Auditing and examining Travel and Entertainment Expenses: Expense Reimbursement Fraud

Why Should You Attend:

If you are reviewing entertainment expenses and find discrepancies, how often do you hear management say, “What’s the big deal? How bad could it be?” This is a prime indicator that there is a gap in understanding of the importance of simple internal controls and a sound control environment.

With today's advanced technology and digital media, one would think that tracking simple T&E expenditures would be efficient. Yet with technological advancements comes new and innovative ways for individuals to side-step control procedures and slip the inadvertent expense through the system.

This webinar will discuss the impact of T&E abuse on various risk areas. Among other discussions, the course will also highlight areas of T&E abuse that often go unnoticed and result in expenditure fraud.

Areas Covered in the Webinar:

• Why internal controls over T&E expenditures are a critical component of the control environment.
• The impact abuse of T&E can have on various risk areas.
• Areas of T&E abuse that often go unnoticed and can result in expenditure fraud.
• Identifying T&E red flags for fraud with data analytics.
• The role of technology in the advancement of control gaps.
• How to talk to management about identified findings.

Who Will Benefit:

• CEOs/CFOs
• Board Members
• Internal Auditors
• Compliance Professionals
• Operational Professionals
• Audit and Risk Professionals
• Finance Professionals
• Legal Department
• HR Personnel/Managers/Staff

Lynn Fountain
Former Chief Audit Executive, Aquila

Lynn Fountain has over 35 years of experience spanning public accounting, corporate accounting and consulting. She has 20 years of experience working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance.

Ms. Fountain has held two chief audit executive positions for international companies. Since 2008, she has served in positions where she was responsible for internal audit, enterprise risk management and Sarbanes-Oxley. Ms. Fountain has a private consulting and training business, and she has developed and delivered leading edge training sessions on COSO, internal audit, ERM, accounting, leadership, governance, compliance and ethics. She delivers training for the American Institute of Certified Public Accountants, Institute of Internal Auditors, and multiple seminar and training groups.

Ms. Fountain is the author of two technical books that released in 2015: Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations; Leading the Internal Audit Function. In addition, Ms. Fountain is a frequent blogger on the LinkedIn platform and has also had numerous articles published in professional and technical publications. She is currently authoring a third technical book on corporate ethics and the internal auditor’s challenge.

She has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).

Topic Background:

Although travel and entertainment expenses are often a small component of overall corporate expenditures, they are one of the highest inherent risk areas for inappropriate costs and fraud. Expenditures are a businessman's best friend but can be management or an auditor’s worst nightmare if not properly handled. This process area inherently provides prime opportunity for unauthorized or inappropriate and lavish expenditures by executives and personnel. When this occurs, there is more than just dollars at stake for the company. Uncontrolled and mismanaged travel and entertainment expenditures can impact reputation, operations and compliance areas.

Regulators and several legislations suggest annual review of executive expenditures. However, this can be a risk laden area for compliance professionals to review due to the internal political ramifications. In today's world of transparency and increasing frauds, management must learn that attention, monitoring and periodic review of travel and entertainment expenses is an important component of maintaining proper internal controls.

Follow us :