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Greetings!
Procurement or Purchasing Cards (p-cards) have simplified the amount of administrative work organizations handle to process small purchases, but also increased risks. While p-card abuse has made headlines, particularly in government departments, they can be managed by implementing proper internal controls to reduce misuse and waste.
This issue of the Update outlines how Georgia Tech uses data analytics and continuous monitoring techniques to combat p-card abuse. We also reveal the winners of the p-card contest. We hope you will use these experiences as you search for evidence of red flags, review transactions and track trends in p-card usage.
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Fighting P-Card Fraud with
Data Analytics
Phil Hurd with Georgia Tech Shares his Experience
Experience is often the best teacher. Phil Hurd recently shared his experience of using data analytics and continuous monitoring technologies with members of the Association of College and University Auditors (ACUA). During the Webinar, Phil discussed how he helped Georgia Institute of Technology's (Georgia Tech) internal audit department fight purchasing card fraud, and use data analysis and continuous monitoring techniques to save time, effort and loss.
Click here to see highlights from the Webinar:
Purchasing Card Risks in the Information Age
The Proxy Purchasing Fraud Scheme
Data Analysis Evalution
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IDEA V9 Quick Reference Guide
IDEA Version Nine offers an intuitive workspace without sacrificing efficiency for more experienced and advanced users. The IDEA Ribbon puts you in control, so you can find and perform tasks and tests efficiently with less trial-and-error. Tasks are now easier than ever to find because they're grouped by functionality and are where you would logically expect them to be. If you are still having trouble locating your favorite task, we have compiled a V9 Quick Reference Guide that will help you locate your favorite IDEA functions.
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What do YOU see? Contest Winners
We downloaded Washington DC's purchase card transactions and asked you to take a look.
We asked you to analyze the Washington DC p-card transactions and share with us your findings. We received a great response - including hints of hundred dollar Big Macs and potential home improvement projects.
Congratulations to our P-Card contest winners!
1st - Scott Jones
Winner of a $200 American Express Gift Card
2nd - Chris Wehner
Winner of a $75 American Express Gift Card
3rd - Lynn Bashaw
Winner of a $50 American Express Gift Card
and see if your findings match those of our winners and participants.
Thank you for participating! Check your upcoming IDEA Updates for future contests.
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