Contract and Procurement Fraud: Best Practices for Identification, Detection and Prevention

The process of executing contracts and procuring goods and/or services can be likened to walking through a mine field because the opportunities for fraud to occur in the processes are so numerous, especially in large, complicated contracts. The purpose of this presentation is to provide those watching with numerous pitfalls to be on the lookout for, how to avoid them to begin with and what to do if you suspect that someone is attempting to defraud you. Changes are, after watching this session; you will never look at the contracting and procurement process the same.

Objectives of the Presentation
After attending this session, the participants will be able to:

• Manage the process of advertising, evaluating and awarding a contract
• Identify the elements of a contract
• Evaluate contracts submitted through the bidding process
• Recognize the indicators of product substitution
• Justify how and when to award a sole source contract
• Avoid the pitfalls of awarding certain contracts based solely on a low bit
• Manage a bid opening

Why Should you Attend
All of us want to get what we pay for. In order to be assured of such, we need to know how to close the many loop holes vendors and contractors use to justify not performing on the contract as we had intended. Do you know how to determine if you received the goods or services you contracted and paid for? Often times, such determination must be made on a very timely basis because once you go past a certain point in time, you can't go back. This program is designed to assist those that are responsible for the contracting a procurement process to be able to be confident that they are indeed getting what they paid for.

Areas Covered

• Defective pricing schemes
• False and inflated invoices
• Duplicate invoices
• Preventing false or inflated invoice schemes
• Non-conforming goods or services
• The importance of the timing of the inspection process
• Change order abuse

Who will Benefit
Individuals in an organization, but especially large organizations those are responsible for soliciting, evaluating, awarding and monitoring various forms of contracts. If should be noted that large construction contracts are fraught with opportunities for the vendor to commit fraud.

• Certified Fraud Examiners and other anti-fraud professionals
• Law enforcement professionals
• Internal and external auditors, CPAs, CAs and forensic accountants
• Investigators
• Risk management and compliance personnel
• Loss prevention and security professionals
• Business Owners
• Management
• Compliance Officers
• Corporate Investigators and Fraud Examiners
• Controllers
• Purchasing Professionals
• Accounting and Finance Professionals
• Audit and Finance Committee Members