|Fraud Tester Module
According to an Association of Certified Fraud Examiners 2012 report, a typical organisation loses 5% of its revenues to fraud each year, with a lack of internal controls the most frequently cited contributing factor.
Protecting the organisation from increasing levels of fraud is an additional role that AP departments are now expected to perform, acting as a key line of defence in an overall anti-fraud strategy. The problem is Accounts Payable do not have the time or skill set to carry out extensive audits.
AP Forensics® software suite now includes Fraud Tester, the latest module to help AP departments protect organisational spend. By conducting multiple internationally-recognised fraud tests on accounts payable transactions and master supplier file entries, Fraud Tester produces a summary report which scores and ranks unusual or potentially fraudulent activities. When combined with the results from other AP Forensics® modules, Accounts Payable are presented with a comprehensive, evidence-based rundown of potential high risk suppliers or transactions at their fingertips.
Up until now, it has been the exclusive job of internal audit departments to carry out ad-hoc and periodic audits to monitor processes and transactions. Now, with Fraud Tester, this process becomes a shared responsibility, and part of everyday workflow processes. Unusual activity can be flagged to Audit for investigation on a regular, preventative basis. For the first time, Accounts Payable and Internal Audit join forces, creating a strong partnership to fight fraud.
- Helps reduce overall fraud losses
- Increases internal controls
- Highlights high risk suppliers
- Cuts fraudulent payments
- Reinforces internal audit processes
- Saves time and money
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