BUILDING A BETTER FOUNDATION AGAINST OCCUPATIONAL FRAUD IN CONSTRUCTION

Consistently bleak reports over time firmly show that occupational fraud is resilient and continues to be a substantial problem, especially in the construction industry. [...]understanding how occupational fraud is committed in the industry is a crucial step in its prevention and detection. Accordin...

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Bibliographic Details
Published in:Construction Accounting & Taxation 2021-07, Vol.31 (4), p.10-19
Main Authors: Daigle, Ronald J, McSwain, Dwayne N
Format: Article
Language:English
Subjects:
Construction industry
Corruption
Criminal sentences
Embezzlement
Employees
Executives
Financial statements
Fraud
Kickbacks
Real estate
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Summary:Consistently bleak reports over time firmly show that occupational fraud is resilient and continues to be a substantial problem, especially in the construction industry. [...]understanding how occupational fraud is committed in the industry is a crucial step in its prevention and detection. According to the 2020 ACFE report, occupational fraud is "the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources or assets. [...]of the 15 industries for which information is provided in the ACFE report, corruption is the most common scheme for all but one industry (professional services, where it is second to billing schemes). [...]to emphasize this prevalence in the construction industry, only 2 (real estate and health care) of 14 other industries for which findings are also provided have a greater sum percentage total.
ISSN:1054-3007