Look ahead: Greater focus for auditors on fraud detection
Published August 01, 2017 00:39
George W. Bush promised to eliminate it. Barack Obama vowed to reduce it by $50 billion. Donald Trump said he’d reduce it by half over the next 10 years. What is it that they were all referring to? The “improper” payments by the U.S. government every year.
The Government Accountability Office (GAO) has estimated that in 2016 these types of payments cost the government $144 billion or four cents on every federal dollar spent. While not every improper payment is undeserving, an estimate by Deloitte suggests that about a third—or $47 billion—is fraudulent...
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