Tendering,Fraud,Risk,Factors,T business, insurance Tendering Fraud Risk Factors
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Thepresence of factors such as those listed below will render a Government agencysusceptible to procurement fraud. 1. Lack of Awareness Lack ofawareness at the management level, of the dangers of procurement fraud and thenecessary defenses. 2. No top down commitment No top downcommitment to root out and deal with instances of procurement fraud; this meanstaking effective and punitive and actions. 3.Lack of financial control The failureof the governing body to implement sound financial procedures for financialcontrol, to ensure that all staff are aware of the need to comply with them,and are trained in their use. Inadequate internal control Financialcontrol systems, whish do now allow for adequate internal check. a. Inadequatemonitoring.b. Reconciliationare not completed regularly or independently checked.c. Expenseclaims, invoices etc are not property checked.d. Inadequateseparation of duties. Inadequate Financial information. Officersare not given sufficient detail to identify anomalies, e.g. rapid growth inexpenditure, against a particular budget head.Officersare given too much information; this can mask significant changes and makeidentifying them difficult.Informationnot received timely.Informationnot relevant or properly formatted. Poor Security controls Inadequatecontrol of access to safe, computer hardware, controlled stationary, storesetc.Inadequatecontrol over passwords and leaving computers logged on to systems whenunattended.
Tendering,Fraud,Risk,Factors,T