Procurement Frauds all you Should Know | Types of Procurement Frauds

Procurement Frauds all you Should Know | Types of Procurement Frauds

So many people are talking about Procurement frauds and types of Procurement frauds. Our team has to create this page to talk about it. Because of the kind of messages we are getting from so many people out there.

Without wasting so much of your time we are going to tell you all you should know about it from A – Z. So firstly, we want you to know that recruitmentformat.com is one of the best online job sites that helps millions of people out there.

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Procurement Frauds all you Should Know

Procurement Frauds all you Should Know | Types of Procurement Frauds

As we said before, we are here to brack all the words called Procurement Frauds. All we want from you is to keep on reading this page to the end to know all about it.

Firstly, we want will start by telling you about Procurement. What is Procurement? Procurement is the process of finding and agreeing to terms and acquiring goods, services.

Or works from an external source, often via a tendering or competitive bidding process. Procurement generally involves making buying decisions under conditions of scarcity.

What is Fraud?

Fraud is defined as the intentional false representation or concealment of a material fact for the purpose of inducing another to act upon it to his or her injury (as defined by the American Institute of Certified Public Accountants).

Now that you have seen all the definitions of both words, we are going to definitions of both two words. So that you will understand what it means.

What are Procurement Frauds?

Is a deliberate deception intended to influence any stage of the procure-to-pay lifecycle in order to make a financial gain or cause a loss?

It can be perpetrated by contractors or sub-contractors external to the organization, as well as staff within the organization.

The Types

For those that want to know more about types. This is when you should read this part to know all about it.

Fraudulent practices by government contractors include:

  • illegal conduct in securing government contracts.
  • false statements in obtaining government contracts, such as misrepresenting minority contractor or small business status.
  • substandard materials or workmanship.
  • fraudulent testing or false quality assurance representations.
  • failure to comply with contract specifications.
  • inflated bills for goods or services.
  • false statements of compliance with requirements such as the Buy American Act and U.S. trade agreements.
  • misrepresentations of cost or pricing data required by the Truth in Negotiations Act.
  • false statements to the General Services Administration about pricing data.

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