Transcription of Procurement fraud - Deloitte
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Procurement fraud - Deloitte
Major infrastructure activity is occurring overmuch of the Middle East with significantconstruction work being undertaken on behalf of government agencies in areas such as airportterminals, hospitals, port facilities and transportnetworks. In addition, multi-billion dollarprojects are being undertaken in the oil and gasindustry. But the incentive to win major contractscan lead individuals and even c ompanies to engagein corrupt and fraudulent behavior. Staff withinthe Procurement or project management divisionsof contracting organizations may be exposed toinappropriate inducements such as bribes andcorrupt offerings. So how does Procurement fraudhappen and who should be concerned? Procurement fraudDeloitte | A Middle East Point of View | Spring 2014| 31 Procurementfraud Should the Middle Eastbe concerned?32| Deloitte | A Middle East Point of View | Spring 2014 The UK National fraud Authority defines procurementfraud as a deliberate deception intended to influenceany stage of the procure-to-pay lifecycle in order tomake a financial gain or cause a loss.
future. Procurement fraud can be one of the most significant types of fraud faced by organizations within the region, in terms of financial loss, reputational damage, and complexity. A number of high-profile procurement fraud instances that have already occured in the GCC indicate that fraud prevention programs are
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