Detecting, Preventing and Investigating Procurement Fraud
CPE Credit: 4
Course Level: Overview
Field of Study: Specialized Knowledge
Tom Caulfield, CFE, CIG, CIGI
Procurement Integrity Consulting Services, LLC
The rise in contract management and the outsourcing of goods and services has created an increased risk to fraud, which can occur at any stage of the contracting and procurement process. Understanding these risks in acquiring goods and services, designing appropriate fraud prevention and detection controls, and knowing how to handle allegations are necessary in the fight against this fraud. Organizations must accept that there is a material risk of fraud within their procurement processes. Failing to recognize this risk exposes them to the full range and deceptive actions of fraudsters and the consequences, which could include potential debarment, contract termination, financial losses, public mistrust, reputation degradation, and criminal and civil penalties.
This Pre-Conference session will introduce you to the risks in specific procurement processes, along with best practices for preventing, detecting and reviewing allegations of contract and procurement fraud.
You Will Learn How To:
- Recognize risk within specific types of procurements
- Reduce the risk with sound prevention and detection techniques
- Develop a work-plan to respond to suspected procurement fraud