Managing Fraud Risk: Identifying and Preventing Corruption Schemes in Construction Companies - Intro
Occupational fraud schemes often exist for years before being detected. The Association of Certified Fraud Examiners (ACFE) 2008 Report to the Nation states that half of all construction fraud corruption cases were revealed by employee, customer, vendor, or other source tips. Data shows that fraud is more likely to be detected by a tip than by audits, controls, or any other means but implementing major controls appears to reduce the median loss.
In this presentation, Managing Fraud Risk, we examine various fraud schemes including corruption, asset misappropriation, fraudulent statements, bribes, kickbacks, bid rigging and extortion. We look at corruption indicators and how to increase internal controls to proactively reduce fraud risk.