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Department of Justice announces procurement collusion strike force

It has been highlighted by some studies that procurement fraud is the second most frequently reported form of economic crime behind asset misappropriation.

Procurement fraud is the act of gaining a dishonest advantage by abusing a position of decisive power in the procurement process; either by the individual responsible for this position in his or her own action, or by those seeking to win the opinion of that individual, resulting in a decision of benefit to themselves. Procurement fraud may be committed by procurement officers, vendors or subcontractors, but always involves the act of collusion in order to obtain the unmerited advantage. Fraudsters use the procurement process as part of their scheme to further their own interests in lieu of serving the interests of the procuring company.

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Jonathan T. Marks
Partner, CPA/CFF, CITP, CGMA, CFE
Revised PCAOB audit standards on accounting estimates are approved
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