Stock Fraud Prevention and Control

 17^th-18^th March, 2025                           16^th-17^th June 2025

 28^th– 29^th August, 2025                         4^th-5^th December, 2025

Introduction

Fraud prevention is the implementation of a strategy to detect fraudulent transactions or procurement and prevent these actions from causing financial and reputational damage to the customer and organization. Inventory fraud impacts both the balance sheet and the income statement and can be perpetrated in more than one way, such as actual theft, manipulating inventory counts, improper valuation of inventory, scrapping perfectly good inventory, and simply making a fraudulent journal entry, to name a few.

Companies take various measures to detect and catch inventory theft by employees, including video surveillance, random audits, cash control, employee rewards for reporting theft, employee background checks, secret shoppers, and trash control. Inventory fraud can be committed through financial statement manipulation.

Businesses can implement measures such as additional verification using MFA or challenge-response authentication mechanisms, firewalls, device intelligence, IP blacklisting, rate-limiting, encryption, and using an effective bot management solution to prevent inventory fraud. These and many ways of preventing and controlling stock fraud will be discussed in this two day workshop.

Course Contents:

· Understanding Fraud

· Internal Control over stock fraud

· Strengthen controls, limit risk and prevent fraud

· Importance of Internal Controls in Stock fraud prevention

· Fraud Schemes: Cash Receipts, Theft of Cash, Inventory, and Other Asset Frauds

· How fraud occurs

· Impact of fraud to an organization

· Internal Controls to Prevent Fraud

· Anti-Fraud Culture & General Anti-Fraud Controls

· How to design and implement entity-wide controls to prevent stock fraud

· How to design controls to prevent fraud

   Internal Controls to Detect Fraud

· Fraud Prevention and Detection using COSO Framework

· Fraud Risk Management program and internal control framework

· Key Success Factors of a Fraud Risk Management Programmed

. Challenges & Resources in stock fraud prevention and control

Duration: Two (2) days           Fee: N200,000

FOR WHOM: Stores, Purchasing and Logistics Personnel in the Public and Private Sectors.