Corporate fraud on the rise, study says.Incidents of procurement fraud in Afghanistan, Iraq and the reconstruction following Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. suggest that the threat of
misconduct by government contractors is growing, according to according toprep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent PricewaterhouseCoopers report, titled "Predicting the Unpredictable: Protecting Aerospace and Defense Companies Against Fraud, Reputation and Misconduct risk." The 2005 PricewaterhouseCoopers Global Economic Crime Survey revealed that 30 percent of companies in the aerospace and defense sector have been involved in some type of fraud. "The aerospace and defense industry faces unique risks because of the nature of procurement regulations and the long-term and large-scale contracts inherent in the industry," said Scott Thompson
Scott Thompson (born June 12, 1959) is a Canadian television comedian, best known for his time as a member of the comedy troupe Kids in the Hall. , of PricewaterhouseCoopers. The report identifies several categories of fraud commonly found in the aerospace and defense sector: Unauthorized expenditures, financial statement manipulation and intentional manipulation of cost estimates, misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of assets, industrial espionage industrial espionage Acquisition of trade secrets from business competitors. Industrial spying is a reaction to the efforts of many businesses to keep secret their designs, formulas, manufacturing processes, research, and future plans. activities such as violation of export regulations, use of domestic products and payments to influence federal transactions, and helping a prime contractor overbill a customer through multi-tiered profit arrangements or inflated lease transactions. Email your comments to Editor@ndia.org |
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