Cost Management: Procurement Cash Recovery and Fraud Check
Date: Wed, Oct 03, 2012
Time: 02:00 P.M. ET
Duration: 1 hour
Category: Cost Management
Function: CFO, Controller, Internal auditor, Business owner, Business unit manager
Most companies believe documented procurement processes -- like the 3-bid process -- are fail-safe methods of accruing the goods and services they need in an efficient and ethical manner. However, frequently these processes, left unchecked, do nothing but ensure higher prices and can serve to increase the risk of fraud into the supply chain.
This Webcast will review the pitfalls in daily procurement practices that can expose your organization to risk and excess costs, including missteps in the audit process and misconceptions about electronic tools and how they reduce risk. The instructors will present real-world examples from over two decades of experience.
During this Webcast, you will:
- Expand your understanding of why and how traditional procurement practices can lead to profit leaks and corruption;
- Explore procurement best-practices and that can effectively reduce your risk and contribute to cost reduction efforts;
- Understand the misconceptions surrounding the use of electronic tools and their ability to reduce risk;
- Learn how to properly apply reporting tools by executing top fraud detection analysis for additional research; and
- Understand why even ethical purchasing departments, with the best intentions, often unknowingly introduce so-called best practices into their organizations that do nothing other than guarantee higher costs.
As an added benefit, find out what your current risks are from a leader in the fraud detection industry who will review how to identify and prioritize top red flags of corruption and potential noncompliance with the Foreign Corrupt Practices Act and learn how to properly apply reporting tools to execute top fraud detection analysis.
This Webcast does not currently offer the opportunity to earn continuing professional education (CPE) credit. We invite you to stay tuned to CFO.com for future Webcasts that will offer attendees opportunities to earn CPE credit.
For inquiries or complaints concerning this Webcast, please call (888) 250-5719.
About the Presenters
William Dorn,vice president of Operations at Source One Management Services, LLC, leads change management, efficiency improvements, and technology selection and development. His areas of expertise include strategic sourcing, technology, manufacturing, business process reengineering, infrastructure design, project risk analysis, and large-scale system implementations. Dorn is a certified Six Sigma Black Belt specializing in complex cost-reduction programs for manufacturing and corporate processes. Bill co-authored Managing Indirect Spend: Enhancing Profitability Through Strategic Sourcing, published by John Wiley & Sons in 2011. He is the blog master and frequent contributor to the Web site StrategicSourceror.com and is the driving force behind the development of the www.WhyAbe.com e-sourcing platform.
Richard B. Lanza, president of Cash Recovery Partners LLC (CRP), is a certified public accountant and certified fraud examiner who has authored 13 publications and training courses, as well as more than 75 articles, focused on auditing software and cost recovery. He is the author of the book Cost Recovery: Turning Your Accounts Payable Department into a Profit Center, which was written after his decades of experience in cost recovery auditing. He has been awarded by the Association of Certified Fraud Examiners for Outstanding Achievement in Business, as well as, being recognized in the AICPA's Audit Standard 99 (AU316) for his work with "Management Antifraud Programs and Controls." Rich Lanza's expertise is helping companies of all sizes identify their hidden financial assets, mostly using technology. His web site is www.richlanza.com.
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