Fraud In Construction Contracting and Procurement

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Overview

3.0 Credits
ONLINE

This course will focus on the most common types of fraud in the construction procurement and contracting arena.  The course will examine fraud vulnerabilities in the four key phases of the construction procurement process:
• Presolicitation,
• Negotiation,
• Performance, and
• Closeout and Claims. 
Within each phase, “red flags” will be discussed.  These are the indicia of possible fraud that managers and auditors should be alert for.  Also within each phase, the most common fraud schemes will be highlighted and discussed.  Finally, the course will describe the generally accepted safeguards or controls that should be established to prevent the various fraud schemes that can occur.  The course will conclude with case studies describing actual fraud uncovered in two high-profile construction projects.  These case studies will illustrate several of the fraud schemes described during the course and describe how they were uncovered.

Objectives

* Understand the phases of a construction project and the procurement process

* Understand the key ways that fraud can occur in each phase

* understand the red flags indicating possible fraud

* Understand key controls and safeguards designed to minimize the occurrence of fraud

Major Topics

* Construction contracting and procurement

* Construction fraud schemes

* Construction fraud red flags

* Construction fraud safeguards and controls

Designed For

Internal and external auditors at all levels; accountants involved in procurement and construction at all levels

Prerequisite

None

Advanced Preparation

None