Fraud Auditing, Detection, and Prevention Blog

Complex Fraud Scheme: Vendor Overbilling Part 1

Aug 2, 2018 9:07:00 AM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Statements, ...

In our fraud risk registers, we have identified over 100 procurement fraud schemes and over 100 overbilling fraud schemes. When these kinds of numbers are involved the idea of finding complex fraud schemes in your core business systems may seem overwhelming. However, fraud data analytics can simplify and improve the process.

In this blog we have selected a complex corruption scheme and a complex overbilling scheme to illustrate how fraud auditing can detect even the most complex schemes. The starting point is to identify the fraud risk statement and then understand how and where the scheme can occur in your organization.

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The Fraud Plan: Misappropriation in Payroll

Jul 2, 2018 10:48:00 AM / by Leonard W. Vona posted in Fraud Risk Statements, Fraud Auditing, ...

How you determine which concepts to evaluate to “consider fraud” and how to integrate fraud into your audit program is a challenge that is easily solved if you approach it with the scope and objectives of your audit clearly defined.

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What is a Fraud Risk Statement & How Can You Write One?

Jun 18, 2018 11:02:00 AM / by Leonard W. Vona posted in Fraud Risk Statements, Fraud Detection, ...

There tends to be a fair amount of confusion when it comes to a fraud risk identification approach versus an experience-based approach – in no small part because within the industry it’s not uncommon to see terms used interchangeably – but here we set out to create a list of universal definitions intended to clarify how and why you might use this approach. 

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IDEA Innovations Conference 2017: Keynote Speaker

Jan 5, 2018 8:44:57 AM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Statements, ...

 I was a Keynote Speaker for the IDEA Innovations Conference in Houston recently exploring Breaking the Code of Fraud. My keynote presentation covered my experience in using data analytics over my 30 years of professional work, with an emphasis on how we as an industry need to move away from experience-based fraud detection to a scientific-based model of fraud detection and prevention.

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The Gold Standard of Fraud Detection

Nov 3, 2017 3:33:48 PM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Statements ...

Every organization and business system has inherent vulnerabilities to fraud. Taking advantage of vast amounts of data is exactly how organizations and individuals are able to conceal a fraud for years. Staying ahead of them is all about how you approach that data and what systems you have in place to identify potential weaknesses. Let’s examine this.

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