Detecting procurement fraud can be challenging but implementing robust internal controls and monitoring mechanisms can help. Here are some methods:
Audits and Reviews: Regular internal and external audits can uncover discrepancies and irregularities. Segregation of Duties: Ensuring that different individuals handle different stages of the procurement process to prevent collusion. Data Analytics: Utilizing data analytics tools to identify unusual patterns and anomalies in procurement activities. Whistleblower Programs: Encouraging employees to report suspicious activities anonymously.