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In previous Our Thoughts On articles, I’ve discussed a case study regarding billing schemes in the professional services industry, and my colleague Andy Trettel has talked about using data analytics to identify check and payment tampering schemes. In this article, we’ll combine these ideas to provide some common data analytics tests to detect billing schemes.
As a refresher, billing schemes attack a company’s cash disbursements and payables cycle by making false claims for payment from the victim company. These bogus claims induce the victim company to issue payments for goods or services not actually received. Fraud perpetrators can accomplish this in a variety of ways:
A company should continually monitor relationships with vendors to ensure that vendors are not taking advantage of the relationship with the company and that all vendors are legitimate. Common data analytics tests to monitor red flags with vendors include:
There are various new data analytic tools, besides Excel, to perform these tests that are now available. We are utilizing several of these tools at Schneider Downs, including:
If you have any questions regarding potential fraud schemes or the use of data analytics to detect fraud, please contact the Business Advisory Group at Schneider Downs.
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