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How to Detect Shell Companies in Your Accounts Payable File

HOW TO DETECT SHELL COMPANIES IN YOUR ACCOUNTS PAYABLE FILE

Cost Free
Presentation Length 1.0 hour

Recorded DateJuly 27, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaAuditing
Course LevelBasic
Course Description

Fraudsters increasingly are using shell companies to commit everything from asset misappropriation and money laundering to bribery and corruption schemes. Audit committees want fraud examiners to make sure their organizations aren’t victims. Here’s how to use fraud data analytics to sniff out illegal shells.

The session will provide examples of data analytics that have located shell corporations in accounts payable. We will discuss our experiences analyzing data and explain the types of data analytics procedures we use on both master file and transactional data elements.

Learning Objectives:


  • Identify how to build the fraud data profile for shell companies

  • Describe transactional data to identify fraud schemes

  • Evaluate an illustration of concepts through real-life experiences

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Leonard W. Vona is the CEO of Fraud Auditing, Inc. He is a forensic accountant with more than 38 years of diversified fraud auditing experience, including a distinguished 18-year private industry career. His firm, Fraud Auditing, Inc., advises clients in litigation support, financial investigations, fraud detection, and fraud prevention.
 
Mr. Vona is the author of Fraud Risk Assessment: Building a Fraud Audit Program, The Fraud Audit: Responding to the Risk of Fraud in Core Business Systems, and Fraud Data Analytics Methodology: The Fraud Scenario Approach to Uncovering Fraud in Core Business Systems
 
Mr. Vona has successfully conducted more than 100 financial investigations and fraud auditing engagements for some of the United States' largest high-profile corporations. The net result of his efforts has saved clients millions of dollars through recovery or defense strategies. His financial investigation experience includes embezzlement, business disputes, asset theft, bribery and corruption, malpractice, and disbursement schemes. Mr. Vona's trial experience is extensive, including appearances in federal and state courts. He is qualified as an expert witness, a Certified Public Accountant (CPA), and a Certified Fraud Examiner (CFE). He is cited in West Law for the successful use of circumstantial evidence.

Mr. Vona lectures nationally and internationally on fraud risk assessments, fraud investigation, fraud prevention, and detection, and fraud schemes perpetrated on companies. He regularly speaks at audit conferences and has developed the Fraud Training Curriculum for the MIS Training Institute, an internationally recognized audit training organization. Mr. Vona has provided more than 1,000 days of fraud training to organizations around the world. He was previously on the faculty of Lally School of Management at Rensselaer Polytechnic Institute. He has written the training course on Auditors' Responsibility for Detecting Fraud – SAS99 used by CPA Societies across the country. His international training experience includes five continents and training through interpreters in Spanish, Portuguese, and Russian.
 

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