PROCURE-TO-PAY (P2P) ANTI-FRAUD CONTROLS
According to the Association of Certified Fraud Examiners 2016 Report to the Nations, a typical organization loses 5% of its revenues to fraud each year, with a lack of internal controls the most frequently-cited contributing factor.
Protecting the organization from increasing levels of fraud is an additional role that procure-to-pay (P2P) departments are now expected to perform, acting as a key line of defence in an overall anti-fraud strategy. The problem is, accounts payable teams do not have the time or the expertise needed to carry out extensive audits.
AP Forensics® helps P2P departments protect organizational spend by conducting multiple internationally-recognized fraud tests on accounts payable transactions and master vendor file entries, and producing a summary report which scores and ranks unusual or potentially fraudulent activities.
Now P2P teams have a comprehensive, evidence-based rundown of potential high-risk vendors or transactions at their fingertips to be able to join forces with Internal Audit, creating a strong partnership to fight fraud.
The benefits of AP Forensics:
- Creates significant time efficiencies by running audit tests in the background
- Early warning system flags up potential fraud
- Increases internal controls and supports regulatory compliance
- Highlights high-risk vendors using a unique scoring system
- Strengthens partnership with Internal Audit by empowering AP to be part of the overall solution for fraud control
- Reduces risk by highlighting unusual spending practices