How to Prevent, Detect, and Combat Procurement Fraud
Chartered Institute of Public Finance and Accountancy (CIPFA)
management, finance, course
Procurement fraud is currently on the rise and one of the major risks that public sector organisations face, potentially resulting in the loss of vast sums of money either directly or indirectly. It has been shown that during an economic downturn, the incidence of fraudulent activity increases and the procurement function is one area in which fraud regularly occurs. There is also a growing threat from organised crime groups using partially legitimate companies bidding for public sector contracts and acting as fronts to top up income from criminal activity including drugs, human trafficking and counterfeit goods. As budgets become more constrained, all public sector organisations must ensure that proper procurement fraud prevention procedures are in place, otherwise they risk losing vital public funds needed for essential services and damage to the organisation's reputation.
Contact Chartered Institute of Public Finance and Accountancy (CIPFA)
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