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.
Bid-rigging schemes Most bid-rigging fraud schemes involve collusion between competing companies during the bidding process. Bid suppression scheme One or more competitors agree with at least one other competitor to refrain from bidding or agree to withdraw a previously submitted bid so that a decided contractor’s bid will be accepted.
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