Since accounts payable typically represents a company's largest annual outlay, it should be no surprise that it also represents one of the greatest areas of risk for fraud. The good news is that companies today can use technology to shore up their internal controls and halt fraud in its tracks.
Greensboro, NC (PRWEB) August 26, 2008
Fraud perpetrated by fictitious vendors represents a growing threat to businesses and can erode hard-earned revenues. But experts from APEX Analytix and Siemens Shared Services LLC will offer effective, real-world solutions to the problem during an upcoming summit for financial services professionals.
Sponsored by the International Quality and Productivity Centre (IQPC), the 12th Annual Shared Services Summit is scheduled for September 22 - 25, 2008 at Caesar's Palace in Las Vegas. Jim Arnold, President of APEX Analytix, is serving as chairman of the event.
On Monday, September 22, Arnold will co-present a workshop on vendor fraud with Catherine Escarcha, Director of Accounting Services for Siemens Shared Services. The two will be joined by APEX Analytix experts Joe Collins, Director of Client Services, and Chris Siemasko, Vice President of Product Management and Strategy.
The four will provide an overview of the technology available to help organizations detect and prevent fraud continuously and to manage risk in the procure-to-pay process. Workshop participants will gain a greater understanding of the risk fraud represents in their own organization and what they can do to prevent it.
Escarcha will share her experiences in monitoring for vendor fraud across the complex information technology environment supporting her company's procurement and payment operations. Siemens Shared Services is successfully using software to flag suspicious transactions and to rank order potentially fraudulent vendors for further investigation by company compliance officers.
"Fraudsters follow the money," Arnold said. "Since accounts payable typically represents a company's largest annual outlay, it should be no surprise that it also represents one of the greatest areas of risk for fraud. The good news is that companies today can use technology to shore up their internal controls and halt fraud in its tracks."
For more information about the Shared Services Summit, visit http://www.iqpc.com/us/sharedservicessummit or call 1-800-882-8684.
About APEX Analytix:
APEX Analytix is an innovative audit recovery firm serving more than a third of the Fortune 100. The company has transformed the audit recovery industry with FirstStrike®, a highly functional family of standards-based software that detects and prevents both errors and fraud and improves performance across the procure-to-pay process. To date FirstStrike® has saved businesses more than $1.5 billion in overpayments and is the most widely used software of its type. For more information, call 800.284.4522 or visit http://www.apexanalytix.com.
Siemens AG (NYSE: SI) is one of the largest global electronics and engineering companies with reported worldwide sales of $107.4 billion in 2006. Founded 160 years ago, the company is a leader in the areas of Medical, Power, Automation and Control, Transportation, Information and Communications, Lighting, Building Technologies, Water Technologies and Services and Home Appliances. With its U.S. corporate headquarters in New York City, Siemens in the USA has sales of $21.4 billion and employs approximately 70,000 people throughout all 50 states and Puerto Rico. Eleven of Siemens' worldwide businesses are based in the United States. With its global headquarters in Munich, Siemens AG and its subsidiaries employ 480,000 people in 190 countries. For more information on Siemens in the United States: http://www.usa.siemens.com/.