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Fraud in Accounts Payable: How to Prevent It
 
 
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Fraud in Accounts Payable: How to Prevent It [Hardcover]

Mary S. Schaeffer (Author)
5.0 out of 5 stars  See all reviews (2 customer reviews)

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Book Description

0470260459 978-0470260456 September 9, 2008 1
Praise for Fraud in Accounts Payable

"Fraud in Accounts Payable is an insightful book that takes an in-depth look at the three most frequently committed fraudulent cash disbursement schemes directly related to your accounts payable function. Mary provides colorful and poignant stories showing how easy it can be to steal from both within and outside an organization. But the real beauty of this book is that Mary illustrates ways you can immediately begin implementing effective and efficient controls to reduce the opportunities for fraud within your organization."
—Matthew D. Storlie, CFE, Fraud & Forensic Services Virchow, Krause & Company, LLP

"Mary has delivered another book full of specific suggestions for improving accounts payable processes. Fraud in Accounts Payable is an easy-to-read guide that identifies real-world problems and offers practical solutions. Her books and articles have quickly become some of my core resources."
—Stephanie K. O'Cain, Chief Financial Officer Municipal Association of South Carolina

"Fraud could never take place in my accounts payable department."

"My employees would never steal from me! I trust them too much . . ."

Sound familiar?

The definitive resource for every accounts payable department, Fraud in Accounts Payable affords you a bird's-eye view of what's really going on in your accounts payable department and how you can defend it against every potential type of fraud, including check fraud, payroll fraud, and T&E fraud.

Written by Mary Schaeffer, America's most accomplished accounts payable expert, this thorough and highly readable guide is filled with authoritative tips, techniques, and advice on:

  • Uncovering hidden pockets of weakness where your organization is vulnerable

  • Getting rid of those bad practices that allow all sorts of frauds to flourish

  • Setting up antifraud safeguards

Reminding us to "never say never," Fraud in Accounts Payable explains in plain English how to protect your accounts payable department so it becomes—and stays—financially healthy.


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Editorial Reviews

Review

"The author has significant experience in this area and offers compelling best practices to detect and prevent fraud from occurring within your organization. This book goes a long way to get your organization thinking and acting to detect and prevent fraud." (Auditnet.org, October 2008)

From the Inside Flap

"Fraud and murder have a lot in common. If you've seen even a few detective shows or movies, you know there are three factors for identifying the murderer: means, motive, and opportunity. Alas, the same is true for fraud."
???From Fraud in Accounts Payable

It's an undeniable fact of corporate life???fraud happens???and it is particularly likely to take place in accounts payable because of this department's easy access to the organization's money. Fraud in Accounts Payable is written with a two-fold goal???to make fraud so difficult within an organization that potential perpetrators give up and take their efforts elsewhere and to provide auditors, controllers, managers, and executives with the best practice tools to detect fraud and get it out of their organizations.

A realistic and unflinching look at corporate fraud, this practical guide pulls the curtain back on fraud in accounts payable, revealing that every organization is vulnerable to it, as well as the appropriate steps professionals can take to both detect and prevent it. Myths such as "fraud could never happen to my business" or "I trust my employees???they would never steal from me" are confronted and dissolved with coverage of:

  • Occupational fraud

  • Internal controls and paper checks

  • Check fraud: still a huge problem

  • Electronic payment fraud

  • Petty cash fraud

  • Vendor and invoice fraud

  • Payroll fraud

  • Telecom fraud

No organization can afford to take the issue of fraud lightly. This is required reading for every professional, whether their organization is a small business or a large corporation. Fraud in Accounts Payable will help organizations know the appropriate steps to both detect fraud and prevent it in the accounts payable department???before it eats away at the bottom line.


Product Details

  • Hardcover: 200 pages
  • Publisher: Wiley; 1 edition (September 9, 2008)
  • Language: English
  • ISBN-10: 0470260459
  • ISBN-13: 978-0470260456
  • Product Dimensions: 9 x 6.1 x 0.9 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #1,133,923 in Books (See Top 100 in Books)

More About the Author

Towards the end of my 15 year finance career, I began writing - first books and then magazine articles. No one told me it was supposed to be the other way around. Talk about ignorance being bliss! With two books and perhaps 50 articles under my belt, it became clear to me where my future was.

For the last ten years I have been interviewing business professionals and writing about their issues. My most common theme came from an area that I thought had no potential - accounts payable. Now I devote the lion's share of my time to the issue, writing a newsletter(www.ap-now.com), a free e-zine, books for John Wiley & Sons and a short piece or two amazon.com and others.


 

Customer Reviews

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2 of 2 people found the following review helpful:
5.0 out of 5 stars Attention small business owenrs! Read it, study, and become expert in its contents. A good defense is a sound offense., November 16, 2008
This review is from: Fraud in Accounts Payable: How to Prevent It (Hardcover)

I liked this book. I found it to be well written and well outlined. As a CPA I found it to be sound and an easy read. It is insightful. And it provides an in-depth coverage of how the A/P function in an accounting system should work AND how it can be bent in order to perpetrate a fraud or frauds.

Why is this subject so important? Because accounts payable intimately relates to a company's cash accounts or bank accounts. A/P allows a check writer to send money out of a company bank account and into either a legitimate vendor's or legitimate employee's bank account. But the fraud comes in when the accounting system allows a check writer to send a check to an illegitimate vendor, illegitimate employee, or fake whatever.

This book was not short or lightweight. It really does a thorough job covering its subject matter. I recommend you examine the Search Inside feature Amazon provides for this book in order to take a look at the book's Table of Contents. There are 16 chapters and 4 appendices. If you are a small business owner, or someone involved with a company's accounts payable function, then this book is for you. Read it, study, and become expert in its contents. A good defense is a sound offense. 5 stars!
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0 of 1 people found the following review helpful:
5.0 out of 5 stars Excellent - A 'Must Read', September 6, 2008
This review is from: Fraud in Accounts Payable: How to Prevent It (Hardcover)
A Must-Read for Every Executive Concerned about the Bottom Line
When it comes to fraud, no company can afford to look the other way. The losses come right out of the bottom line. Unfortunately, before the publication of this book, many people did not know where to start. With the information in this insightful book, business executives everywhere will be able to identify the weak spots in their organizations that might permit fraud to flourish both from internal and external sources. Don't think it could never happen in your shop. As the statistics revealed in this book show - it can happen anywhere, including right under your nose.

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Inside This Book (learn more)
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
master vendor file, desktop fraud, expense reimbursement fraud, positive pay file, void pantographs, preprinted check stock, invoice fraud, accounts payable operations, payroll fraud, stories from readers, telecom fraud, phantom employees, check fraud, median loss, occupational fraud, petty cash box, appropriate segregation, duplicate payments, rush checks, strong internal controls, electronic invoicing, surprise audits, every invoice
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Social Security, Sarbanes-Oxley Act
Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
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