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New standard can help prevent procurement fraud

by Brian Sims

BSI has published BS 10501 ‘Guide to implementing procurement fraud controls’ to raise awareness of the critical issue of procurement fraud. The standard was developed by a committee of experts which included CIPS (Chartered Institute of Purchasing & Supply). A recent survey from CIPS showed that 9.3 per cent of businesses had suffered at least one incident of procurement fraud in the last year. Alarmingly, the National Fraud Authority survey of 2012 estimated around

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