Fraud Ethics Fraud in the United States: Essay

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Fraud

Ethics

Fraud in the United States: An overview

Fraud has always existed in the United States, but a number of systemic changes in the way that business is handled have caused fraud to become more common than ever before, in both private industry and government. For example, according to the ACFE (Association of Certified Fraud Examiners) magazine Fraud, "the rise in contract management and the outsourcing of goods and services has created an increase in procurement fraud" (Piper 2012). Theoretically, when making awards the main considerations should be the quality of the work of the firm to which the labor is outsourced and the price. However, at one company, during the bidding process, "all the reputable contractors" had been given low ratings, except one new company, to which the new contract was awarded "at double the price... [said the investigator] 'I later learned the bid evaluators were friends with the contractor. The winning bidder actually had offered a bid evaluator a job with the company during the bid evaluation process'" (Piper 2012).

When such fraud occurs in government, not only are the rejected, honest contractors hurt -- so are the taxpayers, as they must support the additional unnecessary costs of the final project.

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And even fraud in private industry increases the costs of goods and services for the consumer. The proliferation of contracted services increases the number of transactions to which the organization is connected and thus increases the chances that fraud may occur. "If contractors or non-employees have access to processes, audit staff should assess what frauds they could be committing. Lack of daily oversight and control and lack of their definitive reporting structures to the company could keep these non-employees out of sight and out of mind" (Hubbs 2012).

Fraud takes place on an international level, and in the new global economy, it can be difficult for American companies not to be drawn into the web of misappropriation. For example, one of the most common internationally-based crimes is money laundering. "The International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, mandates financial institutions to comply with a series of anti-laundering….....

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"Fraud Ethics Fraud In The United States " (2012, August 18) Retrieved May 20, 2025, from
https://www.aceyourpaper.com/essays/fraud-ethics-fraud-united-states-109452

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"Fraud Ethics Fraud In The United States ", 18 August 2012, Accessed.20 May. 2025,
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