30 Nov 2017 – In today’s business landscape, companies are constantly facing the delicate task of balancing risks, costs and opportunities. As businesses are increasingly integrated in global and regional economies, where threats and risks of fraud especially in procurement area are greater, companies should continue to be vigilant. Procurement fraud can occur at any stage of the procurement life cycle. In Singapore, procurement fraud occurred most often at the beginning of the procurement process i.e. during bidding and vendor selection process.
At this meeting, Dmitry Kosarev, Director of Forensic Services, PwC Singapore and Daniel Fu, Director of Forensic Services, PwC Singapore discussed typical types of fraud and procurement fraud encountered in Singapore and across the region, and challenges that companies may face to manage the fraud risk from Singapore based regional headquarters.
They also shared the different types of procurement fraud schemes (e.g. split purchase, false invoices, bribery and corruption) through real life cases, and briefed members of the common red flags of procurement fraud. The meeting then concluded with discussion of prevention and detection tools in managing the fraud risk in procurement life cycle.
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