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Procurement Fraud & Internal Controls

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Procurement is the acquisition of goods, services or works from an external source. Ideally, the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the end user in terms of quality and quantity, time, and location. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing exposure to fraud and collusion. To this end, some soft headed trainer offers seminars entitled ‘White Collar crime is at your front door”. Apart from bad prose, it is an imbecilic assertion! This is conceptually wrong and professionally sloppy. It is wrong because white collar crime very seldom enters through the front door. Moreover, it is not at the front door. It is already indoor .Fraud is no respecter of person or place. Given the popular misconception and the defective training given by large number of seminar organisers that jump on this Procurement Fraud gravy train, CSI In Practice has decided to correct a wrong that is being perpetrated by unscrupulous seminar organisers. To prevent Procurement fraud, there is a need to understand that Internal controls are a system consisting of specific policies and procedures designed to provide management with reasonable assurance that the goals and objectives it believes important to the entity will be met. In this seminar, we will not only examine the effectiveness of internal controls to mitigate procurement fraud but also highlight the limitations of internal controls.
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    CSI IN PRACTICE are proud to present a 2-DAY WORKSHOP ON PROCUREMENT FRAUD PREVENTION & INTERNAL CONTROLS Emphasis on Detection & Deterrence    9 th  & 10 th  December, 2014, Parkroyal Hotel, Kuala Lumpur, Malaysia By Tommy Seah WHO SHOULD ATTEND This course has been developed for professionals working in the areas of:      Fraud Investigators, Internal & External Auditors, Accountants, Finance Managers & Finance/Account Executives, Financial Controllers, Risk Management Professionals, Legal & Compliance Officers, Company Secretaries, Human Resource & Industrial Relations Professionals, Management & Executive Staff and all those who are related to uphold of Corporate Governance LEARNING OBJECTIVES ã  To understand the meaning of Procurement FRAUD, ã  To pay attention on early detection  and prevention  of Procurement FRAUD, ã  To lay down the policy  and controls  to combat Procurement FRAUD, ã  To better understand and look out for RED  Flags before Procurement FRAUD occur, ã  Proper protocol to detect Procurement FRAUD ã  Strategies and techniques that leads to a tighter control systems ã  Understanding various type of Procurement Fraud and solutions ã  Using various tools to help detect and help Procurement Fraud investigation    Background Procurement  is the acquisition of goods,   services or works from an external source. Ideally, the goods, services or works are appropriate and that they are  procured at the best possible cost to meet the needs of the end user in terms of quality and quantity, time, and location. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing exposure to fraud and collusion. To this end, some soft headed trainer offers seminars entitled ‘White Collar crime is at your front door”. Apart from  bad prose, it is an imbecilic assertion! This is conceptually wrong and  professionally sloppy. It is wrong  because white collar crime very seldom enters through the front door. Moreover, it is not at the front door. It is already indoor .Fraud is no respecter of person or  place. Given the popular misconception and the defective training given by large number of seminar organisers that jump on this Procurement Fraud gravy train,   CSI In Practice  has decided to correct a wrong that is being perpetrated by unscrupulous seminar organisers. To prevent Procurement fraud, there is a need to understand that Internal controls are a system consisting of specific  policies and procedures designed to  provide management with reasonable assurance that the goals and objectives it  believes important to the entity will be met. In this seminar, we will not only examine the effectiveness of internal controls to mitigate procurement fraud but also highlight the limitations of internal controls. THE CONCEPT DAY ONE MORNING THE REALITIES OF PROCUREMENT FRAUD AND INTERNAL CONTROLS ã What is Procurement fraud ã Motive, rationalisation and opportunity for procurement fraud ã How to identify and spot different fraud Schemes ã The legal elements of fraud CASE STUDIES for Procurement Fraud   AFTERNOON ã The distinction between Internal Audit, Risk Management and Compliance ã What are internal controls? ã Internal control myths and facts ã Why internal controls fails ã Understanding the documentation of Internal control systems ã Why is Desk Checking an ineffective Technique ã SEATA Concepts and objectives ã Control techniques (preventative and detective techniques)   Lord Acton’s dictum, “Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always  bad men, even when they exercise influence and not authority.” This statement rings true till this day. But it has since been extended to any man that has some power over anything. Following the sacking of a Singaporean senior SPH executive in September 2010 for receiving illegal payments and misappropriating shopping vouchers, two senior officials of a government-linked agency - Singapore Land Authority (SLA) are under investigation for corruption. So, what was offered as the  panacea to this embarrassing and intractable problem? The usual remedy is that “we have strengthened internal controls and two new persons is now in charge of the process”. Our observation is that, if this can work, why was it not  put in place. The simple truth is that asking accounting and audit firm on what to do in such a case is not dissimilar to asking the butcher what to take for the  pain in the neck. The truth be told, the external auditors and accountants themselves did not know any better. It is not really their fault. After all, the question was posed to the wrong  profession. If it is about fraud, the question should always be posed to a CSI. No one, absolutely no one in the world is more qualified to do the job. WHATS THEY SAID ABOUT THIS COURSE ‘Very resourceful. Very good and entertaining presenter’ ‘Excellent, I learned a lot from this workshop. ‘Presentation through real experience from round the world’ ‘Very practical and hands-on approach’   DAY TWO MORNING INTERNAL CONTROLS AND THE EFFECT OF BRIBERY AND CORRUPTION IN PROCUREMENT ã Is it profitable to commit crime – Is the saying “Crime does not Pay” True or False ? ã Identifying and understanding the characters of fraudsters ã Understanding collusion, bribery, illegal gratuities, extortion, conflicts of interest, and extortion. ã Methods of making and concealing illegal  payments and detecting corruption schemes Case study AFTERNOON Re-examine the concept of Minority Tyranny What kind of help is needed by the internal auditors for procurement fraud investigation An update on the : ã How to go about documenting internal control systems, ã Tools for detecting Procurement Fraud ã Tools for Procurement Fraud Investigation Case Studies and sharing of Procurement Fraud Investigation experience Q & A Photo taking session      SPEAKER’S PROFILE Tommy is someone that you would like to meet and to know. Straight talking, sincere, kind, helpful and without pretences, he is truly a man of strong conviction and blessed with many practical talents. First and foremost, he is a World Class hands-on accountant He has worked as an Accountant for some of the largest companies in the world. He is a tried and tested accountant with a very firm grip on financial products. Because of his grip on the subject matter, his services in providing technical training is much sought after by numerous banks in the region, including Germany, Singapore, Malaysia, China, Indonesia, Philippines and Taiwan. He has just finished training Anti-Narcotics Officers from at least seven Asean countries. Tommy's other professional achievements would have been the objects of envy for many of his peers. Some of the better known fact is that he is the only Chinese Singaporean that sits on the ACFE Board of Regents in Texas, USA. In the year 2006, his strategic management skills were put to the test and his contribution was duly acknowledged when he was elected the ACFE Board of Regents, Vice-Chairman. Based in Austin, Texas, ACFE is the best recognized and largest Fraud Examination Body in the world. While in Singapore, he also help founded the CSI World Headquarters, a Digital Forensics Certification body. To this day, he is the Chairperson Emeritus for the CSI World Headquarters. His previous work experience includes systems based auditing in an American International Bank, where he was the Senior Regional Auditor responsible for the Bank's audit in the Asia Pacific region. He has also held the top executive position of Chief of Internal Audit in a prime offshore bank where his audit duties cover the Singapore and Hong Kong operations of the bank. He covers all areas of the bank's audit of operations and IT systems. He also has practical working experience in the Operations Department of a foreign bank. Tommy Seah is the author of seven financial books including the Multiple Currency Accounting (MCA) for bank accounting. The Financial Instruments Guide (FIG) is also another authoritative and definitive text on Financial Instruments designed to be used in the world wide banking industry for product training. His publication has received excellent review and first class commendation from some of the most authoritative professional certification body and top rated banks in the world. The other five authoritative texts used in his training are The Control of Money Market Activities in Banks, Financial Management, SWAPS in Investment Banking, Advanced Credit Analysis and Anti-Money Laundering 101. His latest publication is The Foreign Exchange Audit. The FOREX Audit eBook is available from  April 2008. For the past twenty nine years, Tommy Seah has trained and coached more than 10,000 management staff and some of the top CFOs, CEOs, CIOs, and COOs in MNCs, banks and financial institutions in the region. In particular, his expertise in SOX 404, AML and Basel II, Solvency ll systems implementation is much sought after by many organisations. The undisputable fact is that Tommy is Number 1 and the top brand household name in Asia Pacific for non-compulsive executive training.   Tommy Seah, Accountant, Banker, Auditor, Digital Forensics Specialist, Risk Manager, Compliance Invigilator, Certified Fraud Examiner  e-Marketing Sponsor
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