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ARTICLE · 05 MAY 2011

Procurement and funding fraud: Are you safe?

Clayton Utz
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Fraudulent conduct which occurs during a procurement or funding process may lead to loss of revenue, inefficient use of resources, damage to the security or standing of the Commonwealth, damage to the culture of the organisation, and/or costly and intrusive litigation.

AustraliaFinance and Banking
Alexandra Wedutenko
Alexandra Wedutenko
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Contributions to this article also by Caroline Hogan

Key Points:

It is important that you proactively guard against fraud and not merely assume fraud will not occur.

Fraudulent conduct which occurs during a procurement or funding process may lead to loss of revenue, inefficient use of resources, damage to the security or standing of the Commonwealth, damage to the culture of the organisation, and/or costly and intrusive litigation.

It is important that you proactively guard against fraud and not merely assume fraud will not occur. The most effective protection strategy is a credible prevention and detection regime, but if fraud occurs you should deal with it promptly.

What is fraud?

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