objectives
- Improving the effectiveness of your Procurement and Accounts Payable controls
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- Understanding the importance of, and risks associated with, the P2P Cycle
- Identifying best practive rule based internal controls within the Procurement, Ordering, Invoice Processing, Receiving, and Payment
- Understanding there are residual risks within your procure to payment process by only having rule based controls
- Reducing residual risks further by the implementation of continuous monitoring using cloud based on AI algorithms to future analyze 100 percent of procure to payment transactions
Key Internal Audit Issues on the Agenda
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Examples of Conditions Detected by AI Algorithms
This course discusses why pattern-based detection using an Artificial Intelligence (AI) system in the Procure to Pay should be implemented. The following are short examples of the potential suspicious transactions within the Procure to Pay process that will be detected by AI:
Vendor Change Risk
The AI algorithm identifies when sensitive vendor master file information is modified or is changed then changed back to its initial settings.
As vendor management transactions are being processed, the AI algorithm can detect duplicates in the vendor master records based on names, addresses, tax id's and other attributes.
Employee in the Vendor File
Employee data is compared to vendor file information to determine if a company employee has been set up as vendor in the Vendor Master File as an accounts payable vendor.
Invalid Information for a Vendor
Identifies vendors on the Vendor Master File with missing details or containing invalid information.
Vendor Master File Risk
The AI algorithm identifies when vendors established in the Accounts Payable system are on a watchlist, for example the OFAC Treasury watchlist.
Purchase Order Outliers
Purchase orders that are outside the "norm" for a given vendor and/or buyer based on amounts, currencies, timing and other attributes are reported for follow-up.
Split Purchase Order
The processing logic spots purchase orders that have been created to circumvent chart of authority limits by approvers.
Split Accounts Payable Invoice Transactions
The AI algorithm identifies split invoices that circumvent chart of authority limits by approvers.
Duplicate Invoice Being Submitted
The AI algorithm identifies duplicate invoice by comparing invoice numbers, dates, vendors, amounts and other attributes.
Vendor Invoice Outliers
Flags invoices outside the "norm" for a given vendor based on amounts, currencies, timing and other attributes.
Unusual Vendor Invoice
An invoice has unusual characteristics for an established vendor.
Purchase Card and Accounts Payable Transaction Duplicates
The AI algorithm identifies duplicate submissions between purchase card transactions and accounts payable invoices.
Invoice Payable Amount Outler
Flags payments outside the "norm" for a given vendor based on amounts, currencies, timing and other attributes.
Invoice Dated Prior to Purchase Order Date
Flags invoices entered that predate corresponding purchase order issued or entry dates.
Payment with Unusual Characteristics
A payment having unusual characteristics compared to the normal range of transactions being processed by coding block, business unit, vendor, approver, timing, or location.
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Experts Providing Internal Audit Training Events
Corporate Compliance Seminars (CCS) was created by experts who enjoy providing CPE training events. All our experts have years of experience in providing training courses, workshops and consulting on internal controls, internal auditing, information technology, cybersecurity and accounting related subjects. We have focused on SOX, COSO, PCAOB, COBIT, CMMI, GRC, GAAP, IFRS, AICPA, GAO, NAIC, ISO, and IIA Standards. We are your best source for continuing professional education (CPE).
Our programs, live in-person, webinar and on-demand, provide CPE for professionals with CPA, CGA, CIA, CFE, CISA, CMA and CA designations. CCS is focused on providing the best learning programs in using three distinct distribution channels: live in-person events, virtual webinar events and on-demand self-study e-learning.
Corporate Compliance Seminars presents CPE to a range of professionals, auditors, accountants, finance staff, compliance personnel, information technology (IT) professionals, Boards of Directors and Audit Committees. We examine the details of risk management, Sarbanes-Oxley Act compliance, Model Audit Rule (MAR) compliance, auditing, internal controls, cybersecurity and compliance, and fraud prevention and detection.
Within the U.S.A. marketplace, Corporate Compliance Seminars allows the attendee to earn NASBA CPE credit.
Our events focus on the details of the Sarbanes-Oxley Act of 2002 (SOX), Internal Controls over Financial Reporting (ICFR), Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Frameworks, ISACA's Control Objectives over Information Technology (COBIT), Information Technology Infrastructure Library (ITIL), Open Compliance & Ethics Group's (OCEG) Governance, Risk & Compliance (GRC) methodology, PCAOB's Auditing Standard 5 (AS5), AICPA auditing standards, and NAIC regulatory model regulations and acts .
Our live in-person events are generally presented in a small classroom setting with two to five attendees. Over the last few weeks, we have come to the understand we need to provide distant e-learning events. We are now in the process of moving all our content to an online available status. We have created distant e-learning opportunities using both a virtual webinar event approach and on-demand e-learning self-study modules. These two e-learning approaches: webinars and on-demand self-study with extended web access to our content into the global continuing professional development (CPD) marketplace. In the webinar e-learning events we will limit the number of students to maximize the interaction between the live instructor and attendees. The on-demand self-study e-learning modules will be created and offered to meet the NASBA CPE credit requirements .
Our seminars provide CPE for the CPA, CFE, CIA, CISA, auditors and others with effective and engaging internal audit training courses.
Our instructors have had direct experience in the following industries: financial activities, bank, insurance, healthcare, construction, leisure and hospitality, professional and business services, mining and oil & gas extraction, manufacturing, educational, government agencies, transportation, software, technical, hi-tech and agricultural.
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