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Home Features Procurement Fraud: On the Take is on the Rise
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TAGS Contracting, E-procurement, Fraud, Maintenance, Procurement
Vendor contracting and maintenance are the two most prevalent areas of procurement fraud for Australian public sector. Agencies need to undertake regular risk management and apply modern data detection analytics to identify high-risk or suspicious transactions.
Procurement is by far the greatest fraud risk in the public sector according to a new public sector fraud survey, with vendor contracting and maintenance being where most Australian public agency procurement fraud occurs.
The PwC Fighting Fraud in the Public Sector report found procurement fraud is now one of the “Big 5” economic crimes, with 33% of Australian respondents experiencing this type of fraud in the past 24 months. This rises to 46% for global government organisations surveyed. The report is the third in a series looking at public sector fraud in Australia and around the globe.
The procurement life cycle is a hotspot for fraudsters, because it is one of the primary areas of expenditure for government organisations. The cycle may be illustrated as follows:
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Cassandra Michie is a PwC partner in our Forensic Services group and specialises in forensic accounting and investigations. With over 24 years experience she has led numerous financial investigations and preparation of expert reports in Australia, New Zealand, the USA (during a three-year secondment to New York), Europe and Asia.
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