ACFE Report Says AP-Related Insider Fraud Is Costing a Bundle

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Managing Accounts Payable

October 2008

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Dishonest employees cost U.S. organizations an estimated $994 billion a year in occupational fraud losses. The average company loses 7 percent of its annual revenues to this type of fraud, according to the 2008 Report to the Nation on Occupational Fraud & Abuse, from the Association of Certified Fraud Examiners (ACFE). Occupational fraud that affects AP includes creating phony invoices, tampering with checks, and padding expense reports.

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October 2008 Table of Contents [ toggle snippets ]

MAP October 2008 (full PDF issue)
BENCHMARKING:AP Manager Uses Metrics to Control Costs of Staff Overtime;
AP Calendar:
MANAGEMENT:Are Flexible Work Setups Right for Your AP Department?
News Briefs;
AP Managers’Forum
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ACFE Report Says AP-Related Insider Fraud Is Costing a Bundle
Dishonest employees cost U.S. organizations an estimated $994 billion a year in occupational fraud losses. The average company loses 7 percent of its annual revenues to this type of fraud, according to the 2008 Report to the Nation on Occupational Fraud & Abuse, from the Association of Certified Fraud Examiners (ACFE). Occupational fraud that affects AP includes creating phony invoices, tampering with checks, and padding expense reports.
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Sorting Out the IRS Forms for Payments to Nonresident Aliens
All payments made to nonresident aliens must be reported to the Internal Revenue Service (IRS). Plus, the payments are subject to federal income tax withholding unless they are specifically exempt. The reporting and withholding rules can be complicated, but a basic knowledge of the forms you need to fill out can help cut through some of the confusion.
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Being Prepared Is the Proven Way to Survive an AP Audit
One of those horrible words every AP manager hates to hear is "audit." It means extra work and some young hotshot going through things with a fine-tooth comb, looking for something wrong. AP can be subject to government audits from the Internal Revenue Service and state revenue departments, and you may also undergo internal audits and audits by outside accounting firms. Here are some tips on what to do and what not to do during an audit.
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BENCHMARKING: AP Manager Uses Metrics to Control Costs of Staff Overtime
In these tough times, organizations typically direct all departments to cut costs.
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MANAGEMENT: Are Flexible Work Setups Right for Your AP Department?
If your AP staff is feeling burnt out and productivity is dropping, consider this: flexible work arrangements.
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MAP Future Issues (October 2008)
• Latest Trends in Automating Employee Expense Reimbursements
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MAP News Briefs (October 2008)
IOMA’s newly revised 2008 version of the Complete Guide to Accounts Payable Best Practices says that the best defense against check fraud is to use "payee positive pay."
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ACCOUNTS PAYABLE MANAGERS� FORUM (October 2008)
Problem: A retailer had vendors going into debit balances due to returns of excess inventory.
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