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U.S. federal government funds are a limited resource expended to benefit the country and its citizens. Over the last five years, spending on federal contracts was the fastest-growing part of the discretionary budget, representing almost 40 cents of every dollar. Fraud in the federal procurement process squanders limited funds, threatens safety and national defense, and cheats American taxpayers. For the fiscal year ending September 30, 2006, the government recovered a record total of more than $3.1 billion in settlements and judgments from cases involving claims of fraud. The authors illuminate the common types of procurement fraud and describe what is being done to discover and prevent fraud. The authors propose Sarbanes-Oxley–like reforms to combat the problem.

 

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