Fraud in the Purchasing Department | PNWC’s Government Contracting Update

The Association of Certified Fraud Examiners (ACFE) reported the results of a recent study that revealed the typical organization loses a median of five percent of revenues annually. The same study found that while both large and small companies fall victim to occupational fraud, companies with fewer than 100 employees are particularly vulnerable compared to their larger counterparts. Why is this? Essentially because larger companies have better internal controls and more likely to have anti-fraud practices in place – such as hotlines, employee fraud training and internal audit departments.

Source: PNWC’s Government Contracting Update: Fraud in the Purchasing Department