Procurement Cards (P-Cards) - Fraud Detection, Prevention, and Deterrence

Why Should You Attend:

P-Card usage is on the rise and so are the cases of P-Card fraud! Many companies have implemented P-Cards as a means to reduce invoice volume and increase efficiency within accounts payable department and within the procure to pay cycle. But the increased use of P-Cards has resulted in additional risk which creates an enhanced focus on internal controls and spotlights the role of the P-Card Administrator.

During this session, the instructor will identify the ‘red flags” of P-Card fraud and will provide a practical internal controls toolkit that will help reduce the potential for fraud and mitigate risk within the process. We’ll present a timely case study that describes what can happen if a good P-Card controls program is not in place. We’ll identify the specific “red flags” and how the situation could have been prevented.

Areas Covered in the Webinar:

• P-Card Statistics.
• P-Cards, T&E Cards, Corporate Credit Cards, and Payment Cards.
• Why companies implement a P-Card Program.
• Introduction to Fraud Awareness.
• The Red Flags of P-Card Fraud.
• Preventing P-Card Fraud: The Top Five Controls
• Your P-Card Internal Control Toolkit.
• Case Study: A Case of P-Card Fraud.
• Q & A.

Who Will Benefit:

• CFOs
• Controllers
• Procurement Professionals
• Accounts Payable Managers and Directors
• P-Card Administrators
• Internal Auditors

Chris Doxey
Consultant, ChrisDoxey

Chris Doxey, CAPP, CCSA, CICA is an independent consultant providing Internal Controls and Business Process Best Practice Solutions. She has held senior management positions in accounts payable, procurement, internal auditing, internal controls, Sarbanes-Oxley compliance, payroll, logistics, financial systems strategy, and financial integration at Digital, Compaq, Hewlett Packard, MCI, APEX Analytix, and Business Strategy, Inc. She was recruited to assist MCI (formally WorldCom) recover from their internal control challenges. She has a bachelor's degree in English, a bachelor's in accounting, a master's in business administration, and a graduate certificate in project management. Chris has written numerous articles and published two handbooks: AP Leadership Skills and Implementing a Controls Self Assessment Program for Your Account Payable Process. Chris presents at several conferences and provides a multitude of webinars each year.

Topic Background:

Originally, P-Cards were targeted for low-value transactions, but their use has expanded as reflected in the statistics below.

• P- Card spending grew from $161 billion in 2009 to $196 billion in 2011.
• P-Card spending growth in the past two years (27%) was higher than the Government and Not-for-Profit segment (12%).
• Within the Corporate segment, Fortune 500 Size company purchasing card spending growth over the past two years was highest (at 23%).
• Large Market and Middle Market corporations both report 35% growth each.
• Among Government and Not-for-Profit entities, purchasing card spending growth over the past two years was lowest among Federal Government Agencies(at -2%) and State agencies (8%), but notably higher among Cities and Counties (17%), Universities (14%), School Districts (17%), and Not-for-Profit organizations (23%).

Overall, P-Cards provide a means for streamlining the procure-to-pay process, allowing organizations to procure goods and services in a timely manner, reduce transaction costs, track expenses, take advantage of supplier discounts, reduce or redirect staff in the purchasing and/or accounts payable departments, reduce or eliminate petty cash, and more.

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