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Fraud News and How to Prevent It

An Accounts Payable Manager at Carolina Steel Group, Angela Womack, has been convicted of multiple counts of wire fraud and money laundering.  Womack managed to create non-profit accounts named "IBOCF."  She made the checks payable to "International IBOCF" which were included on the company's vendor reports, even though it was not one of Carolina Steel Group's vendors. She altered internal accounting data and made the checks to appear to be paid to legitimate vendors.

Womack was sentenced to 70 months in prison along with three years of supervised release.  Womack is ordered to pay restitution of $2,857,201.85 and a special assessment of $300.00.  Read the full news article here.

Make sure your organization has strong internal controls in place. Here are a few tips on how to prevent fraud:

  1. Integrate the appropriate segregation of duties (one person per leg).
  2. Run frequent reports showing who has access to what. Be sure to take into consideration promotions and employees who left the company.
  3. Create a written, detailed expence policy for your organization.
  4. Compile daily bank reconciliations and check for unauthorized transactions.
  5. Automate your accounts payable process which will allow you to have an audit trail and set approval routes. It greatly reduces your risk of fraud when you know who did what when.

Check out our on-demand webinar on internal controls here.

Winner Announced from the AFP Annual Conference

We're excited to announce JOHN DALY as the winner of our "The Way You Do the Things You Do" drawing from the AFP Annual Conference.

Everyone has their own way of doing things. In life and at work. So whether you like martinis shaken or stirred, the electric slide or harlem shake, or prefer PCs to Macs, it is all the same to us as long as you get AP automation your way. John won his choice of an iPad® or Surface™ and selected an iPad®.

            

Thank you to everyone who participated in our drawing and visited us during the AFP Annual Conference. We certainly enjoyed the conference and we hope you did too.

Congratulations, John!

Webinar Recap: Advanced Internal Controls

        

During our webinar on June 11 with AP Now & Tomorrow, Mary Schaeffer covered how to:
  • Pinpoint and fix internal controls that do not provide the protection your firm needs
  • Execute an effective segregation of duties across the AP platform
  • Understand how AP automation can help you achieve your organization's goals
She explained the old best practices that no longer work in AP and provided tips on what you should be doing to protect your firm. Be sure to take a look at the "Do This, Not That" portion of the webinar to learn these best practices.
 
The slides and webinar recording are available here.

Also, don't miss Part 3 of our webinar series with AP Now & Tomorrow. Register today!

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