procurement fraud prevention

Procurement fraud prevention involves implementing policies and controls to ensure the process of acquiring goods and services is honest and transparent. It includes verifying supplier credentials, maintaining clear documentation, and monitoring for suspicious activities like inflated invoices or conflicts of interest. By establishing checks and balances, organizations reduce the risk of corruption, favoritism, and misappropriation of funds, helping ensure that procurement decisions are fair, cost-effective, and based on merit. Regular audits and staff training also play key roles in detecting and preventing fraudulent activities, safeguarding organizational resources.