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​Procurement Fraud: 12 Common Pitfalls

Online Exclusives ​Sylvia Lim, CIA, CFE Feb 05, 2021

With awareness of vulnerable areas, internal auditors can help safeguard the organization from losses.

​Fraud can occur during any stage within the procurement life cycle, resulting in recurring and significant losses. Organizations may be at risk of fraudulent activities conducted by internal staff, collusion between internal staff and external service providers, or collusion among suppliers. Procurement fraud can be perpetrated in many ways, and it can be difficult to detect

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​Sylvia Lim, CIA, CFE

​Sylvia Lim is director, Corporate Risk Strategists Private Ltd., in Singapore.ent blog about audit, compliance, and risk management issues.